We all have to deal with the burden of taxes. While some are more popular than others, many retirees believe that once you’ve reached a certain age, you should be all squared off with Uncle Sam.
Many states disagree, however, as 13 of them currently tax Social Security benefits. This burden is harder to bear in our current economy, leaving many retirees to wonder if the grass is greener (and taxes are lower) in another place.
As New Mexico deals with the problem of population shrinkage, an issue many states are having, they’re considering removing this tax on retirees. The state has a budget surplus to manage the loss of revenue, and the money seniors could pump back into the economy could help the state as well.
Will more states follow along with this trend? What are your thoughts on taxing Social Security benefits? Let us know your opinion, and follow us on Facebook and Twitter for more content.