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#1 User is online   pepperonikkid 

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  Posted 09 February 2019 - 08:00 AM

New tax law only gives high-tax states what they deserve






https://nypost.com
By Rachel Greszler
February 8, 2019



Article:


Gov. Andrew Cuomo recently complained that the cap on the SALT (state and local tax) deduction is causing people to flee New York. That's like a recent college graduate complaining that his parents' decision to cut off his monthly allowance has forced him to get a job and face a budget.

It's not the new SALT cap causing New Yorkers to flee. Even before the Tax Cuts and Jobs Act limited the SALT deduction to $10,000, New York's population fell by 1.9 million from 2005 to 2016. Rather, if anything, it would be the state's high taxes.

At $6,993 per taxpayer, New York's state-and-local-tax burden is 58 percent, or $2,573, higher than the average burden across the United States.

For very high-income earners, the gap is even wider. According to 2015 IRS tax data, the average millionaire living in New York paid $502,191 in state and local taxes, compared to $71,113 for the average Texas millionaire.

Of course, now that the 40 percent-off sale on state and local taxes is over for America's highest income earners, they can be expected to look even harder for places that offer everyday low taxes. The cap has left high-tax states no place to hide.

Consider: While New York has a top personal-income-tax rate of 12.7 percent, places such as Texas and Florida boast 0 percent rates ó no personal income tax at all.

It's no wonder that New York ranked worst in net inflow of income, according to the most recent Rich States Poor States Report. For every $1 of income residents leaving the state took with them from 1997 to 2016, incoming residents brought in only 71 cents. In comparison, every $1 that left Florida was offset by $1.75.



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#2 User is online   NH Populist 

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Posted 09 February 2019 - 08:18 AM

How 'bout, "Vote like a dope, create a state with no hope"!
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#3 User is offline   LeansToTheRight 

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Posted 09 February 2019 - 08:29 AM

How is allowing a deduction of state/local taxes even constitutional? What do state taxes have to do with the federal obligation?
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#4 User is offline   grimreefer 

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Posted 09 February 2019 - 08:43 AM

Quote

Consider: While New York has a top personal-income-tax rate of 12.7 percent, places such as Texas and Florida boast 0 percent rates ó no personal income tax at all.

For now. The idiots flocking down to FL came real close this last election to installing a preening, marxist jackass that promised a state income tax. :redhot:
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#5 User is offline   Howsithangin 

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Posted 09 February 2019 - 09:09 PM

View Postgrimreefer, on 09 February 2019 - 08:43 AM, said:

For now. The idiots flocking down to FL came real close this last election to installing a preening, marxist jackass that promised a state income tax. :redhot:

Locusts they are
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#6 User is offline   Currahee! 

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Posted 10 February 2019 - 08:40 AM

View Postgrimreefer, on 09 February 2019 - 08:43 AM, said:

For now. The idiots flocking down to FL came real close this last election to installing a preening, marxist jackass that promised a state income tax. :redhot:


Yep and some of these jack-wagons are coming to my state of Texas....come to Texas...fine....but leave your damn NY (and California) values back where you came from!

Donít Californicate Texas! :redhot: :redhot: :redhot:
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#7 User is online   Censport 

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Posted 10 February 2019 - 04:19 PM

View Postgrimreefer, on 09 February 2019 - 08:43 AM, said:

For now. The idiots flocking down to FL came real close this last election to installing a preening, marxist jackass that promised a state income tax. :redhot:

Back in the 90s, Tennessee had legislation to create a state income tax. It probably would have passed but the citizenship revolted. Protests including driving around and around the capitol building here in Nashville, honking horns. After the bill failed, the following legislative session passed a bill forbidding the subject from ever coming back up.
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#8 User is offline   RedSoloCup 

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Posted 10 February 2019 - 08:25 PM

Keep voting in leftards.
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