February 22, 2018

Tax Savings Chart

If you are not covered by the Bailey Settlement (which exempts government retirement benefits from state income tax) you should support the efforts of the 4th Branch which is fighting for legislation to exempt all government employees from paying North Carolina state income tax on their retirement benefits.

The table below shows the amount of taxes you will save by the passage of the 4th Branch legislation. The table shows a married person taking standard state deduction ($15,000).

** Data calculated from https://smartasset.com/retirement/north-carolina-retirement-taxes#WwrSfhGaQp