User Tag List

+ Reply to Thread
Page 1 of 3 123 LastLast
Results 1 to 10 of 22

Thread: High tax state exodus just beginning

  1. #1
    Original Ranter
    Points: 513,691, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 99.9%
    Achievements:
    SocialCreated Album picturesOverdrive50000 Experience PointsVeteran
    Awards:
    Posting Award
    Peter1469's Avatar Advisor
    Karma
    423587
    Join Date
    Jun 2011
    Location
    NOVA
    Posts
    154,836
    Points
    513,691
    Level
    100
    Thanks Given
    90,174
    Thanked 74,563x in 50,561 Posts
    Mentioned
    2197 Post(s)
    Tagged
    0 Thread(s)

    High tax state exodus just beginning

    High tax state exodus just beginning

    Citizens of high tax states are fleeing to better places to live. This is because of recent tax reforms that capped the state tax deduction to $10K. (I hit that cap this year). High tax states have yet to add 1+1, and have not figured out that their taxes are at confiscatory levels.

    The cap on state and local tax (SALT) deductions has already begun to drive some residents away from high-tax states like New York and New Jersey, but experts say that trend is only going to intensify.

    “It took a few months for taxpayers to realize the dollar implications – until they actually filed their tax returns this year,” Alan Goldenberg, a principal at Friedman LLP, told FOX Business. “It quantified the impact of the loss of the SALT deduction when people saw it in front of their eyes on their tax return.”

    The Tax Cuts and Jobs Act introduced a number of reforms, including the notorious $10,000 cap on state and local tax deductions, which has caused Americans to look into establishing legal primary residences in states where they can limit their liabilities.


    Since the implementation of the law, Goldenberg said he has “certainly” had some clients relocate. Typically, these are individuals that have second homes in states with a more favorable tax climate – like Florida – along with wealthy people and individuals whose jobs do not require them to be tied to a specific location. The latter category can include people in the service industry or consultants.


    States that some Americans have already begun leaving for are Florida, Texas and Nevada, all three of which have no individual income tax.
    Read the rest at the link.
    Molon labe
    Please visit my blog http://thepoliticalforums.com/blogs/peter/
    (If a post link does not work, see the archives- it should work there.)

  2. The Following 4 Users Say Thank You to Peter1469 For This Useful Post:

    Captdon (06-21-2019),Common (06-21-2019),FindersKeepers (06-21-2019),MisterVeritis (06-21-2019)

  3. #2
    Points: 14,956, Level: 29
    Level completed: 51%, Points required for next Level: 494
    Overall activity: 21.0%
    Achievements:
    Veteran10000 Experience Points
    Hoosier8's Avatar Senior Member
    Karma
    3396
    Join Date
    May 2012
    Posts
    4,427
    Points
    14,956
    Level
    29
    Thanks Given
    271
    Thanked 3,387x in 2,251 Posts
    Mentioned
    25 Post(s)
    Tagged
    0 Thread(s)
    About time the federal government quits subsidizing high tax states with US debt.
    “What’s the difference between a cannibal and a liberal? A cannibal doesn’t eat his friends.” -- Lyndon Johnson

  4. The Following 2 Users Say Thank You to Hoosier8 For This Useful Post:

    Peter1469 (06-21-2019),Tahuyaman (06-22-2019)

  5. #3
    Points: 112,121, Level: 81
    Level completed: 50%, Points required for next Level: 1,529
    Overall activity: 99.4%
    Achievements:
    50000 Experience PointsSocialVeteran
    donttread's Avatar Senior Member
    Karma
    80099
    Join Date
    Nov 2013
    Posts
    37,876
    Points
    112,121
    Level
    81
    Thanks Given
    5,846
    Thanked 12,064x in 9,136 Posts
    Mentioned
    235 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Peter1469 View Post
    High tax state exodus just beginning

    Citizens of high tax states are fleeing to better places to live. This is because of recent tax reforms that capped the state tax deduction to $10K. (I hit that cap this year). High tax states have yet to add 1+1, and have not figured out that their taxes are at confiscatory levels.



    Read the rest at the link.

    NYS will follow up to make sure you do your 183 days in the other state. Oh course they don't realize that taxes are merely one reason people are leaving. Over restrictive gun laws, and chasing away business and jobs are a couple more. We even made it a misdemeanor to burn your red sols cup in a campfire!

  6. The Following User Says Thank You to donttread For This Useful Post:

    Retirednsmilin308 (06-24-2019)

  7. #4
    Original Ranter
    Points: 513,691, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 99.9%
    Achievements:
    SocialCreated Album picturesOverdrive50000 Experience PointsVeteran
    Awards:
    Posting Award
    Peter1469's Avatar Advisor
    Karma
    423587
    Join Date
    Jun 2011
    Location
    NOVA
    Posts
    154,836
    Points
    513,691
    Level
    100
    Thanks Given
    90,174
    Thanked 74,563x in 50,561 Posts
    Mentioned
    2197 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by donttread View Post
    NYS will follow up to make sure you do your 183 days in the other state. Oh course they don't realize that taxes are merely one reason people are leaving. Over restrictive gun laws, and chasing away business and jobs are a couple more. We even made it a misdemeanor to burn your red sols cup in a campfire!
    Yes, New York is one of the more aggressive states in asserting that people are residents of the state. They even go after military members who entered the service as New York residents and who change that status after they are in the military.
    Molon labe
    Please visit my blog http://thepoliticalforums.com/blogs/peter/
    (If a post link does not work, see the archives- it should work there.)

  8. #5

    tPF Moderator
    Points: 316,698, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 80.0%
    Achievements:
    SocialVeteran50000 Experience PointsOverdrive
    Common's Avatar tPF Moderator
    Karma
    330024
    Join Date
    Feb 2013
    Posts
    55,519
    Points
    316,698
    Level
    100
    Thanks Given
    3,869
    Thanked 9,226x in 5,801 Posts
    Mentioned
    200 Post(s)
    Tagged
    0 Thread(s)
    The article is wrong about one thing its not just starting, its been happening, there are literally millions of New Yorkers and New Jerseyans in fla, they have been flocking out of those states for a long while, california also

    On the serious side how much do democrats expect working people to take, democrats want us to pay for everyones health care, illegal immigrants education, health care give them drivers licenses. They want us to pay for everyones college and any irresponsible adult woman who gets pregnant and doesnt want a child for us to pay for her abortion and it goes on from there.

    People are sick of it that get up every morning and bust their ass so they dont have to get a handout

    Democrats are killing us with taxs and illegal immigrants
    Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies.

    GROUCHO MARX,

  9. #6

    tPF Moderator
    Points: 71,508, Level: 65
    Level completed: 26%, Points required for next Level: 1,642
    Overall activity: 91.0%
    Achievements:
    Recommendation Second ClassSocial50000 Experience PointsTagger First ClassYour first GroupVeteran
    DGUtley's Avatar tPF Moderator
    Karma
    168642
    Join Date
    Jul 2016
    Location
    Northeast Ohio
    Posts
    17,360
    Points
    71,508
    Level
    65
    Thanks Given
    6,117
    Thanked 13,904x in 7,997 Posts
    Mentioned
    464 Post(s)
    Tagged
    0 Thread(s)
    The problem though is that when you bring there here; here becomes there.
    Any time you give a man something he doesn't earn, you cheapen him. Our kids earn what they get, and that includes respect. -- Woody Hayes​

  10. The Following 4 Users Say Thank You to DGUtley For This Useful Post:

    Collateral Damage (06-21-2019),Common (06-21-2019),MisterVeritis (06-21-2019),Retirednsmilin308 (06-24-2019)

  11. #7

    tPF Moderator
    Points: 316,698, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 80.0%
    Achievements:
    SocialVeteran50000 Experience PointsOverdrive
    Common's Avatar tPF Moderator
    Karma
    330024
    Join Date
    Feb 2013
    Posts
    55,519
    Points
    316,698
    Level
    100
    Thanks Given
    3,869
    Thanked 9,226x in 5,801 Posts
    Mentioned
    200 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Peter1469 View Post
    Yes, New York is one of the more aggressive states in asserting that people are residents of the state. They even go after military members who entered the service as New York residents and who change that status after they are in the military.
    Doesnt matter they are leaving NY in droves
    Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies.

    GROUCHO MARX,

  12. #8
    Original Ranter
    Points: 513,691, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 99.9%
    Achievements:
    SocialCreated Album picturesOverdrive50000 Experience PointsVeteran
    Awards:
    Posting Award
    Peter1469's Avatar Advisor
    Karma
    423587
    Join Date
    Jun 2011
    Location
    NOVA
    Posts
    154,836
    Points
    513,691
    Level
    100
    Thanks Given
    90,174
    Thanked 74,563x in 50,561 Posts
    Mentioned
    2197 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Common View Post
    The article is wrong about one thing its not just starting, its been happening, there are literally millions of New Yorkers and New Jerseyans in fla, they have been flocking out of those states for a long while, california also

    On the serious side how much do democrats expect working people to take, democrats want us to pay for everyones health care, illegal immigrants education, health care give them drivers licenses. They want us to pay for everyones college and any irresponsible adult woman who gets pregnant and doesnt want a child for us to pay for her abortion and it goes on from there.

    People are sick of it that get up every morning and bust their ass so they dont have to get a handout

    Democrats are killing us with taxs and illegal immigrants
    True. But ending SALT just put salt on the wound and sped things up (pun not intended).
    Molon labe
    Please visit my blog http://thepoliticalforums.com/blogs/peter/
    (If a post link does not work, see the archives- it should work there.)

  13. #9
    Original Ranter
    Points: 513,691, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 99.9%
    Achievements:
    SocialCreated Album picturesOverdrive50000 Experience PointsVeteran
    Awards:
    Posting Award
    Peter1469's Avatar Advisor
    Karma
    423587
    Join Date
    Jun 2011
    Location
    NOVA
    Posts
    154,836
    Points
    513,691
    Level
    100
    Thanks Given
    90,174
    Thanked 74,563x in 50,561 Posts
    Mentioned
    2197 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by DGUtley View Post
    The problem though is that when you bring there here; here becomes there.
    Yes. That is why Virginia went from Red to Blue.
    Molon labe
    Please visit my blog http://thepoliticalforums.com/blogs/peter/
    (If a post link does not work, see the archives- it should work there.)

  14. #10
    Original Ranter
    Points: 513,691, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 99.9%
    Achievements:
    SocialCreated Album picturesOverdrive50000 Experience PointsVeteran
    Awards:
    Posting Award
    Peter1469's Avatar Advisor
    Karma
    423587
    Join Date
    Jun 2011
    Location
    NOVA
    Posts
    154,836
    Points
    513,691
    Level
    100
    Thanks Given
    90,174
    Thanked 74,563x in 50,561 Posts
    Mentioned
    2197 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Common View Post
    Doesnt matter they are leaving NY in droves
    It matters to the high earners when NY sues them for state taxes after they have left the state. And NY does that constantly.
    Molon labe
    Please visit my blog http://thepoliticalforums.com/blogs/peter/
    (If a post link does not work, see the archives- it should work there.)

  15. The Following User Says Thank You to Peter1469 For This Useful Post:

    Collateral Damage (06-21-2019)

+ Reply to Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts


Critical Acclaim
Single Sign On provided by vBSSO