{"id":2317364,"date":"2024-08-01T08:41:01","date_gmt":"2024-08-01T12:41:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/capital-gains-tax-pushes-washington-to-third-worst-state-for-retirees-survey-says-washington-examiner\/"},"modified":"2024-08-01T08:45:42","modified_gmt":"2024-08-01T12:45:42","slug":"capital-gains-tax-pushes-washington-to-third-worst-state-for-retirees-survey-says-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/capital-gains-tax-pushes-washington-to-third-worst-state-for-retirees-survey-says-washington-examiner\/","title":{"rendered":"Capital gains tax pushes Washington to third-worst state for retirees, survey says &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcapital-gains-tax-pushes-washington-to-third-worst-state-for-retirees-survey-says-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2317364&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A recent \u200csurvey by \u200cBankrate has deemed Washington the third worst state for\u200d retirement in \u20632024, highlighting several factors that contribute to \u200bits unfavorable\u200c ranking.\u200c The evaluation considered \u2064key \u200daspects\u2064 such as cost of living, healthcare costs, weather, crime\u200c rates, and overall well-being. Jared Walczak from the Tax Foundation noted that the introduction of a capital \u2064gains income \u200dtax at 7% for larger earnings has made Washington less\u2064 appealing,\u200b especially for wealthier retirees. Additionally, Washington&#8217;s high \u2063estate tax rate presents challenges for those looking to leave inheritances.\u200d While Washington lacks a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/california-exodus-cost-1-trillion-in-financial-firm-flight-alone\/\" title=\"Financial firms fleeing California in the exodus have cost the state a staggering  trillion.\">state income \u200btax<\/a>, other\u2064 significant taxes lead to a less attractive retirement environment. In contrast, Delaware has \u2064been ranked the best state\u200c for\u200c retirees,\u200d followed by West Virginia and \u200bGeorgia. The report reflected changes from the previous year, showing\u200c a decline in Iowa&#8217;s desirability due to rising living costs.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Capital gains tax pushes Washington to third-worst state for retirees, survey says<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1720285\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>(The Center Square)&nbsp;&ndash; Deciding where to retire someday is not just a financial choice, but a personal choice as well.<\/p>\n<p>Many people want to be close to family or friends, or perhaps move somewhere that is more affordable, or offers a warmer climate.<\/p>\n<p>Bankrate, a New York City-based consumer financial services company, is out with its 2024 best and worst states for retirement, based on cost of living, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-calls-travel-lid-for-wednesday-an-hour-after-bobulinski-interview-airs\/\" title=\"Biden Calls Travel Lid for Wednesday an Hour After Bobulinski Interview Airs\">health care costs<\/a>, weather, crime statistics and overall well-being.<\/p>\n<p>According to its&nbsp;<a href=\"https:\/\/www.bankrate.com\/retirement\/best-and-worst-states-for-retirement\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>rankings<\/strong><\/a>, Washington is the third worst state in the nation to retire.<\/p>\n<p>&ldquo;Washington has become less attractive to retirees, especially wealthier retirees,&rdquo; said Jared Walczak, vice president of state projects at the&nbsp;<a href=\"https:\/\/taxfoundation.org\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Tax Foundation<\/strong>.<\/a><\/p>\n<p>The Tax Foundation provided information for Bankrate&rsquo;s survey.<\/p>\n<p>&ldquo;The adoption of a capital gains income tax imposes a 7% tax on larger gains,&rdquo; he noted. &ldquo;For retirees realizing taxable investment income in later stages of life, they could face a significant hit.&rdquo;<\/p>\n<p>Walczak told The Center Square, Washington&rsquo;s&nbsp;<a href=\"https:\/\/dor.wa.gov\/taxes-rates\/other-taxes\/estate-tax\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>estate tax<\/strong><\/a>&nbsp;is another reason those looking to retire may step outside Washington.<\/p>\n<p>&ldquo;Washington has the highest estate tax rate in the country,&rdquo; he said. &ldquo;For the wealthiest of retirees who may want to leave a legacy to family, Washington makes that harder than other states.&rdquo;<\/p>\n<p>In&nbsp;<a href=\"https:\/\/www.bankrate.com\/retirement\/best-and-worst-states-for-retirement-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>last year&rsquo;s report,<\/strong><\/a>&nbsp;Washington ranked fourth worst for retirement.<\/p>\n<p>The Bankrate survey looked at many other factors, not just taxes, but the results were calculated in a weighted average, with affordability making up 40% of the overall score.<\/p>\n<p>The report said Delaware is the best state for retirees in 2024, followed by West Virginia, Georgia, South Carolina and Missouri.<\/p>\n<p>Delaware moved from second to first place this year, and Iowa, listed as the best state for retirement in the 2023 survey, dropped to ninth place.<\/p>\n<p>The report says Iowa&rsquo;s drop in the rankings is due to cost of living, property taxes and homeowner&rsquo;s insurance all rising since last year.<\/p>\n<p>Washington does not have an income tax, but other high taxes, according to Walczak, make the state undesirable for retirement.<\/p>\n<p>&ldquo;For example, Washington&rsquo;s&nbsp;<a href=\"https:\/\/dor.wa.gov\/taxes-rates\/business-occupation-tax\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>business and occupation tax<\/strong><\/a>&nbsp;on gross receipts,&rdquo; he said. &ldquo;While you don&rsquo;t pay that directly, B&amp;O taxes drive up the cost of goods in Washington, much more than other states.&rdquo;<\/p>\n<p>&ldquo;It seems like every year there is a proposal for a major new tax in Washington,&rdquo; Walczak added.&nbsp;<\/p>\n<p>Walczak says the Tax Foundation will be watching with interest to see what happens in November, when Washington voters will be asked to repeal the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-political-activism-and-influence-of-bill-gates\/\" title=\"The Political Activism And Influence of Bill Gates\">capital gains tax<\/a> via&nbsp;<a href=\"https:\/\/letsgowashington.com\/i-2109\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Initiative 2109.<\/strong><\/a><\/p>\n<p>Three other initiatives will also be on the November ballot:&nbsp;<a href=\"https:\/\/www2.sos.wa.gov\/_assets\/elections\/initiatives\/finaltext_3177.pdf\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Initiative 2066<\/strong><\/a>&nbsp;to protect energy choice in Washington, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/european-union-social-market-economy-might-redistribute-fossil-fuel-profits\/\" title=\"European Union \u2018Social Market Economy\u2019 Might Redistribute Fossil Fuel Profits\">including natural gas<\/a>;&nbsp;<a href=\"https:\/\/letsgowashington.com\/i-2117\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Initiative 2117<\/strong><\/a>&nbsp;to repeal the Climate Commitment Act; and&nbsp;<a href=\"https:\/\/letsgowashington.com\/i-2124\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Initiative 2124<\/strong><\/a>&nbsp;to make the state&rsquo;s long-term care&nbsp; an option out of the WA Cares Act for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/washington-state-to-deduct-new-tax-from-paychecks-starting-july-1\/\" title=\"Starting July 1, Washington state will deduct a new tax from paychecks.\">long-term care insurance<\/a>.<\/p>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1720285\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1720285\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to a survey by The Center Square, Washington has been ranked as the third least favorable state for retirees due to its capital gains tax. Choosing a retirement location involves both financial and personal considerations, as many individuals prefer to be near family or friends, seek more affordable living conditions, or desire a warmer climate. Bankrate, a consumer financial services firm based in New York City, released its 2024 rankings of the best and worst states for retirement based on factors such as cost of living, healthcare expenses, weather conditions, crime rates, and overall quality of life. Jared Walczak from the Tax Foundation noted that Washington&#8217;s appeal to retirees\u2014particularly those with higher incomes\u2014has diminished because of the newly implemented 7% capital gains income tax on substantial profits. He also pointed out that Washington&#8217;s estate tax is the highest in the nation, making it challenging for affluent retirees who wish to leave an inheritance. In last year&#8217;s report, Washington was ranked fourth worst for retirement. While taxes were one aspect considered in this survey\u2014which weighted affordability at 40%\u2014Delaware emerged as the top state for retirees in 2024 followed by West Virginia and Georgia among others. Iowa fell from first place last year to ninth due to rising costs associated with living expenses and property taxes. Although Washington does not impose an income tax directly on residents, other high taxes contribute to its unappealing status for retirement; Walczak highlighted how business taxes increase overall prices within the state significantly compared to others. He mentioned ongoing proposals for new major taxes in Washington and indicated that upcoming November ballots will include measures regarding repealing the capital gains tax along with other initiatives related to energy choice and long-term care insurance options<\/p>\n","protected":false},"author":1,"featured_media":2317365,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/03\/AP24014160536170-1-1024x683.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[36855,11970,12168,36856,4086],"class_list":["post-2317364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-capital-gains-tax","tag-retirees","tag-survey","tag-tax-burden","tag-washington"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/03\/AP24014160536170-1-1024x683.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2317364","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2317364"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2317364\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2317365"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2317364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2317364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2317364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}