UGH! Wisconsin is NOT GOOD for retirees.
Income tax for retirees ranks the 4th highest in the country, first of all. The Tax Foundation puts the state at 11% for its total tax burden. Yikes!
They have some exemptions but your income needs to be VERY low to qualify. At least Social Security is not taxed though. That’s a win indeed. But once you break $15k in taxable income as a Married Couple you’re in the high 5% bracket.
Sales tax is very low. So that’s a win. It’s offset by a HUGE property tax rate though of 1.77%. Given that the average house in Wisconsin in on the high end that high property tax rate costs a lot of money.
Interesting is that Wisconsin taxes capital gains at its ordinary income rates. So, that’s just another tax on top of the Feds capital gains rate.
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