What are the top five most tax-friendly states for retirees?

What are the top five most tax-friendly states for retirees?

October 9th, 2012 in Business Around the Region

Kiplinger magazine recently rated states for their tax burden on seniors. Oil-rich and gambling states tend to have to lowest tax rates for retirees.

1 Alaska, no income tax, state sales tax or estate or inheritance tax

2 Nevada, no state income tax, estate tax or inheritance tax. State sales tax of 6.85 percent

3 Wyoming, no state income tax, estate tax or inheritance tax. State sales tax of 4 percent.

4 Mississippi, state income tax of 3 percent, state sales tax of 7 percent and no estate or inheritance tax

5 Georgia, state income tax from 1 percent to 6 percent, state sales tax of 4 percent and no estate tax or inheritance tax

Sources: Kiplinger's analysis of state tax rules plus research by the Tax Foundation, a nonprofit organization in Washington, D.C., and CCH, a leading provider of tax information and software.