Financial Sinkhole States In The Trump Tax Era

Discussion in 'Economics' started by Arnie, Jan 17, 2018.

  1. DaveV

    DaveV

    Didn't your accountant say anything about higher net state/city income taxes? Perhaps AMT applies for you.
     
    #11     Jan 17, 2018
  2. sle

    sle

    If you live and work in the city pulling in a reasonable amount, it's almost a given that you will get hit by AMT.
     
    #12     Jan 17, 2018
  3. sss12

    sss12

    so to try and clarify... if you make over 1mm I think you still bear the full brunt of AMT. if you are between 200-500 you get a break on AMT under the new plan. But, I am not an accountant..blah blah blah.
     
    #13     Jan 17, 2018
  4. Sig

    Sig

    I always thought you had a serious loss of perspective if you'd actually move to North Dakota just to save money on taxes. But in reality the people who write and consume these types of articles generally both already live in flyover country and have their whole life, and have a an obsession about hating on the New York's and California's of the world without having spent a significant amount of time in either. Aside from retirees moving to Florida with income tax one of many deciding factors, the wealthy successful people of the world generally take advantage of that wealth to live where they want, not become slaves to it!
     
    #14     Jan 17, 2018
  5. SunTrader

    SunTrader

    Sinkhole, huh? Oh I thought you said a different s...hole word. :)
     
    #15     Jan 17, 2018
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  6. ironchef

    ironchef

    It is a free country, we can always vote with our feet. But in general, you get what you pay for. Even in California, the same house will cost 100 times more if it is beach front Malibu vs in the Mojave desert but many willingly pay to live in Malibu. Then there are opportunity costs and lifestyle to consider, hard to live in North Dakota if you like surfing everyday.

    I think many in those sinkholes who can afford to move will end up paying about the same taxes or less in the new tax environment.
     
    #16     Jan 18, 2018
  7. SunTrader

    SunTrader

    And most likely many more won't.

    Someone has to pay for the break others are getting. That's how they game is played. Con some to believe there really is a free lunch.
     
    #17     Jan 18, 2018
  8. ironchef

    ironchef

    We all pay less taxes! You see, you pay for the new tax law with new money: Fed will keep the printing press busy so we all think there is free lunch.:D
     
    #18     Jan 18, 2018
  9. SunTrader

    SunTrader

    Correct - think there is a free lunch. Until WTF that lousy stinky ham and cheese costs 20 trillion dollars!
     
    #19     Jan 18, 2018