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Old 09-27-2017, 11:26 AM
 
9,965 posts, read 8,454,013 times
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Trump and the congressional Republicans are looking to rewrite the tax code. One of the ideas their pushing is to increase the standard deduction and eliminate the itemized deduction for state and local taxes. Neither NV nor LV has any form of income tax, so there's no negative here for Vegas residents. There would be a huge downside for CA residents, and a huge incentive to move to NV.

Could this portend a HUGE real estate boom in LV, as Cali residents immigrate to NV en mass?
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Old 09-27-2017, 12:38 PM
 
Location: The North
4,962 posts, read 8,684,211 times
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He is not a dictator, let's see these changes actually happen first. And if they do, remember people whine endlessly about taxes in CA and NY, and then they pay them. The really big taxpayers don't move and the lower level tax payers don't pay enough to make life changes over taxes. The lower cost of housing and job opportunities will always be the drivers of migration, not tax code.
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Old 09-27-2017, 02:58 PM
 
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^
Yes, but this will really turn the screw in the high tax states.
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Old 09-27-2017, 03:20 PM
 
10,756 posts, read 3,759,045 times
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Quote:
Originally Posted by BBMW View Post
^
Yes, but this will really turn the screw in the high tax states.
Actually it will hit states like TX and IL at least as bad as CA. CA does have a relatively high income tax but other stuff is more reasonable. IL has both an income tax and very high property tax. TX has property tax that in places approaches the mortgage payment.

Overall though it would have to be a great up for NV...no question we would do very well attracting those whacked by the Trump Tax.

I also will wait a while. The Texans will figure this out after a while and it will be an interesting discussion.
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Old 09-27-2017, 04:17 PM
EA
 
Location: Las Vegas
5,473 posts, read 4,670,748 times
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Remember when I predicted a boom here? I remember. Y'all called me crazy and wrong.


Here is my hope. State tax ends. And good riddance. Getting taxed twice for living somewhere is bs.
Getting taxed on income period is bs. The less taxes the better. It's not like they go towards helping us anyway.
They only thing I really object to in his plan is the 2% raise on the bottom bracket.
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Old 09-27-2017, 05:24 PM
 
Location: Las Vegas
534 posts, read 427,349 times
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Y'all are forgetting something: real estate values in those states. They are off the charts. And, with Trump's proposed total elimination of the estate tax (currently only applicable to estates valued over $5.45 million, or $10.9 million per married couple who use a modicum of estate planning), they'll be happy to stay where they are and pass that value on.
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Old 09-27-2017, 08:51 PM
 
Location: Here and there, you decide.
11,583 posts, read 22,689,426 times
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Quote:
Originally Posted by lvmensch View Post
Actually it will hit states like TX and IL at least as bad as CA. CA does have a relatively high income tax but other stuff is more reasonable. IL has both an income tax and very high property tax. TX has property tax that in places approaches the mortgage payment.

Overall though it would have to be a great up for NV...no question we would do very well attracting those whacked by the Trump Tax.

I also will wait a while. The Texans will figure this out after a while and it will be an interesting discussion.
Texas has some of the highest and lowest property tax....depends on the county

Texas Property Taxes By County - 2017
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Old 09-27-2017, 09:37 PM
 
9,965 posts, read 8,454,013 times
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Yes, but before they kick off, they're going to have to pay CA's income tax for a lot of years before they kick off and leave the assets to their heirs. That may drive them to LV.

Quote:
Originally Posted by LVAllen View Post
Y'all are forgetting something: real estate values in those states. They are off the charts. And, with Trump's proposed total elimination of the estate tax (currently only applicable to estates valued over $5.45 million, or $10.9 million per married couple who use a modicum of estate planning), they'll be happy to stay where they are and pass that value on.
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Old 09-27-2017, 09:44 PM
 
10,756 posts, read 3,759,045 times
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Quote:
Originally Posted by BBMW View Post
Yes, but before they kick off, they're going to have to pay CA's income tax for a lot of years before they kick off and leave the assets to their heirs. That may drive them to LV.
Actually we know a good bit about it. Not exactly a healthy phenomena. Basically prop 13 will force property to hand down to the kids. That escapes the reset. So even if the parents want out they have to leave the property to the children and move their income out of state. Our SIL built an extension on their place to live in and turned the house to the kids. That all makes good sense if you look at the numbers in a place like Santa Monica. They basically destroy a half million in effective value by selling.
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Old 09-28-2017, 06:48 AM
 
Location: Tucson/Nogales
16,485 posts, read 20,022,997 times
Reputation: 22426
Our Great Promiser hasn't gotten anything, so far, through the Congress/Senate and this will be yet one more of his unfulfilled promises. I subscribe to The Economist, and there was an article on this subject, and the consensus was his tax plan, as he wants it, will never pass. There will be some minor tweaks, that's my guess, just enough for our Salesman President to declare his first victory!

Those retiring in California, and moving elsewhere, they have nothing to worry about, as their ongoing Nimbyism will always guarantee them a hefty price on their houses, enabling them to buy 2 or 3 retirement houses elsewhere.
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