Posted on 01/17/2020 7:17:12 AM PST by ConservativeMind
Oops. Only 20% more? Most major corporations pay a 40% premium for the same job in California or New York vs. Florida.
Right now my state is doing well, but both houses of the Nevada legislature and governorship have flipped democrat.
That bodes ill.
**That is the problem of all the liberal states. NY, NJ, IL, MA, CT, RI all have these retired state employees collecting pensions for 30+ years in retirement.**
That’s a bit unfair....as a retired teacher, from CT, I *paid* into the retirement fund for 33 years. I paid taxes on the money put in; and state income taxes again, on the pension. And so it goes. The State did not hold its end of the bargain, and did/does not pay their mandated share into the retirement fund. CT’s unfunded liabilities is staggering.
https://ctmirror.org/2016/05/16/report-ct-4th-worst-in-unfunded-pension-liabilities-per-teacher/
No because property tax rates vary by state. The only true comparison is when overall tax burden is compared.
We cannot tax ourselves into prosperity.
Daffy,
How far are you from Jay Peak, Burke or Cannon Mt?
You must be pretty close to Lancaster, or Littleton, NH.
One of the guys in my office just bought a cabin/house in Landoff, just southwest of Sugar Hill, NH.
At one point the USA tariff-ed its way to prosperity. 1787 - 1913.
We’re in TN with no income tax for jobs. When we got here there was a pretty high tax on investment income, but our CPA said that is beng phased out in increments each year. (It may be gone now.)
Sales tax is a little high, and I’m OK with that. User taxes are fair, I think.
Property taxes are about medium, I guess. Nothing like our $15K the year we lived in NY state.
Disclaimer: I don’t handle these types of finances in our house. I nbelieve what I’ve said is true.
A good place to check in these things used to be www.city-data.com.
I also don't know of any place with NO property tax, but... the differences between states can be huge.
I'm from Texas, and used to be very proud that we had no Income Tax. But, I later moved to La and now Ky, where the Income taxes are fairly high, but property taxes are quite low, by comparison.
I have come to particularly hate property taxes. They force me to come up with cash, just because I own property that is not generating cash (Ie: my home). I prefer LOW taxes, in general... but, if I have to pay it, I'd rather share a % of the cash I have coming to me, or a % of what I spend.
It may not be “fair” that the state of CT did not maintain their/your pension fund. All politicians CAN NOT BE TRUSTED.
My only point was it is a fact that these states will not be able to pay their retirees based on the amount of money coming in. It is like a pyramid scheme. Eventually, it will run out. Just like Social Security.
FYI, I have a brother and sister in law who both work/worked for the Federal government. My sister in law fully retired @ 49 years old. My brother could retire if he wanted to.
One of the other traders in the office has a wife who works in the Mass school system. She is a special education administrator on the north side of Boston. She makes $95K.
Is that the tax rate for a single taxing entity or does it include all property taxes, i.e. city, county, school, utility district, etc.? When you get your statement at the end of the year for Federal Income tax filing, what percentage of the property value is that number. I can’t believe it is 1% or California would not have been in the group of states crying like a baby when the Trump tax cuts limited the deduction for property taxes and mortgage interest.
It’s all property taxes.
Some cities or counties can impose a special district, like water project funding. Or if they are building a park etc. That can be permanent or temporary. But it’s not typical. In older established cities (most of them) parks, water and such are already settled.
Cal has a high sales tax around 8.25 and the cities can piggyback on that and add some. 8.5 not unusual. Most taxes in Cal are high. Gas and income tax off the hook. But not property taxes.
This quote from the article is a false statement. Not just misleading, but false. Those with the largest incomes, with rare exceptions, will generate significantly higher tax revenues to their States for both property taxes and sales taxes, as their homes tend to cost more and, making more income, tend to spend more on items that are taxable. Examples:
- A $1 million home with a 2% property tax will generate $20,000 in tax revenue, while a $200,000 home will generate only $4,000.
- A taxpayer earning $500,000 and making $100,000 in purchases subject to a 6% sales-tax will pay $6,000 per-year, while a taxpayer earning $50,000 and spending $15,000 on taxable purchases would pay $900/yr. in sales tax.
Manufacturers Hanover Trust moved my family and possessions, put my family up for a month (meals and 2 drinks each night included:-) and bought my house in Florida. What’s the value of that in dollar$?
States with no democrat controlling governance is the key.
My state (Illinois) has:
income tax headed for the moon...
property tax to infinity and beyond...
sales tax past Uranus
I prefer Wyoming... now too late for that.
The question has no answer. There are many other factors.
All states have income tax: federal income tax.
If you are earning a living, then the income tax is bad for you. If you own a home, then the property tax is bad for you. If you buy things, then the sales tax is bad for you.
Does any state have none of the three?
I did the same thing, but, from Georgia. No Income Tax, and, as we don’t own property to tax (we live on a sailboat and are cruising now), the sales tax just isn’t that bad. And, as it charged to everyone, it’s fair.
I’m in shorts too, but, the wind is blowing here in Titusville like nobodies business.
BS! This is predatory taxing of those who work and invest wisely to pay for the so called poor, who just breed and have more poor.
“While the jury’s still out on the benefits of living in a state with no income tax, experts agree that there is one clear result for those states that do levy an income tax.
It helps the poor.
An income tax is a classic tool for redistributing wealth. It’s usually “progressive” in nature, meaning that it taxes higher earners at a greater rate than lower earners. Other taxes typically don’t have that Robin Hood-like characteristic.
“It’s extremely difficult to fund government adequately and sustainably when families with the largest incomes are contributing the least,” says Carl Davis, research director at the Institute on Taxation and Economic Policy in a statement.”
True, but...
Our "betters" can tax us into their prosperity!
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