Elimination of income tax could benefit NC "Retirement Industry"
Published January 18, 2013
By Henry Hinton
by Henry Hinton
Another aspect of eliminating state income tax is recruitment of retirees particularly in eastern North Carolina. Some, including myself, believe the retirement industry may well be the best economic opportunity for the future of the eastern part of the state. That's where the Inner Banks concept was born.
However many retirees, particularly those with considerable resources, bolt for Florida the minute they retire because they save thousands annually on income tax. Four million baby boomers per year turn 60 in this country. With our beautiful waterways, golf courses and world class health care Eastern North Carolina could well become the retirement mecca of the US. Eliminating income tax is another tool we could use for recruitment.
Henry Hinton is president and general manager of Inner Banks Media in Greenville and a frequent NC SPIN panelist.
January 20, 2013 at 10:50 am
I love North Carolina but now that I am retired, I am moving to Georgia since they exempt 130,000 of income from state income tax for people ove age 62. North carolina should follow their lead.