Posted on 03/07/2019 6:24:56 AM PST by tired&retired
I'm doing a New York Non-Resident Tax Return and it is the most unfair tax law on non-residents I have seen in over 40 years of doing taxes.
New York, with one of the highest tax rates in the USA computes your NY Tax by applying their high rate to all your income on the Federal Return and then allocating the tax based upon the percentage of NY income to total Federal income. The effect of this is to tax your out of state income at the New York higher tax rate which is illegal.
Example: $8,500 income from wages in NY. $31,500 income in Pennsylvania where residency was maintained all year.
NY computes the tax on the $40,000 Federal total and then allocates it by the ratio of $8,500 divided by $40,000.
This effectively has NY taxing PA income which is illegal.
What a hose job...
I’m READY to go!
Not working in Manhattan anymore so the things that I liked I dont go to or see anymore.
50 and married so the young babes don’t matter anymore.
My idea of nightlife is watching reruns of “The Honeymooners” :)
PA here I come.
As soon as the old bat, er, my wife’s mother, drops de, er, passes on.
I actually like her so I’m torn.
The plan of the United States was to have competing ideas at the state level with freedom of movement (i.e. No papers needed) to allow for the competition of ideas.
Time for you to move to Tennessee, Florida or maybe Texas.
JoMa
I actually chose where I live based on how people here are taxed. It’s where I plan to retire. Kentucky. They have an income tax, but it doesn’t apply to Social Security. And the property taxes here are dirt cheap.
So far, anyway...
PA tax rate is only 3.07%...
It’s very simple.
You have money...NY wants it.
and PA does not tax Social Security
NO. Texas is full.
Cumo needs the money...Fox News should move out of NYC
I’m of Sicilian blood.
I’ll take care of her tonight.
Smile, there is a selective filter to be applied. First step on the selective filter now needs to be the Southern Border Wall. The county I live in has less than 6,000 population (people not cows). A near by county has about 1,200 people in it. Mostly ranching and oil there.
One of the major casualties of the NY taxing system....are NBA players. Once you examine your salary, and the chunk that the city/state will take out...it simply doesn’t make that much sense to play there. At some point, the Knicks will eventually have to study the idea of moving the team beyond the state borders.
I certainly would not recommend Virginia. I fully expect it to be like New York in only a few years.
JoMa
“...No wonder NY is losing its people. ...”
Yep. The solution is to have no NY taxable income...none.
Let em whither on the vine and twist in the wind.
The thing about all states is that they have to get their money from somewhere, be it income, real estate, sales tax, etc. It is also important to see just how much money the state SPENDS on stuff you don’t want.
The nice thing about Kentucky, for me, was that since they get a lot of their tax from income, the property tax is low. So, if you don’t have any “taxable” income, you can live there really cheap. My taxes on a ten year old home, a 40x60 barn, 32 acres with one natural spring and two streams, is ANNUALLY about the same amount as a MONTHLY Toyota Corolla payment. It used to be a Toyota Camry payment, but when you turn 65 you get a fairly significant discount. :)
So, if you live here and you can pay off your house, your cost of living is pretty darned low. :)
It’s simple. Look at your take home pay after all taxes...Then decide weather it is worth your time. If it is , keep doing what you are doing. If it is not change jobs,move,do what you need to do. Its a free country. I agree with you that you are getting hosed. Maybe they pay better in NY than NC where I live.
I’m amazed Wallstreet hasn’t moved to a more friendly business clime.
That’s the way California did it to me when I moved back to Texas in 1989. I protested and they hit me with a tax lien filing that showed up on my credit. I ended up paying them and never went back.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.