State of retirement

If you're old and rich, stay away from Texas, magazine says

Spots 6-10 went to Georgia, Oklahoma, South Carolina, Delaware, and Louisiana.
Photo via kiplinger.com
How about retiring to Jackson Hole? Wyoming is the most tax-friendly state forretirees.

It's often advisable to flock to the income-tax-free state of Texas throughout a lucrative career, but the same may not be true for those on the verge of retirement.

Kiplinger has compiled a list of the 10 most tax-friendly states for retirees, and Texas failed to crack it, much to the surprise of many.

The list, which is limited only to the lower 48, thus excluding Alaska and Hawaii, includes states that exempt Social Security benefits from state income taxes, as well as many that exclude government and military pensions from income taxes or offer blanket exclusions up to a specific dollar amount for a wide variety of retirement incomes.

Wyoming took the No. 1 spot, offering no income tax, a four percent sales tax, and no inheritance or estate taxes, followed by Mississippi, Pennsylvania, Kentucky and Alabama.

According to Kiplinger, states that offer generous exemptions for retirees are often more beneficial to pocketbooks than income-tax-free states like Texas and Florida.

So where should you start looking to relocate once your working time is up?

Wyoming took the No. 1 spot, offering no income tax, a four percent sales tax, and no inheritance or estate taxes.

Rounding out the top five are Mississippi, Pennsylvania, Kentucky and Alabama. Would you retire to any of these diverse locales?

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no more trips to Colorado

Bill to legalize marijuana in Texas filed by Dallas Democrat

Photo courtesy of Texas Original

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Texas Rep. Jessica González (D-Dallas) has filed a bill to legalize recreational marijuana in Texas. House Bill 1208 would legalize the cultivation, manufacturing, transportation, and sale of cannabis.

The bill would allow adults 21 and older to use, possess, and transport up to 2.5 ounces of marijuana for personal use. Adults could also keep up to 10 ounces of cannabis in their residence, as long as it is stored in a secure location.

Smoking or consuming cannabis while in a public place or in a car on a public road would not be allowed.

Gonzalez filed the bill in mid-November, one in a suite of bills that also included expanding insurance coverage for in vitro fertilization for LGBTQ couples; and requiring landlords to disclose all fees before a rental lease is signed.

Her bill was filed prior to an initiative launched by Lt. Gov. Dan Patrick on December 4 to ban THC products in Texas entirely.

In addition to legalizing recreational use, the bill also makes provisions for its production and sale including requiring that the packaging be child-resistent and clearly labeled, so that it's not confused for candy.

Businesses looking to grow, transport, test, or sell cannabis would need to be licensed by the Texas Department of Licensing and Regulation. A 10 percent tax would be imposed on the sale of all cannabis and cannabis products. Some of the profits would go towards funding public schools.

If passed, the bill would take effect on September 1, 2025.

Medical cannabis is currently legal in Texas under the Texas Compassionate Use Program, which allows low-THC cannabis to be prescribed for conditions such as epilepsy, MS, autism, cancer, and post-traumatic stress disorder.

Some cities have also approved decriminalization for the possession of four ounces or less of marijuana, including Austin, Bastrop, Dallas, Denton, Elgin, Killeen, and Lockhart.

politics marijuana