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Old 12-17-2023, 11:24 AM
 
3,254 posts, read 1,409,475 times
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Quote:
Originally Posted by mshultz View Post
Don't feel sorry for me. If you should feel sorry for anyone, feel sorry that the state of Kentucky's inheritance tax prevents someone who would pay far more in taxes than cost the state in social services from moving there and enjoying better weather than Ohio has to offer.
If I did my math correctly, your net worth is in excess of $3 million (well done by the way---always is nice to see folks who take care of their financial obligations over the course of a lifetime and accumulate a nice nest egg). I looked, and only about 6% of all families have a net worth of this high (or higher) in the US---abut 8 million households. I suspect most of those people are in places like NY, California, Texas---states with lots of people and lots of higher earners. I really don't think many of those folks (or other wealthy folks frankly) are considering moves to Kentucky. Kentucky is a very fine state, but it's not where people who are in the top 10% of net worth are moving---and it is not inheritance tax that is keeping them away. Kentucky could lower their inheritance tax and I doubt it would have much impact on the number of people who move there.
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