Saltwater60
20×102mm Vulcan
No, currently it is graduated. I think a flat rate makes more sense.
New York and California consider wealth tax
- Thread starter livingston
- Start date
Saltwater60
20×102mm Vulcan
Or get a refund when you lose money in the stack market since they are going to tax you on money your theoretically made in the market.
Catskillkid
.450/400 Nitro Ex
What should happen is the government give us all a million dollars a year, then tax some of it, and repeat every year. I mean they like burning money... right?
Kind of like drinking beer and returning the bottles to get the deposit to buy more beer.
The NY budget is as balanced as her diet is.
From an article yesterday
The tax would also apply to nonresidents who have recently left the state. You can check out of the state, but you would still have to pay California’s wealth tax if you do.
I don't see this happening. You can't pass a law tomorrow and punish someone under that law for something they did 2 weeks ago. If they've completely moved out of CA and own nothing there before this takes affect the state has no right to try and charge them. They'll try and waste tax dollars fighting a losing battle though because they don't care.
The tax would also apply to nonresidents who have recently left the state. You can check out of the state, but you would still have to pay California’s wealth tax if you do.
I don't see this happening. You can't pass a law tomorrow and punish someone under that law for something they did 2 weeks ago. If they've completely moved out of CA and own nothing there before this takes affect the state has no right to try and charge them. They'll try and waste tax dollars fighting a losing battle though because they don't care.
Saltwater60
20×102mm Vulcan
Completely illegal and would never fly.
HIghlander
.223 Rem
They could possibly charge it as a yearly tax so it wouldn't matter when you left the State. ( I may not be explaining it correctly)
Carlos Hathcock
.450/400 Nitro Ex
Saltwater60
20×102mm Vulcan
Yes they taxed me when I sold my house but they can’t tax your for income you earned while living in another state. They taxed me $9/1,000 to refile the deed in the new owners name or some BS.
Let’s face it even if they do you’re still better off leaving.
Acer-m14
20×102mm Vulcan
What level of Taxation are we on now ..
double taxation ??
i mean theft ..
double taxation ??
i mean theft ..
northny
.40 S&W
You have to add Taxachusetts to NY and CA. My wife and I fled MA on retirement. Property and income taxes in MA as bad as NY. Throw in my favorite the excise tax on cars trucks boats ( basically you pay the sales tax again every January you own a vehicle based on value)
Part of reason to retire to PA was retirement income (soc Security, IRA disbursements , pension payouts, etc) are not taxed by state. Plus my property taxes are half of MA.
Steal2B
.700 Nitro Express
Just make sure you bail out of PA (most I know have chose FL, TX, TN) before you die because of their ghastly and draconian Death/ Inheritance Tax.
The Death tax rate is 4.5% of the gross total estate value (including retirement fund IRA, 401k distributions) transfer to direct descendants (lineal heirs), 12% for transfers to siblings, and 15% for transfers to other heirs.
It's just another way to stick it to you when you leave their state.
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northny
.40 S&W
It seems all NE states have either death tax or inheritance tax. Working on tax / trust lawyers to come up with plan now
Acer-m14
20×102mm Vulcan
check for if you have no heirs .. then all the money gets buried with me ..
Cremation
no one gets anything !!!
HIghlander
.223 Rem
According to Title 18, Section 333 of the United States Code, it is illegal to mutilate, deface, disfigure, or destroy currency with the intent to render it unfit for circulation. Burning US dollar bills is unlawful if the objective is to render the money unusable.
So no doing the burn.
I agree. Everyone should pay 0%.
Willyone
6.5 Creedmoor
No worry here. I isn't even close to wealthy.
Steal2B
.700 Nitro Express
Commentary: If you want to leave, fine. But don't insult California on the way out
Often, departees, cash in hand from the sale of their $1-million bungalows, feel the need to express disdain for their home state, and even some anger too.
www.latimes.com
LA Times editor implores ex-Californians to stop insulting the state on their way out
As thousands flee the blue state for greener pastures, an L.A. Times editor pleads with former residents to stop bashing California on their way out.
www.foxnews.com