TAX SHELTER LAS VEGAS
Although the Feds have eased up in some situations re capital gains taxes, some states, such as my state, Maryland have not. If I draw down I am going to have to pay Maryland at least a whopping 8% of my gains and possibly much more for me or others. I believe most states tax it as gross income as it carries over to you state tax document as Adjusted Gross Income just as Maryland does.
Nevada (Las Vegas) has no state income tax. The same is true of Alaska, Florida, South Dakota, Texas, Washington and Wyoming.
For me and many others moving would mean a huge tax savings if I moved before I drew down any profits.
Caveat: To make up the difference, Nevada has a very high combined state and county sales tax which can be as high as 8.1% in some places. I'm not sure about the other states but I would guess the same would be true of them.
Their property taxes are very high ,iirc in the top 3 or 4 in the U.S.
Quote: HunterhillNew Hampshire has no state income tax or sales tax,.
Their property taxes are very high ,iirc in the top 3 or 4 in the U.S.
New York as the entitlement king of the US hits the trifecta!
High income tax.
High sales taxes.
High property taxes.
I feel blessed.
Quote: SOOPOONew York as the entitlement king of the US hits the trifecta!
High income tax.
High sales taxes.
High property taxes.
I feel blessed.
I think you have the highest cigarette prices also,which is a good thing.
Quote: lilredroosterIf you're like me, and you have had some nice stock market gains, (the market has gone up every single year since the end of 2002 except for 2008), and you now are thinking of drawing down and using that money, and you like to gamble, you could save potentially a lot of money on taxes by moving to Nevada.
Although the Feds have eased up in some situations re capital gains taxes, some states, such as my state, Maryland have not. If I draw down I am going to have to pay Maryland at least a whopping 8% of my gains and possibly much more for me or others. I believe most states tax it as gross income as it carries over to you state tax document as Adjusted Gross Income just as Maryland does.
Nevada (Las Vegas) has no state income tax. The same is true of Alaska, Florida, South Dakota, Texas, Washington and Wyoming.
For me and many others moving would mean a huge tax savings if I moved before I drew down any profits.
Caveat: To make up the difference, Nevada has a very high combined state and county sales tax which can be as high as 8.1% in some places. I'm not sure about the other states but I would guess the same would be true of them.
Florida has no income tax, no state tax on capital gains. Sales tax is 6% state-wide, many municipalities add .5 to that. Most food is tax-exempt.
Property taxes are very low compared to everywhere else I've lived. My little house is worth $110k, but I only paid $542 in property taxes. Part of the value is the homeowners exemption i claim for my primary residence, that is not offered to 2nd/winter homes. Every primary owner gets first 25k exempted, seniors, veterans, and a couple smaller groups get 50k.
Cigarette taxes are in the bottom 3rd of US. Alcohol taxes are moderate re: CONUS.. Local car taxes/licensing generally below $100/yr. But all cars bought out of state are generally assessed the 6% sales tax upon initial Florida licensing whether new or used. (If you paid sales tax for a car in another state, bring the receipt. Florida only takes the difference, if any, but requires proof.)
Hotel taxes and state fees for renting a car are quite high around 11-13%. Many of the best roads are toll roads. In other words, we soak the tourists, not the locals.
Quote: SOOPOONew York as the entitlement king of the US hits the trifecta!
High income tax.
High sales taxes.
High property taxes.
I feel blessed.
Never thought I'd hear someone who lives near Buffalo complain about NY property taxes.
Quote: billryanNever thought I'd hear someone who lives near Buffalo complain about NY property taxes.
Ludicrously high in my 'affluent' suburb. My house cost and is assessed at $267k. I pay around $9k a year property taxes. Sales tax is 8.75%. My state income tax is 6.85%. My top federal rate is 35% I think, maybe 39.6%. Lets not forget the Medicare tax of 2.9%, and my bonus Medicare tax of 0.9%. And of course FICA which is for me a flat $7,888, with my employer kicking in the other $7,888. My car registration fee, DEA registration fee, NYS driver's license, passport fee, Medical License fee are other ways I pay the gubmint to keep it afloat. Bridge tolls, road tolls too. Except for these periodic rants I just accept that somewhere around 60% of what I earn goes to the government in some fashion.
Quote: rsactuaryTexas has no state income tax, but high property taxes and sales taxes around 8.25%, although that can vary by county.
I was offered a nice job in Arlington about ten years ago and while doing research was very surprised how high the cost of living in the Metroplex area was.
After 18 months in Vegas, it seems like the COL is about 70-75% of Long Island, perhaps less.
Quote: SOOPOOLudicrously high in my 'affluent' suburb. My house cost and is assessed at $267k. I pay around $9k a year property taxes. Sales tax is 8.75%. My state income tax is 6.85%. My top federal rate is 35% I think, maybe 39.6%. Lets not forget the Medicare tax of 2.9%, and my bonus Medicare tax of 0.9%. And of course FICA which is for me a flat $7,888, with my employer kicking in the other $7,888. My car registration fee, DEA registration fee, NYS driver's license, passport fee, Medical License fee are other ways I pay the gubmint to keep it afloat. Bridge tolls, road tolls too. Except for these periodic rants I just accept that somewhere around 60% of what I earn goes to the government in some fashion.
Little of which have anything to do with your original post. Were you to live on the Island or Westchester, your 9K property tax would be semi annual , at best. Just spent the week preparing my Godmothers house for the market. Going on at around $700k, maybe $730. Annual property tax is $21,000, with a first year transfer tax of about $7000. Same house in Monroe might sell for $350,000.
Quote: HunterhillNew Hampshire has no state income tax or sales tax,.
Their property taxes are very high ,iirc in the top 3 or 4 in the U.S.
NH and Tennessee tax investment gains, despite having no earned income taxes.
Washington state is another good one... But good luck with property in the Seattle metro region.
They tried to kill that a couple of ways. 1 was, despite living in Wa, my job was in Or at PDX. So they took the 9% based on my work address. No way to get it back.
The other was WA HP would set up screens on the I5 and I205 bridges and record OR plates, then cross-reference them for WA addresses, even follow them a couple times I heard about if they were regulars. They would fine/prosecute people ducking the VAT.
My place in Alexandria (next to Arlington, same county) was a rental. High in general, not high for DC Metro. Agree it's really expensive to live in the VA DC area. Most regular people lived in MD. I had a per diem so could afford Alexandria, otherwise I would have, too. But much easier commute from VA side. DC itself had almost no middle-class. Only very rich or very poor lived there.
No, you should feel RICHQuote: SOOPOONew York as the entitlement king of the US hits the trifecta!
High income tax.
High sales taxes.
High property taxes.
I feel blessed.
Quote: beachbumbabsMy place in Alexandria (next to Arlington, same county) was a rental. High in general, not high for DC Metro. Agree it's really expensive to live in the VA DC area. Most regular people lived in MD. I had a per diem so could afford Alexandria, otherwise I would have, too. But much easier commute from VA side. DC itself had almost no middle-class. Only very rich or very poor lived there.
WA has a high sales tax and historically high car tab fees (these were significantly lowered in the last 20 years, now they're rising again). The state is actually under fire for exorbitant fees. Living in Vancouver and working in Oregon isn't something I'd recommend to people :) - in terms of stereotypes, retirees dodge taxes by living in WA (no income tax) and shop in OR (no sales tax).
Alexandria (all of NoVa) has a personal property tax. 5% of the current value of your car every year, but you get a lot of help on the first $25k value of your car. The tax on my 8 year old Subaru is like $200 (Subarus tend to hold their value too). DC includes yuppies these days, they've filled the middle class void you mention. I mean, 80-90k is middle class as a single person in DC, so label it at your own discretion.
Quote: ahiromuWA has a high sales tax and historically high car tab fees (these were significantly lowered in the last 20 years, now they're rising again). The state is actually under fire for exorbitant fees. Living in Vancouver and working in Oregon isn't something I'd recommend to people :) - in terms of stereotypes, retirees dodge taxes by living in WA (no income tax) and shop in OR (no sales tax).
Alexandria (all of NoVa) has a personal property tax. 5% of the current value of your car every year, but you get a lot of help on the first $25k value of your car. The tax on my 8 year old Subaru is like $200 (Subarus tend to hold their value too). DC includes yuppies these days, they've filled the middle class void you mention. I mean, 80-90k is middle class as a single person in DC, so label it at your own discretion.
I'm out of date on both. One 25 years ago, the other 15.
In my head, it was practically yesterday.
I'm getting old...
Quote: lilredroosterIf you're like me, and you have had some nice stock market gains, .
And I hope you're thanking The Donald
for this years gains. If She had been
elected you would have seen none of
this.
Quote: EvenBobAnd I hope you're thanking The Donald
for this years gains. If She had been
elected you would have seen none of
this.
Completely unprovable (obviously) and likely untrue. Also unwelcome interjection of politics into a non-political thread.
Quote: beachbumbabsCompletely unprovable (obviously) and likely untrue. Also unwelcome interjection of politics into a non-political thread.
Sorry. Maybe you can post in a political
thread what in Her election platform
leads you to think the market would have
gone up 5000 points in the first year
if She was president.
Quote: EvenBobAnd I hope you're thanking The Donald
for this year's gains.
you must have been deeply grateful to Obama for the gains of the S&P including dividends in:
2009.................26.46%
2013.................32.39%
every other year under him was a winner too
the % gain this year under Trump was much less than those 2 years
don't worry. nobody's going to hold their breath waiting for you to thank him.
