Cost of Living

Bloomberg Personal Finance Magazine rated Louisiana #2 for tax friendliness. Here’s why:

In New Iberia, the local sales tax is 8.5% and the gasoline tax is 20 cents per gallon.  If you’re 65 years old or older, you are allowed to exempt up to $6,000 (or $12,000 for you and your spouse) off your pension and annuity income. Your federal retirement benefits - including military and nonmilitary benefits - are also exempt from state income tax. There is a full exclusion for federal taxable Social Security Retirement Benefits. The state Gift Tax was repelled as of July 1, 2008. The Louisiana Employee Benefit (teachers and state employees) are exempt from state tax, as is United States Government Obligations (treasury bonds).