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Old 08-13-2019, 08:58 AM
 
Location: Haiku
4,838 posts, read 2,779,235 times
Reputation: 7066

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What matters is the total tax you pay, not just income tax. Florida has high property tax and high sales tax. Something has to make up for not having an income tax. There is no such thing as a free lunch, you pay one way or another.
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Old 08-13-2019, 08:59 AM
 
Location: Charlotte NC
11,939 posts, read 9,515,196 times
Reputation: 5366
Quote:
Originally Posted by AnesthesiaMD View Post
He is a Hedge Fund guy. He can do that from anywhere.

But I disagree with the “pay up” attitude. People should do whatever financially works best for them, as long as it is legal. If you want to stop this kind of thing from happening, states have to be competitive with other states. If there is a large enough imbalance, one state will lose and the other will gain.
Them why didn’t he do it from Florida all those years?

He has to be close to the action and close to the money men who have the tips and board room secrets to make that money
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Old 08-13-2019, 09:01 AM
 
Location: Charlotte NC
11,939 posts, read 9,515,196 times
Reputation: 5366
Quote:
Originally Posted by AnesthesiaMD View Post
When I was young and poor, I used to think that to someone who made $1M a year, $10k or $20k must mean nothing to them. But you know what? When you make that much money, $10k or $20k is still a lot of money. I have no reason to believe that it becomes any different when you are talking about $150M. I am sure he still considered that a lot of money. And in the end, he was throwing that money away, unnecessarily. Seems like a no brainer to me.
He wasn’t throwing yet away. He was paying taxes for the benefit of access to NYC.

He could’ve lived in FL all his adult life but he chose not to for specific reasons.
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Old 08-13-2019, 09:18 AM
 
Location: Northern NJ/Amagansett, NY
11,368 posts, read 10,383,108 times
Reputation: 8007
Quote:
Originally Posted by Feltdesigner View Post
He wasn’t throwing yet away. He was paying taxes for the benefit of access to NYC.

He could’ve lived in FL all his adult life but he chose not to for specific reasons.
He was paying 100,000 times the amount the average person was paying, for the same access.

It is not his responsibility to do that if other options are available.
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Old 08-13-2019, 09:20 AM
 
46,607 posts, read 18,544,454 times
Reputation: 19394
Quote:
Originally Posted by TwoByFour View Post
What matters is the total tax you pay, not just income tax. Florida has high property tax and high sales tax. Something has to make up for not having an income tax. There is no such thing as a free lunch, you pay one way or another.

Florida property tax is lower than the national average. Sales tax is average BUT groceries and prescription drugs are exempt. A huge savings.

So this theory of yours does not pan out.




Lots of NYC taxes flow into Florida, NC, GA & SC.
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Old 08-13-2019, 09:32 AM
Status: "Hard work is never easy" (set 4 days ago)
 
Location: Florida/Tennessee
3,123 posts, read 4,454,951 times
Reputation: 1792
Quote:
Originally Posted by ChrisC View Post
Sure, I might be able to save a bit of money on tax... but it wouldn't do me a whole lot of good if I were dead due to heat stroke. You couldn't pay me enough to even visit Florida. Now, if I were to be able to get those big tax breaks in say... southeast Alaska, or northern Maine, or UP Michigan, etc... we could talk.
That's good to know. Maybe Florida should ban a/c in Florida and watch the migration out. The heat is uncomfortable, cold kills, but to each their own.
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Old 08-13-2019, 09:34 AM
Status: "Hard work is never easy" (set 4 days ago)
 
Location: Florida/Tennessee
3,123 posts, read 4,454,951 times
Reputation: 1792
Quote:
Originally Posted by WaldoKitty View Post
Florida property tax is lower than the national average. Sales tax is average BUT groceries and prescription drugs are exempt. A huge savings.

So this theory of yours does not pan out.




Lots of NYC taxes flow into Florida, NC, GA & SC.
I prefer to pay taxes on what I use as opposed to what I have. Folks with more money spend more too. In Florida, it doesn't trickle down these days, it's flowing.
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Old 08-13-2019, 09:35 AM
 
Location: OH->FL->NJ
10,395 posts, read 8,264,005 times
Reputation: 4475
Quote:
Originally Posted by AnesthesiaMD View Post
When I was young and poor, I used to think that to someone who made $1M a year, $10k or $20k must mean nothing to them. But you know what? When you make that much money, $10k or $20k is still a lot of money. I have no reason to believe that it becomes any different when you are talking about $150M. I am sure he still considered that a lot of money. And in the end, he was throwing that money away, unnecessarily. Seems like a no brainer to me.
Quote:
Originally Posted by AnesthesiaMD View Post
This guy made his fortune after the housing meltdown. He basically just bought up everything that the government said it was going to prop up. Bought bank, insurance company, auto stocks, etc, at pennies on the dollar. They all came back and are worth a lot now. I don’t think he is a parasite. He is just a smart guy who saw an opportunity. I remember him saying, “The government told us all what it was going to do. I just listened.”
Sounds good to me. Of course he is going to take the deduction. That the deduction exists is evidence that the hyper rich write their own tax laws. THAT needs to be eliminated.

Let me be clear. If you destroy companies or otherwise create misery to enrich yourself, you are a parasite. Eddie Lampert and Martin Shkreli come to mind. If you are merely buy depressed assets, you are being smart. If you are ground up venture capitalist creating companies, you are a hero. The parasites NEED TO BE TAXED differently.
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Old 08-13-2019, 09:48 AM
 
Location: Boston
8,547 posts, read 2,496,004 times
Reputation: 6031
Quote:
Originally Posted by beach43ofus View Post
It's from people like us who move here from elsewhere, bring a lot of wealth with them, and then spend it here. The spending of the wealth/nesteggs generates commerce, and tax revenues.

~80% of Florida tax revenue comes from sales taxes. Florida's corporate income tax is the 2nd largest revenue producer. There are taxes/fees on so many things: utility bills, cell phone bills, internet/cable taxes, alcohol, tobacco, car registrations, boat registrations, motorcycle registrations, gasoline, firearms, property taxes, doc fees when you buy a new home, payroll taxes (Florida unemployment & medicaid), airport taxes, bed tax, rental car taxes, battery and tire disposal fees, port taxes/fees, courts costs/fees, advanced education tuition & matriculation, ect..

These all add up to Billions of Dollars, and they are accelerating rapidly since more wealth is being brought in from elsewhere...

https://www.tampabay.com/florida-pol...f-projections/

Add to this the "embedded tax" which is burried inside the price of everything you buy, or service you use, which is over and above any applicable sales or use taxes.

Florida replaces personal income taxes with consumption taxes, and those moving here consume a lot. Many buy all new home furnishings, cars, homes, boats, motorcycles, campers, home offices, computers/electronics, pools, ect..

Florida is raking it in, and taking these tax revenues away from the states the newcomers fled. Some newcomers bring their businesses with them (like I did), so that compounds the tax gain/drain effect. When a state loses population, and businesses, it loses tax revenues. When a state loses wealthy residents, the tax drain can become devastating because wealthy people pay ~80% of all taxes. Then, the high tax states increase taxes even more to make up for the taxes lost from those who fled, and this results in even more people fleeing. We are seeing a high tax state death spiral.
sssshhhhh. People think they're getting a good deal in Florida, let em believe it. States just collect what they need in different ways. They all have a plan for taking it from you.
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Old 08-13-2019, 10:01 AM
 
3,407 posts, read 1,778,517 times
Reputation: 5438
5 years ago me and my wife packed up and left NY. She was offered a job in Florida with the same exact salary as NY. We earn approximately 200k a year combined. So here are my savings. 12 k a year in state income tax. 8 k a year in property tax. 1 k a year in sales tax. I no longer pay a mortgage. That is 21k a year back in my pocket. That does not include home heating oil. Does not include the cost of gas. Does not include the higher cost of restaurants and entertainment. No red light and speeding cameras. I would say conservatively I am saving 25k a year and I also save because I am not paying an obscene mortgage. Lastly my house is brand new and I have very little home repair costs. In the 5 years I have lived here I have saved a minimum of 125k as opposed to NY. When I add in interest from my mortgage payments I am well over 200k in savings. Leaving NY was a godsend!
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