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Old 04-12-2010, 09:26 AM
 
3 posts, read 1,584 times
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I just got notice that our entire office is being moved to Florida because the owner is refusing to pay the increased NY income taxes anymore. The NY income tax rate went from 6.85% to 8.97% so he said screw NY and opened a new office in Boca Raton, FL last week where there is no state income tax. The owners income is passive (can be taken in any state in the form of interest) so he will save almost $180,000 per year (he makes $2M annually). He also listed his $1M house for sale in Saratoga and buying a $5M house down in FL where the property taxes are 1/11 for a more expensive and much larger property.

What is happening to NY? What will become of it, I can't imagine I'm the only one being forced to leave NY over something like this...
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Old 04-12-2010, 02:39 PM
 
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Are you sure those numbers are right about Florida, because people are leaving that state too. Check a cost of living calculator to make sure and the population loss is a net loss of people as well.

Also think about things like crime and schools as well.
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Old 04-12-2010, 05:25 PM
 
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We spent a month plus in FL this year. We drove down the west coast to the Keys and back up the east coast. We were quite surprised by the amount of businesses that have closed, buildings that are vacant, strip malls that were totally empty, some brand new, condos and housing developments unoccupied, and very, very large amount of homes for sale. The recession and terrible economy were VERY obvious in FL. Also, keep in mind that salaries are generally lower in states that have a lower cost of living. Everything is relative.


Before I packed up and moved to FL I would look into other options. MANY states cannot balance their budget, and are raising taxes also, NY isn't alone.
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Old 04-12-2010, 06:20 PM
 
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FL is like many different states in one. The job is in Boca Raton and anything in the true Palm Beach area to Boca, etc (SE FL) seems to only have crimes that consist of someone driving to fast in their Ferrari or DUI's..

I agree the rest of FL has problems but even if you go to the ghetto part of the state (anywhere but SE and Naples) it still beats paying state income tax, high property taxes, etc in NY.

The person above mentioned that people are leaving FL. That is true, the low income and unemployled are leaving FL. The fastest growing demographic is those that are from the Northeast with a starting net worth of $680,000 (not including their home equity). NY is losing its wealthiest residents (the top 1%-those who make over $1,000,000 a year are paying 83% of NY's total income tax revenue, but they're leaving in herds) and gaining minorities from the south seeking the social programs NY hands out.
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Old 04-13-2010, 05:21 AM
 
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If he wanted to go to a no income tax state, why not just bump up, over to New Hampshire?
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Old 04-13-2010, 07:09 AM
 
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With the high unemployment and social programs in FL to support the low income unemployed, along with illegals, the state will eventually be forced to impose a state income tax. FL did not have a sales tax until recently either. With the current administration and addition of programs and inability to balance many state budgets, I foresee a value added tax (national tax) next. So wherever you live, they will tax you.

Each state has it's own little taxes: personal tax, tax on social security, tax on pensions, tax on military retirement, utility tax, etc. and they are all subject to change and have new taxes imposed. You need to find the best place to live based not only on your financial situation, but on an area that has activities/culture/friends/hobbies/weather, etc. that will make you happy. I have several friends who have moved south, for cheaper housing, taxes, etc., only to move back north. They were bored, disliked the culture, forced to send their children to private school due to poor schools and they missed their friends and family. So don't let only money guide your decision.
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Old 04-13-2010, 08:54 AM
 
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So true Ellwood...People get caught up on taxes and weather in regards to NY State, but other states are adding or have other fees, taxes and costs that people don't think about. Even Texas, which has the best economy out of any state right now due to energy and other industries, even has areas that are on par or even generally more expensive than areas in NY.

If there is any state your boss should consider, Texas might be the best choice right now.
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Old 04-13-2010, 09:39 AM
 
Location: New York, Upstate
25 posts, read 33,489 times
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I hope he made the right decision I love living in NY, despite the taxes. We pay for a reason. I have a friend who lives in Florida with a similar job as my own, and he makes a heck of a lot less $$ than I do down there. His mortgage is cheaper (because he was able to get a bigger house for less than I), and his taxes are lower- but I believe he breaks even with me, because he makes a lot less doing the same thing. You can have the nicer house, the lower taxes.. but what's the point when you make a lot less? The grass isn't always greener.........just saying

I do hope he made the right decision, some people absolutely love the south who moved down that way. I hope he's one of them

(as far as I go.. I'm going to Miami this Saturday for a week vacation. Then I look forward to coming back to New York to cool down...LOL!!)
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Old 04-13-2010, 10:54 AM
 
Location: NW District of Columb1a USA
382 posts, read 1,442,865 times
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"Only the little people pay taxes" Leona Helmsley
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Old 04-13-2010, 02:43 PM
 
26,589 posts, read 58,172,538 times
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Quote:
Originally Posted by FlushingTroylets View Post
I just got notice that our entire office is being moved to Florida because the owner is refusing to pay the increased NY income taxes anymore. The NY income tax rate went from 6.85% to 8.97% so he said screw NY and opened a new office in Boca Raton, FL last week where there is no state income tax. The owners income is passive (can be taken in any state in the form of interest) so he will save almost $180,000 per year (he makes $2M annually). He also listed his $1M house for sale in Saratoga and buying a $5M house down in FL where the property taxes are 1/11 for a more expensive and much larger property.

What is happening to NY? What will become of it, I can't imagine I'm the only one being forced to leave NY over something like this...
He's in for a HUGE shock when he gets his property tax bill. I hope he's not going by what the current owners are paying in taxes, because his tax bill is probably going to be about $78K A YEAR. The property tax thing down here is very strange and it really nails people who ahven't lived here since the state was a big old mosquito infested swamp.
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