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Engaging discussion.. thanks to all.
I have been hearing similar conflicting comments - favoring either sides - from my friends circle as well, ofcourse they don't live in RI or MA.. hence reached out to this forum.
Since the income structure in RI is slab based, it is high for higher slabs whereas MI has a flat structure. But there are more towns in MA whose home tax structures are relatively higher than in RI.
So I get that if you get your wages in MA but live in RI - that is the ideal scenario. Hope I got it right.
That is right. Your money goes further in RI than MA.
So I get that if you get your wages in MA but live in RI - that is the ideal scenario. Hope I got it right.
Not at all. Whatever you save on income tax to RI, you will owe the difference to MA. Like I said before, property taxes, auto taxes and auto insurance can be MUCH higher in RI depending on which community you are in. I believe Providence is the most expensive place to own a vehicle, Pawtucket just behind. What you may save on mortgage or rent, could easily be lost to higher everything else (and at the end of the day be stuck with a property worth less). Then you have to worry about future values.
Just do your homework PLEASE before moving, and run ALL the numbers.
Thanks for weighing in Mr. Jenkins. I did see the referenced study and I'm more than happy to enter it into evidence. I'd argue that although your wages might purchase marginally more here, with one of the highest tax burdens in the country you'll have relatively much less LEFT of said wages to purchase with. I think much more germane to the discussion is what we receive for our TAX dollars. Deteriorating roads, crumbling bridges and underperforming schools. The question that you should ask of YOURSELF, is where on God's green earth do my tax dollars go? Pay more, get less!
Yes, let's look at Wallet Hub and compare tax burdens between RI and MA. RI does indeed come in at $7,367 yearly tax burden vs. only $6,253 for MA. So that's about an extra $1,100 a year in taxes if you live in RI vs. MA. Now let's look at what $100,000 of income would buy you in rent, goods and services in each state. In RI it would be about $101,000 vs the national average. In MA in would be about $93,000. So the RI household would be up about $8,000 a year in what their money was worth vs. MA. That well more than makes up for the extra $1,100 paid in taxes for the RI resident. A clear monetary surplus in fact.
However, as for the quality of the infrastructure in RI and school rankings I agree, Massachusetts is superior.
Friends,
I did some checking on several tax comparison sites, to determine if living in MA cost me less than living in RI.
MA has a flat Income tax of 5.3% while RI has a slab structure up to 6%.
Sales tax and House taxes are also higher in RI.
While these websites could be indicative, would like to know from residents of RI if you are paying higher taxes (be it whatever type of tax), considering your net income per year, do you think living in RI is relatively expensive than living in MA?
Thanks.
Listen to massnative, he makes sense. Do NOT listen to Jenkins, he does not. His one argument is both simplistic and specious. RI residence property taxes are among the highest in the country. Auto insurance costs are among the highest in the country. Auto property taxes are THE highest in the country. Rhode Island has never left any revenue stone unturned. And you'll have to trust me on this, but you'll eventually wonder where in hell does the money go? The state in general and many of it's large cities are on very precarious financial footing. History has shown that your taxes here will spiral only upward. The state's population is stagnant, 2nd from the bottom in the country edging out only Michigan. Job creation is dismal. An uninformed and apathetic electorate has created a recipe for fiscal disaster. Do you want to own a home here when the bottom falls out?
Yes, let's look at Wallet Hub and compare tax burdens between RI and MA. RI does indeed come in at $7,367 yearly tax burden vs. only $6,253 for MA. So that's about an extra $1,100 a year in taxes if you live in RI vs. MA. Now let's look at what $100,000 of income would buy you in rent, goods and services in each state. In RI it would be about $101,000 vs the national average. In MA in would be about $93,000. So the RI household would be up about $8,000 a year in what their money was worth vs. MA. That well more than makes up for the extra $1,100 paid in taxes for the RI resident. A clear monetary surplus in fact.
However, as for the quality of the infrastructure in RI and school rankings I agree, Massachusetts is superior.
You forgot to account for wage disparity. To review quickly: Rhode Island has the 8th highest tax burden in the country with infrastructure ranked 50th and schools ranked 28th. This is known as getting the government that one deserves.
If not, why are you bothering to continue in this vein?
Welcome to the discussion Miss Hollytree, always a pleasure! I was rather hoping though, that you might add an opinion more germane to the subject at hand.
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