28% Capital Gains Rate, Social Security Tax Changes? No Income Tax States Pros and Cons

Are No Income Tax States Better to Move To? | Trump Wants to End Taxes on Social Security Benefits | Kamala Harris Calls for Lower Capital Gains Rate Than Biden Created for {EMAIL} | [Web Version]( September 8, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Youtube]( [Tax Tips]( [SIGN UP](format=multipart) ⋅ [WEBSITE]( [] State Taxes [] [Are No Income Tax States Better to Move To?]( [Are No Income Tax States Better to Move To?]( (Getty Images) When choosing a place to live, taxes sometimes influence decision-making. IRS migration data show that people continue to flee high-tax states for states with lower tax burdens. So, of course, hearing that a particular state doesn’t have personal income tax seems wonderful — but is it really? [Let's dive into the various aspects of state taxes](, so you can decide whether states with no income tax are actually better for your finances. But…before you pack your bags…DON’T FORGET: Estimated Tax Payments Are Due Soon: If you make [estimated tax payments to the IRS](, the next due date is fast approaching. The Tax Act Settlement Claim Deadline is Coming: A multimillion-dollar settlement over alleged data privacy violations affects some [TaxAct customers](. [] Social Security [] [Trump Wants to End Taxes on Social Security Benefits]( [Trump Wants to End Taxes on Social Security Benefits]( (Getty Images) Former President Donald Trump has promised that, if elected, he would repeal taxes on Social Security benefits. However, some experts believe this proposal could do more harm than good. The campaign promise is an appeal to the approximate 67 million U.S. households that receive monthly benefit checks from the retirement and disability program since up to 85% of Social Security benefits can be subject to tax. [Here's what else you should know](. [How to Earn a Tax-Advantaged 10% Dividend Yield]( The average annual return of commercial real estate over 20 years is roughly 9.5%, nearly 1% greater than the S&P 500's average annual return of 8.6%. The CRE Income Fund pays an annual 10% dividend yield and is a long-term strategy that returns over $25,000 for every $10,000 invested over the next ten years. [READ MORE]( ADVERTISEMENT [] In the News [] [Kamala Harris Calls for Lower Capital Gains Rate Than Biden]( [Kamala Harris Calls for Lower Capital Gains Rate Than Biden]( (Getty Images) Democratic presidential nominee, Vice President Kamala Harris recently proposed a 28% capital gains tax rate for some high earners. This is a notable shift from President Joe Biden's more aggressive stance on taxing investment income. The move comes as the 2024 presidential election campaign gains momentum and economic policies, including Harris’ proposal for several new tax credits, take center stage. [Read on to learn more](. 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[Read More]( [6 Things Not to Do When Selecting a Financial Advisor]( Working with a financial advisor can be a great first step to helping make sure you're on track to reach your retirement goals. But choosing the wrong one could wreak havoc. Check out these 6 things not to do when choosing a financial advisor, so you can work to potentially avoid years of stress. [See the list]( ADVERTISEMENT [] In Case You Missed It [] [Unrealized Gains: One Important Thing to Know Now]( Unrealized gains have been a hot topic recently. That is particularly true given the upcoming presidential election, which has spotlighted divisions over tax fairness and how and when wealth and investment income should be taxed. So, in case you missed it, see our report on the one thing you need to know now about taxing unrealized gains. 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