New York Residents are getting "Creamed" by State and Local Taxes

[fmatthew5876]

The tax situation in nyc really makes life hard. You need to already make a lot of money and be in the upper tax brackets just to live there decently. City income tax ontop of already high state tax is brutal.

Since moving to chicago my tax bill has shrunk significantly.

[pureistheword]

Originally Posted by fmatthew5876

The tax situation in nyc really makes life hard. You need to already make a lot of money and be in the upper tax brackets just to live there decently. City income tax ontop of already high state tax is brutal.

Since moving to chicago my tax bill has shrunk significantly.

I am planning the same move, but it is not clear how much lower payroll taxes will be. I figure with possibly less income it may be a wash.

[Kefir King]

Originally Posted by G-Dale

Unemployment, social security, and medicare are premiums, not taxes. They are supposed to be reserved to fund insurance programs. But since we ignore that the left wing actually uses these premiums as a personal government slush fund, then you are correct, in current practice these turned out into being taxes.

A premium is something I GET, and income tax is an amount of money I pay based on a percentage of my income from wages or self employment earnings.


Social security deductions from my paycheck were income taxes.
(Premiums began when I turned 62 and the government gave ME money.)

[LIS123]

Originally Posted by pureistheword

I am planning the same move, but it is not clear how much lower payroll taxes will be. I figure with possibly less income it may be a wash.

Payroll taxes don't change. Social Security tax will be the same rate until the cap and Medicare the same rate on all income.