Skimming through the latest Money magazine, I noticed that Pinehurst earns honors as one of the ?best places to retire.? As you might expect, the magazine focuses on the community?s amenities for golfers.
What caught my eye about the brief article on Pinehurst and other retirement destinations across the country was the prominent listing of taxes. Here?s the line for Pinehurst: 7.75 percent (state income – top bracket), 7.75 percent (sales), $1,900 (property).
Pinehurst ranks neither highest nor lowest in any tax category among the five locations. What?s important to note, though, is that Money offers no caveats in its numbers. No tax rates are listed as ?temporary,? ?emergency,? or even ?for the children.?
The rate is the rate, and much as Money makes no allowances for extenuating circumstances, neither do most of the investors, entrepreneurs, and retirees deciding where they should use their resources.
It?s another reminder that real tax reform should include as one of its elements substantially lower marginal rates.
