New York Chasing Rich Tax "Deadbeats" To Other States

[martybegan]

Remember that constant drum from the left that the super rich don't pay any taxes? Well, New York State (and of course California too) has come up with a solution to get rid of those tax deadbeats - chase them out of town and let these rich tax deadbeats move to Florida, Texas, and Arizona. Only trouble is, those super rich tax deadbeats aren't really deadbeats after all and pay most of the state's income taxes collected and now those taxes will be collected in other states and not New York (and California). The rich will now be paying their fair share in red states

For perspective, the 41,000 filers in the city’s top 1% pay more than 40% of all its income taxes. The 450,000 filers in the top 10% pay about two-thirds of all income taxes.

In other words, the remaining 90% of taxpayers contribute about one-third of the city’s income tax revenue.

Super rich New Yorkers — including billionaire Carl Icahn — are fleeing the Big Apple in droves. Here are the top 3 states they're quickly escaping to

These snowbirds are heading south for the winter. And staying put.

finance.yahoo.com

What the "tax the rich" people never understand is that at the State level people can just move, so the $50k increase you think you are getting from a rich tax turns into a $1.5M loss due to the entire tax base going somewhere else.

At the federal level it incentivizes people to be more thorough with their uses of shelters and deduction policies, which can also result in a net loss. A person going from 1.5M in taxes to 1.8M in taxes may decide it's worth it to pay an accountant 100k to figure out how to reduce his burden, and that accountant may figure out how to legally get the tax burden to 1.2M thus losing any gain the government may have gotten.

 

[DudleySmith]

Wow. It's hard to even comment on that much crap, so, I'll try asking you again. Are you against big government? The question can be answered yes or no instead of the big 100 word dodge way out in the weeds.

So you can't rebut the facts, but then demand answers from others? lol you're Roger the Dodger here. Sorry I used a dozen or so words that weren't all one syllables; maybe I'll try and dumb it down to your level. Maybe not.

 

[DudleySmith]

What the "tax the rich" people never understand is that at the State level people can just move, so the $50k increase you think you are getting from a rich tax turns into a $1.5M loss due to the entire tax base going somewhere else.

At the federal level it incentivizes people to be more thorough with their uses of shelters and deduction policies, which can also result in a net loss. A person going from 1.5M in taxes to 1.8M in taxes may decide it's worth it to pay an accountant 100k to figure out how to reduce his burden, and that accountant may figure out how to legally get the tax burden to 1.2M thus losing any gain the government may have gotten.

lol they move because some other state offered govt. handouts and freebies to them, period. That's why big business wants big govt., they love the freebies and giveaways. Your fake math is cute, but it has nothing to do with why companies move.

 

[martybegan]

lol they move because some other state offered govt. handouts and freebies to them, period. That's why big business wants big govt., they love the freebies and giveaways. Your fake math is cute, but it has nothing to do with why companies move.

I'm talking about themselves, not their businesses.

Individuals.

 

[Independentthinker]

What the "tax the rich" people never understand is that at the State level people can just move, so the $50k increase you think you are getting from a rich tax turns into a $1.5M loss due to the entire tax base going somewhere else.

At the federal level it incentivizes people to be more thorough with their uses of shelters and deduction policies, which can also result in a net loss. A person going from 1.5M in taxes to 1.8M in taxes may decide it's worth it to pay an accountant 100k to figure out how to reduce his burden, and that accountant may figure out how to legally get the tax burden to 1.2M thus losing any gain the government may have gotten.

Yup. Exactly. The left never think things through. They seem to not believe in Newton's Law of motion in that for every action there is an equal and opposite reaction. They seem to think that when you have an action against the rich there will be no equal and opposite reaction to counter what they did.

 

[Independentthinker]

So you can't rebut the facts, but then demand answers from others? lol you're Roger the Dodger here. Sorry I used a dozen or so words that weren't all one syllables; maybe I'll try and dumb it down to your level. Maybe not.

I asked you a very simple question that you continue dodging. Are you in favor of smaller government? A simple yes or no is all you have to answer.

 

[DudleySmith]

I asked you a very simple question that you continue dodging. Are you in favor of smaller government? A simple yes or no is all you have to answer.

Yes, you want to change the subject. I don't.

 

[Independentthinker]

Yes, you want to change the subject. I don't.

If you don't then answer my question. You were the one who claimed that government was too big so I want to hear you state that you are for smaller government. Can you do it or was that other post just total bullshit?

 

[Toddsterpatriot]

What the "tax the rich" people never understand is that at the State level people can just move, so the $50k increase you think you are getting from a rich tax turns into a $1.5M loss due to the entire tax base going somewhere else.

At the federal level it incentivizes people to be more thorough with their uses of shelters and deduction policies, which can also result in a net loss. A person going from 1.5M in taxes to 1.8M in taxes may decide it's worth it to pay an accountant 100k to figure out how to reduce his burden, and that accountant may figure out how to legally get the tax burden to 1.2M thus losing any gain the government may have gotten.

When it comes to incentives, Dems still don't understand.

 

[initforme]

The 1 percent have most of the wealth. The rest we are just nothing in their eyes. Take their labor force away and then I would love to watch .

 

[martybegan]

When it comes to incentives, Dems still don't understand.

The best example of a positive incentive is construction contracts that give a big bonus for completing on time. Say on a $100M contract a contractor can earn a $5M bonus for completing on time. Now if the contractor falls behind, he may spend $2M of his own money on OT to make $3M clean.

Just like some guy who's taxes just went up $400k may spend $100k to get them dropped $600k.

In the end the government loses money.

 

[DudleySmith]

If you don't then answer my question. You were the one who claimed that government was too big so I want to hear you state that you are for smaller government. Can you do it or was that other post just total bullshit?

I don't take orders from shills. You need to change the subject, I don't many conservatives and moderates got the memo a long time ago; big companies and billionaires are not America's friends. You're afraid to admit that.

 

[Independentthinker]

I don't take orders from shills. You need to change the subject, I don't many conservatives and moderates got the memo a long time ago; big companies and billionaires are not America's friends. You're afraid to admit that.

YOU are the one who said government was too big. I'm just asking if you want smaller government. That shouldn't be so hard to answer unless you are just too embarrassed to answer.

 

[DudleySmith]

YOU are the one who said government was too big. I'm just asking if you want smaller government. That shouldn't be so hard to answer unless you are just too embarrassed to answer.

I'm just asking you to admit your Heroes sell the country out for a nickel, and you can't. You're too embarassed to admit it.

Hey, maybe you can get Todd to post his graph. lol

 

[DudleySmith]

In the end the government loses money.

For most, yes, never for those who know which committees on Congress to bribe.

 

[Independentthinker]

I'm just asking you to admit your Heroes sell the country out for a nickel, and you can't. You're too embarassed to admit it.

Hey, maybe you can get Todd to post his graph. lol

I don't have any heroes so your statement is irrelevant. I don't even know who you think my heroes are. I asked a very simple question. Do you want smaller government or not?

 

[DudleySmith]

I don't have any heroes so your statement is irrelevant. I don't even know who you think my heroes are. I asked a very simple question. Do you want smaller government or not?

You babbled some strawman, and now all you have is 'I Touched You Last!!!' You can't admit you can't rebut anything I said. lol

 

[jknowgood]

I saw some New York real estate dude say that for the first time in decades there is a real problem of empty multi-$million apartments.
In $Billionaires row... almost HALF of the real estate is now empty.

View attachment 759506

They should move their homeless in them.

 

[iamwhatiseem]

They should move their homeless in them.

Absolutely... they all voted for the wokeys, so get real with it

 

[Independentthinker]

You babbled some strawman, and now all you have is 'I Touched You Last!!!' You can't admit you can't rebut anything I said. lol

You rebutted it yourself. You said government was too big and then refused to say that we need smaller government.