Five States Weighing Big Tax Breaks for Retirees
Some states are looking to make life a bit easier for retirees by expanding tax breaks on pensions, Social Security, and other types of retirement income. Currently, lawmakers in five states are considering proposals that will exempt a large portion of elderly citizens’ income from income tax, according to a report by the think tank Citizens for Tax Justice. These are Iowa, Maryland, Maine, Minnesota, and Rhode Island. Read full article.
Source: USA Today
David Wingate is an elder law attorney, who practices in Frederick and Montgomery Counties, Maryland. The elder law practice consists of wills, trusts, powers of attorneys, asset protection and Medicaid.