Posted on 02/04/2019 12:20:25 PM PST by 1Old Pro
Upper income residents don't even have to leave to avoid paying those high income taxes. They've got the lawyers and ease of movement and houses in more than one place. They simply register everything except the "vacation" house in a low-tax state.
And the free medical and education given to illegals.
So the 10K max Federal deduction for SALT increases NYers Fed tax burden. This in turn leaves less for NY state taxes?
So there is a NY state tax deduction for Federal taxes paid, and this in turn reduces NY state taxes?
Sounds fair.
Nonsense, the highest income taxpayers were limited on the state tax deduction because of alternative minimum taxes and the 80% limit on itemized deductions.
I mean, it's mind-boggling. Who in their right mind is going to work harder just to see it confiscated by the government?
The (by New York standards) upper middle class saw a huge increase in their effective total taxes. They don’t own industrial pass-through businesses or have other forms of income that were preferred in the new tax code. They DO have significant business expenses that became non-deductible. And if they live in Manhattan they have 12% state and local tax, or in the suburbs 8% state tax and $50,000+ in property taxes.
because in addition to an 8% income tax, they also have property taxes of $50,000 or more (a c
I’m ready to leave. I hate this state or rather what it has become.
The whole southern Tier is ready to secede from NY (I am not from there) so they can frack for natural gas. Cuomo won’t allow it and the area is severely depressed economically. Unless you’re a NYC crony capitalist. You are not allowed to live a decent life, right Andrew?
That sounds fair. /s
LOL!
Problem is that sellers are having a heckuva time finding prospective buyers willing to assume the astronomical prop taxes. Figuring it’s only gonna get worse, some are just bugging now, before they have to sell at an even bigger loss. The folks who can sell, anyway. We know some folks who’ve been looking for a buyer for a couple of years now.
Yep, the administration will no longer allow high taxed states run by liberal Democrats to be subsidized by the rest of America.
I think SALT restrictions has some to do with it. Trump is a genius. Bankrupt these socialist sh!t holes and show the rest of America what socialism does. Apparently California and Venezuela were not enough of an example.
They’ve been bailing for years, and yet it’s STILL TRUMP’S FAULT
And so in a matter of MONTHS, there’s been so much exodus due to SALT that revenues, in this same time of phenomenal economic growth, drops 2.3 BILLION?
Huomo is among the most delusional Dims. Too bad old man Mario wasn’t sterile
Darn few. Why do you think NYS has lost almost half its House seats over the last six decades or so?
When the Trump tax cut kicked in and limited the fed deduction to $10K for states taxes, the big hitters realized that they were gonna get hit, bigly.
The easiest solution is to head to low tax states.
NY, NJ, IL, CA, are among just a few blue states to take it in the wallet, and this is only the beginning.
Wealthy practicing tax avoidance! If someone is smart enough to become rich, they are smart enough to hire experts to minimize tax.
How many have moved out of the New York hell hole just like the feces hole that is California? What do the two states have in common? Marxist Liberal thugs who are power-hungry and want to destroy everything they touch.
As if they weren't already "taxing the rich", my, can't they see the figures or is it a math comprehension issue?
Who saw this coming, Rush?
5.56mm
Paging Mz. Occasional-Cortex, please pick up the white courtesy phone.
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