“Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.”
Old Ben certain had it right, and it’s refreshing to know North Carolina’s new tax reform will help those who live and retire to North Carolina. There are three great benefits in the new tax code scheduled to take place in 2014. They are:
- Social Security income is exempt from state income tax.
- Income tax rates reduced to a flat rate of 5.8% in 2014 and 5.75% in 2015. The old code called for a rate as high as 7.75%
- Estate Tax is now abolished and is even retroactive to January 1, 2013. Not shabby at all!
It’s wonderful to live in the Smoky Mountains – it’s such a gorgeous area of the United States! Now, not only do you have beauty to look forward to, you have some great tax incentives too.
Thanks Forbes for information on the updated tax code.