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You also have those millionaires that have a primary residence in another state.
So they may be partying it up in LA but they "live" elsewhere.
Possibly, I am unfamiliar with how that law works in California. New York you have to be physically living somewhere else for just over a half of a year to claim somewhere else as a resident of another state.
Possibly, I am unfamiliar with how that law works in California. New York you have to be physically living somewhere else for just over a half of a year to claim somewhere else as a resident of another state.
6 months and 1 day. I know that from living in FL for many years.
I know IT folks that moved to Texas. While they did take a cut it certainly wasn't 50%.
And don't you think smart people would do the math before making a decision to move based on finances ?
That is exactly what I am saying. Smart people know there is more to it than just the tax rate. You and few others here keep repeating it's all about tax rates, but obviously there is much more to it than that.
That is exactly what I am saying. Smart people know there is more to it than just the tax rate. You and few others here keep repeating it's all about tax rates, but obviously there is much more to it than that.
Nope..COL of which taxes are a part of as well as RE costs.
It's COL and qualify of life.
The OP article doesn't even mention tax rates...overall AGI is what they cite.
6 months and 1 day. I know that from living in FL for many years.
Yep, that is correct. Who wouldn't want to spend the 6 cold months in Florida and the other months in Manhattan. Heck, I would probably do that if I was rich.
Yep, that is correct. Who wouldn't want to spend the 6 cold months in Florida and the other months in Manhattan. Heck, I would probably do that if I was rich.
But many aren't rich.
My parents' condo was 80% empty during the summer months.
Many middle class folks keep 2 homes.
I had 2 homes for over a year and would never do it again.
Sounds nice on paper but problems always tend to arise at the home you are NOT in and then have to deal with them long distance.
NYC incomes are probably 300% higher than TN. Obviously it matters what the salary levels are. To say that people move to TX so they can keep more of what they make is void of common sense, because even if taxes are lower in TX, you can still end up with lot less in your pocket if your salary is lower.
Nice deflection. I still say 56% higher taxes is significant.
My parents' condo was 80% empty during the summer months.
Many middle class folks keep 2 homes.
I had 2 homes for over a year and would never do it again.
Sounds nice on paper but problems always tend to arise at the home you are NOT in and then have to deal with them long distance.
I never said middle class don't buy two homes, I was referring to if I were rich I would own a home in Manhattan and Florida and spend the winter months in Florida. Though the reality is, if I were rich I would buy a craftsman in Portland and a home in Hawaii and spend the winters in Hawaii.
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