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Old Today, 07:53 AM
 
3,106 posts, read 1,202,853 times
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Quote:
Originally Posted by SuiteLiving View Post
Did you have to sell your home because the change in the tax law made it no longer affordable for you?
I moved outta there 17 years ago so, no. Would I have had to? Probably not. I was maxing out my 401(k) so I could have cut back my savings. Spending other than the cost of housing was pretty lean. I don't have tax returns that far back- I'm curious what the impact would have been.

But- for people who say, "Just move"- it's not that easy. I was a property-casualty actuary. There were a LOT of jobs in the NYC area and I was in commuting distance to NYC. You can't just pick up and move to Fargo because the taxes are cheaper if you still want to work. It's more complicated with a 2-income couple. It was somewhat miraculous that when things went very bad in late 2001 and there was NOTHING in the area I found a great job in a KC suburb and I'm still here. And yes, the $10K SALT limitation is hitting me now but the impact isn't all that bad.
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Old Today, 08:38 AM
 
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Quote:
Originally Posted by HowardRoarke View Post
The punishing taxes and in some cases costs of living in parts of blue states will keep pushing productive people out of them.
Only until a new equilibrium is reached.
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Old Today, 08:53 AM
 
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Quote:
Originally Posted by TexasLawyer2000 View Post
Everyone moving to FL is not a good solution in the long run.
Yet some people move from Florida to New York. It is about achieving a new equilibrium.

People move.
Jobs move.
Businesses move.

The only thing that doesn't move is property - in the long run, the ever increasing state burden to pay public sector pensions & health care & generous benefits will fall on the owners of property in the form of increasing property taxes.
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Old Today, 08:54 AM
 
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Quote:
Originally Posted by mizzourah2006 View Post
I mean I know the common answer is going to be “because that’s the way it’s always been” but I never understood why it made sense that you should owe less to the federal govt. in taxes because you chose to live in a state that had high income and/or property taxes. Property taxes go to support local things like fire, police, school districts, etc. things that you as a San Fran resident directly benefit from and someone as a resident of Florida gets no benefit from. So why should you get to deduct that from what you owe to support federal infrastructure? It’d be like deducting your cost of private HS tuition or a private security detail.
It is part of the long tradition of bribing voters with their own money.
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Old Today, 08:58 AM
 
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Quote:
Originally Posted by ansible90 View Post
Also, when people bought their homes, their budget was based on having that federal deduction for state taxes. Now the deduction... or a good chunk of it... is gone. So monthly cost of living in that house are much higher. They can't afford it anymore.
So they can move. Or they can vote themselves a state tax decrease. Or both.
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Old Today, 09:03 AM
 
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Quote:
Originally Posted by Chas863 View Post
Federal income tax laws change quite often. These changes are usually good for some people and bad for others.
But tax law changes are ALWAYS good for elected representatives: that is how they generate re-election campaign contributions. Congressmen & Senators look at their respective re-election bank account balances, and they see not enough money, they then announce a committee to study changing the tax code so that contributions can start flowing in from interested parties who want a break.
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Old Today, 09:05 AM
 
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Quote:
Originally Posted by Chas863 View Post
Getting back to the "economics" topic which is the name/theme of this board, I see this as an economic migration that illustrates the validity of the "reversion to the mean" principle. The higher prices go and the farther out of whack the cost of living in some parts of the country become, the more likely the people in these areas will leave and move to a part of the country with a lower cost of living.

The net effect of this economic migration will be to lower costs and prices in the high cost area and increase costs and prices in the lower cost areas due to another economic principle called "supply and demand". Elementary economics my dear Watson.
^^^ +1 ^^^

In other words, a new equilibrium will be achieved.
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Old Today, 09:07 AM
 
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Quote:
Originally Posted by Trekker99 View Post
Oh, you can be sure of that!

When I get my CA sample ballot next week, I'll be writing F-NO for every measure asking me to bend over again.

Wish I could write F-No on my actual ballot.
If you ever thought your job was pointless, somewhere in CA is a person responsible for printing Republican candidates on the election ballots.
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Old Today, 09:12 AM
 
3,980 posts, read 1,108,866 times
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Quote:
Originally Posted by craigiri View Post
3. ZeroHedge is a questionable site
Perhaps you prefer the Wall Street Journal:

https://www.wsj.com/articles/so-long...it-11579948200

or

https://emailshare.cmail20.com/t/n/d...01b10-l-d-r-l/
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Old Today, 09:13 AM
 
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Quote:
Originally Posted by Liledgy View Post
Because usually these high tax states (blue) get a lot less money back (doner state) from the federal government than what they pay in. Guess who the reciepiants are, red states!
Your post is kind of like, "Half the states are below the median! Half!"
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