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Old 10-25-2007, 09:11 AM
 
Location: 42°22'55.2"N 71°24'46.8"W
4,848 posts, read 11,753,596 times
Reputation: 2961

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Quote:
Originally Posted by baystater View Post
MA was bad. Now that I'm stuck in NJ for right now. I appreciate MA's tax rate more. Plus government corruption is about 1000 times worse here than MA. I know that sounds impossible. But it absolutely true. I can't wait till I get back home. Whether it call taxachusettes or not it still home and miss it dearly.
Hah, my family's from NJ and I'm the only one who escaped. All my siblings and cousins are still there since they're scared of change.
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Old 10-25-2007, 09:50 AM
 
Location: Massachusetts & Hilton Head, SC
9,920 posts, read 15,488,689 times
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Quote:
Originally Posted by Parsec View Post
Looks like the first link posted by katzenfreund takes into consideration MA's higher median income. We're only #28 based on state and local taxes, but after taking into account federal income taxes, we jump up to #7. I'm sure this is why all the high-income earning states complain about high taxes -- MA, NY, NJ, CT. It's not necessarily their local governments, but because they are in the 33% tax bracket for federal taxes!
Some people are in higher brackets than that...
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Old 10-25-2007, 09:56 AM
 
Location: 42°22'55.2"N 71°24'46.8"W
4,848 posts, read 11,753,596 times
Reputation: 2961
Quote:
Originally Posted by CaseyB View Post
Some people are in higher brackets than that...
Well yeah, I'm sure there are people in higher brackets than that in every state. You'd need to be pulling in half a million to be in the top tax bracket of 35% (which would probably translate to the $350k AGI after all those nasty tax tricks rich people have up their sleeves). I'm just saying there's a larger percentage of families in the Northeastern states who are in the 33% bracket [AGI of over $160k] than in other parts of the nation [not including CA].
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Old 10-25-2007, 11:36 AM
 
Location: Sitting on a bar stool. Guinness in hand.
4,428 posts, read 6,484,365 times
Reputation: 1721
Default lucky one

Quote:
Originally Posted by Parsec View Post
Hah, my family's from NJ and I'm the only one who escaped. All my siblings and cousins are still there since they're scared of change.
Yes you definitely are the luck one as far as I'm concerned. I can't frigg'in wait to get out of NJ.
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Old 10-25-2007, 12:02 PM
 
270 posts, read 1,355,769 times
Reputation: 160
As a non-US citizen I have to say that NJ and MA are very similar. No culture shock for me when we came to MA from NJ, ha ha! I could not agree more with baystater that corruption in NJ is much worse then here! Now that might change if they vote for gambling.
MA has indeed lower taxes then NJ but not by much, and then there are always the creative ways to get your money like the vehicle excise tax etc....
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Old 10-25-2007, 01:10 PM
 
Location: Massachusetts & Hilton Head, SC
9,920 posts, read 15,488,689 times
Reputation: 8525
Quote:
Originally Posted by Parsec View Post
Well yeah, I'm sure there are people in higher brackets than that in every state. You'd need to be pulling in half a million to be in the top tax bracket of 35% (which would probably translate to the $350k AGI after all those nasty tax tricks rich people have up their sleeves). I'm just saying there's a larger percentage of families in the Northeastern states who are in the 33% bracket [AGI of over $160k] than in other parts of the nation [not including CA].
Clue me in on some of the tricks, will ya?
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Old 10-25-2007, 02:24 PM
 
Location: 42°22'55.2"N 71°24'46.8"W
4,848 posts, read 11,753,596 times
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Quote:
Originally Posted by CaseyB View Post
Clue me in on some of the tricks, will ya?
I've seen some returns of high net worth individuals, and some of them pay less than I do! It has more to do w/their assets than their income. If you're worth say, $5-10 million there are ways to allocate/shield your assets through a large spiderweb of tax-efficient entities. The tax law gets very complicated when you go beyond standard deductions and simple housing and education-related deductions and the details are beyond me
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Old 10-26-2007, 08:20 AM
 
Location: Metrowest, MA
1,810 posts, read 10,462,639 times
Reputation: 922
Quote:
Originally Posted by Parsec View Post
I've seen some returns of high net worth individuals, and some of them pay less than I do! It has more to do w/their assets than their income. If you're worth say, $5-10 million there are ways to allocate/shield your assets through a large spiderweb of tax-efficient entities. The tax law gets very complicated when you go beyond standard deductions and simple housing and education-related deductions and the details are beyond me
That is why there are so many creative accountants... getting paid big $$$ to suggest ways for someone to reduce taxes paid...

btw.. my fees are 1% of your assets yearly (min asset required for my service 10 million)
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Old 11-01-2007, 04:49 PM
 
Location: the freezer
41 posts, read 161,522 times
Reputation: 25
they changed the name to feeachuetts instead of taxes romney just added fees to everything
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Old 11-01-2007, 07:07 PM
 
3,075 posts, read 5,623,274 times
Reputation: 2698
The massachusetts tolls are supposed to go up again...the same ones that were supposed to disappear in the early 90's.
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