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Seems like tax is the biggest thing people complain about. I often hear people cite states with no income tax as the best states to live in.
Is this true or does the state with no income tax get you another way?
How is life compared to two states (one with state income vs one without?)
Your status message cracks me up .
Much of NYC is so dense, I sometimes wonder if less local government there might = more chaos. I first visited NYC in the 1970s, and have visited many times since....the last time about three years ago....right before the observation deck/area opened up inside the Freedom Tower. IMO, the livability of the city has regressed under DeBlasio (much better under Rudy, and under Bloomberg). It was somewhat of a mess in the late 70s . One of my great grandfathers was born in Brooklyn, and the next time I'm there, I want to find the specific address and take some pictures...document what that specific area looks like now . Some things are still a decent value for what you get. An unlimited 30 day Metro Pass is $121, and half that if you are 65 or older (or can apply, and have a qualifying disability).
Much of NYC is so dense, I sometimes wonder if less local government there might = more chaos. I first visited NYC in the 1970s, and have visited many times since....the last time about three years ago....right before the observation deck/area opened up inside the Freedom Tower. IMO, the livability of the city has regressed under DeBlasio (much better under Rudy, and under Bloomberg). It was somewhat of a mess in the late 70s . One of my great grandfathers was born in Brooklyn, and the next time I'm there, I want to find the specific address and take some pictures...document what that specific area looks like now . Some things are still a decent value for what you get. An unlimited 30 day Metro Pass is $121, and half that if you are 65 or older (or can apply, and have a qualifying disability).
Yea 1970 to 1995 was not the NYC you wanted to walk around. I like the city more now despite high cost of living. I do think I’m wasting a lot of money driving and owning a car here though.
In California the capital gain tax is 13.3% the highest in the nation. The next highest is New York at 8.82%. Anyone selling a home for a million dollars will pay roughly 40% to the government. If it's your residence you get to subtract $250,000 for single and $500,000 for a couple. The rest of it will get taxed at about 38%. People have to pay for the privilege of buying something here for $20,000 40 years ago and then selling it for a million in 2018.
One thing is for sure; the states with low/no income taxes are growing a lot faster than the ones with high income taxes. Capital is going to go where it's treated well and won't go to places that are hostile to it. Excessive taxation is driving away capital into places with more reasonable taxes.
We moved to FL in 2014. No income tax. But property taxes......yikes! Comparing this to AZ which is where we moved from. We lived in VA burbs of DC-Metro for 30+ years and had both income tax and high property taxes, but the sales tax was quite low.
My career was in local and state government taxation. In the end, every locality needs xxx dollars to function; there are various tax schemes to get the $$$ they need. There is also the adage of You Get What You Pay For. Better schools, services, roads, etc.
One thing is for sure; the states with low/no income taxes are growing a lot faster than the ones with high income taxes. Capital is going to go where it's treated well and won't go to places that are hostile to it. Excessive taxation is driving away capital into places with more reasonable taxes.
I lived in Oregon with high state income tax and Washington with no state income tax...Washington by a mile.
To be fair, the more you make, the better Washington is and the less you make, the more attractive Oregon is.
Be sure to move out of Washington State before you die. The state has one of the most onerous inheritance tax rates in the USA- up to 20% after an exemption of $2,135,000.
Seems like tax is the biggest thing people complain about. I often hear people cite states with no income tax as the best states to live in.
Is this true or does the state with no income tax get you another way?
How is life compared to two states (one with state income vs one without?)
When I was a renter and a self-employed guy, I was able to deduct a lot of business expenses on Sched C which reduced my taxable income substantially. I was able to get most of my state income tax refunded to me. In Texas, we have no state income tax but very high property tax (2.5-3.0) in the major cities, which I don’t get to deduct as a renter under Schedule A. As a renter, the high property taxes are embedded in the monthly rent. Texas does not have the robust amount of state services that Calif does, IMO. Texas does not have a State-run disability system or employee-friendly EDD (Unemployment). People on Medi-Cal also lament that Texas doesn’t cover their adult dental and extend Medicaid so generously like Calif did. Auto tags are MUCH LESS, since Texas charges based on the weight of the vehicle, not the Value. Gasoline taxes are similar, but gasoline is cheaper because Texas doesn’t require the special blends that Calif does. Texas also seems to have more user fees for many services. Sales taxes run from 8 1/8 - 8 3/4 in the cities, sane as in Calif. liquor, especially wine is less in a California than Baptist-ridden Texas who sticks it to the alkies.
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. One of my great grandfathers was born in Brooklyn, and the next time I'm there, I want to find the specific address and take some pictures...document what that specific area looks like now . Some things are still a decent value for what you get. An unlimited 30 day Metro Pass is $121, and half that if you are 65 or older (or can apply, and have a qualifying disability).
