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August 2015 Archives

How the Cadillac Tax will affect Georgia residents

With the need to collect the so-called "Cadillac Tax" looming, the IRS is trying to determine the best way to do so. As a part of the Patient Protection and Affordable Care Act, the most generous employer provided health care plans are subject to a 40 percent excise tax. The 40 percent tax will be applied to group health insurance premiums that are greater than $10,200 for single person coverage and more than $27,500 for coverage for families starting in 2018.

Assessing property taxes across the U.S.

There may be homeowners or investors living in Georgia who can benefit from understanding more about which states have the highest property taxes. The Tax Foundation recently analyzed property taxes rates across the country, and helped provide some perspective on the differences from state to state. The effective property tax rate of 2.38 percent in New Jersey is the highest in the country. The 2.32 percent rate in Illinois and the 2.15 percent rate in New Hampshire are the other highest property tax rates in the country.

Man pays property tax bill with coins dollar bills

Many Georgia resident might find it difficult to deal with their taxes. In an apparent attempt to protest the required payments, two Pennsylvania residents took steps to demonstrate their displeasure with the system. The most recent case involved a Montgomery County resident who waited until the last moment to pay his property taxes. That person showed up with a wheelbarrow containing the $831 he owed in dollar bills and coins, including over 50,000 pennies.

Many people move to avoid estate taxes

The state of Georgia does not impose an estate tax on its residents, but there are 15 states that do. That's why residents of states such as New York, Illinois and Washington often move elsewhere during their golden years. According to a National Bureau of Economic Research study that was conducted in 2004, retirement-age moves by wealthy individuals cause states to lose about one-third of their estate tax revenue.

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