All the Rich Folks wanting to move out from High Tax New York State!

Society Business and Career
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Re: All the Rich Folks wanting to move out from High Tax New York State!

Someone gave a good example of feeding the corporations 'hoping' there will be ripple effect to help poor:

Over-stuffing horse's mouth with food more with hopes that some of it would fall and help the birds/worms around it.

Exactly, if they have not done so in last few decades why would they do it now? Unless govt decides to stop importing goods manufactured for American companies from abroad or raise tax for them then companies might think of investing in US for plants/factories etc..... but would it be 'free market' then?

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Re: All the Rich Folks wanting to move out from High Tax New York State!

SID_NY you might change your tune if you read who really benefits from the New Tax Plan

*Let’s take an example of a fast food worker who makes about $20,000 a year. A single childless taxpayer in that situation would see a tax cut of about 19% for the year.

So the poor people at the bottom of the Economic Ladder do get the most benefit i.e. almost 20% more money to spend, remember those who serve you Hambergurs and fries !

Let’s say you’re a computer programmer earning about $85,000 a year. You’ll still get a tax cut, but it will be a little bit smaller on a percentage basis, we’re looking at about 7% back next year.*

I am assuming you are familiar with Programmers they only get 7%

Not all taxpayers will get a tax cut under this plan. An anesthesiologist who’s single and childless and making around $270,000 a year will actually end up paying 10% more once this bill goes into effect.*

And then we have directors and second level Mangers like yourself (I assume) they actually(and me include) We end up paying more :frowning:
**

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Re: All the Rich Folks wanting to move out from High Tax New York State!

^ Wrong example. A fast food worker may get a cut now but eventually will stay poor forever due the big gap getting HUGE after this bill.

A billionaire who got cut from 35% to 20% will eventually get far more richer. If he had one private jet now can have multiple.

With one move a capitalistic society has suddenly been made 20x capitalistic. And in a matter of few years, just few years, it'll all come out and proven as the biggest scam on earth.

There is a reason why "taxes" were "fixed" ASAP rather than making sure to provide healthcare to poor. Everything being done is just to protect and flourish filthy rich people. Rest of the people, will just be a part of "hunger games" which will start once the middle class vanishes and merge with poor, the poor becomes worse while rich becomes super-rich.

And I'm moving this thread to economics section. It isnt a PA/WA topic

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Basically if we have to summarize this bill here it goes:

The bill voters to american poor people:

"One for you, one million for me. Two for you, two million for me...."

Now since many of us who dont understand the long term impact: They'll be very happy with getting "One" while ignoring how the other people are getting "one million or more".

Those who understand have two options: Either cry or whistle. I'll prefer whistling..

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https://www.yahoo.com/news/m/4cad1fb0-39ca-3cd2-90b6-3b661b390349/ss_here's-what-trump's-tax-plan.html

The House passed the final version of the Republican tax bill on Wednesday, capping off a furious seven-week push to bring about the most sweeping changes to the US tax code in decades.

The bill, known as the Tax Cuts and Jobs Act, is set to bring about widespread changes to the US tax code for both businesses and individual Americans.

The bill reduces the corporate tax rate to 21% from 35%, and most — but not all — Americans are likely to see a smaller tax bill. Following is a transcript of the video.

Lauren Lyons Cole: It’s official: tax reform is happening. Now all that’s left to do is figure out what that means for your money.

One of the most important things that will be changing is your tax bracket. Whether you’re a single filer or a married person who files jointly, separately, head of household, your tax bracket will be new in 2018. Most Americans will see their tax bracket decrease as a result of tax reform, but the only way to know for sure is to compare your current tax bracket to what your tax bracket will be next year. Business Insider has put together some helpful charts so you can look at them side by side. The highest earners will see their tax bracket drop from 39.6% in 2017, to 37% next year, and so on down from there.

Another big change is that personal exemptions have been eliminated, but your standard deduction will be larger as a result. For single filers, this means you get to deduct $12,000 and married couples can deduct $24,000. Unless of course you itemize, in which case that’s an entirely different ball game.

Your tax bracket is important, but it doesn’t tell the whole story of how your taxes will change next year. Many people misunderstand how taxes are actually calculated. First you have to figure out what your taxable income is, so that means taking your salary and everything you earned, subtracting out any deductions that apply. For most people, that means taking the standard deduction. And then that leaves you with your taxable income.

From there, you apply it to the tax brackets in kind of a step up fashion. So everybody pays 10% on their first $9,000 or so of income for single people, or $19,000 or so for married people, and then you move through the tax brackets until you end up in your final tax bracket. So if your bracket is at 25%, you only pay 25% in taxes on the income you earn that fits into that bracket. That’s a good thing. Overall, it means you’re paying a little bit less tax than you think you are.

We know tax math can be hard, so at Business Insider we’ve done the math for you. We’ve broken down how your taxes might change next year based on the job you have now or the income you make now, whichever way is easier for you to think about it.

Let’s take an example of a fast food worker who makes about $20,000 a year. A single childless taxpayer in that situation would see a tax cut of about 19% for the year.*

Let’s say you’re a computer programmer earning about $85,000 a year. You’ll still get a tax cut, but it will be a little bit smaller on a percentage basis, we’re looking at about 7% back next year.*

Not all taxpayers will get a tax cut under this plan. An anesthesiologist who’s single and childless and making around $270,000 a year will actually end up paying 10% more once this bill goes into effect.*

Whether you expect to get a tax cut or to pay more in taxes next year, there are certain things you can do before December 31 to minimize your tax bill for 2017.

Since tax brackets will be going down next year, and many itemized deductions will be eliminated or limited, it’s really smart to take as many deductions as you can before December 31. So for example, if you own a home you can pay next year’s property tax bill now and deduct it on your 2017 tax return. That’s bound to save you some cash.

If you need to buy a new car, you’re better off doing it before the end of the year so that you can be sure to deduct all of the sales tax you pay on that purchase on your 2017 tax return.

Self-employed people and freelancers don’t have to finish paying their 2017 taxes until January, but you’ll definitely benefit from making that final payment before December 31.

This new bill will surely benefit those in the lower brackets which is the Majority of American Tax Payers who lost good paying jobs and now are minimum wage earner bracket!

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Re: All the Rich Folks wanting to move out from High Tax New York State!

Here’s one of the Koch brothers’ - your new tax law’s architects’ - prodigal son.

Watch and weep. This is who is rewarded. Look at how hard he works. Such creative. Much progress. Murica.

The Kochs basically said if the tax bill doesnt get passed this year, they’ll withhold campaign contributions for 2018 races, and that was enough.

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Re: All the Rich Folks wanting to move out from High Tax New York State!

How? 50% of Americans today dont pay any taxes because they make too less even by the existing tax laws. Minimum wage earners dont pay taxes, and with ACA repeal inevitable, they will lose the refund they get to buy insurance if it is expensive.

Even if you are among those who live in a low tax state, and stand to gain a couple of thousand dollars, it will be gone in a few years as these sunset.

One thing that gets more and more clear to me as I follow the news media in 2017 is that US reporters arent particularly bright people. They arent experts by any stretch. US has this thing about perfect hair and teeth and smile, the rest isnt considered that important. Substance and ability to seek nuance are seriously lacking. Tax law reporting is pathetic. Immigration reporting is worse, most of these white people cant simply relate from the other side on anything. One just cant rely on their interpretations, they just spew what they were told, often by parties of interest who hide it.

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Re: All the Rich Folks wanting to move out from High Tax New York State!

**Right! however there are these four professions that none of us on GS can relate to will benefit if the plan ever gets signed
**

Yahoo Finance pulled out the 15 most commons jobs in the U.S. to see how they fare under the new tax plan.

1. Retail Salespersons

There are more than 4.53 million retail salespersons in America with a mean annual wage of $27,180. These are people who sell merchandise such as furniture, clothing, cars, or appliances.

Current tax: $2,050.75
New tax: $1,631.10
Cut: $419.65
Percentage change: 20.4% cut

2. Cashiers

There are more than 3.54 million cashiers in the U.S. These are folks who run cash registers and process credit and debit card transactions. They have a mean annual wage of $21,680.

Current tax: $1,225.75
New tax: $971.10
Cut: $254.65
Percentage change: 20.8% cut

3. Combined food preparation and serving workers, including fast food

There are more than 3.43 million Americans who prepare and serve food. They take home a mean annual wage of $20,460.

Current tax: $1,042.75
New tax: $846
Cut: $196.75
Percentage change: 18.8% cut

**4. Office clerks, general
**
More than 2.95 million Americans perform general clerical duties in an office environment that usually consists of answer phones, bookkeeping, word processing, filings and office machine operation. They earn a mean annual wage of $33,010.

Current tax: $2,925.25
New tax: $2,330.70
Cut: $594.55
Percentage change: 20.3% cut

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Re: All the Rich Folks wanting to move out from High Tax New York State!

One tiny catch with those numbers. Actually, one huge catch with those numbers. Did you read this part?

[QUOTE]
For this undertaking, Luther used New Jersey exemptions as a baseline because it’s a population-dense state that has fairly high state taxes. He also made the assumption that the individual is unmarried and childless and a homeowner with a house valued at three-times the median wage for the occupation.
[/QUOTE]

These arent typical cases. Also, because these are low tax brackets, 250 dollars looks huge when shown as a percentage. But 250 dollars is still only 250 dollars. And these poor guys are guaranteed to lose their medical insurance from employers mandate in the next year.

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Ok Queer you are way smarter than that, you see if these same workers were married in all four cases listed above they each would get the New $24000/- Standard deduction and end up paying much less in Taxes, so they could end up saving over a $1000 - per year in Taxes..Right?, so one can say it is a pro Family Tax Bill :hypo:

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:hypo:

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No issue there, its the home ownership angle which rubs me the wrong way - a house for 60K in suburban NJ, and a single guy owning it. Not realistic, but moving on...

I think most people will like these will get some itty bitty extra money. The ones who will get slammed and slammed hard, are the middle class professionals in the blue states. I guess they can take it, the market will absorb it and reprice everything from their wages to home prices; and the banking and housing sectors will start wobbling again a la 2008.

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Re: All the Rich Folks wanting to move out from High Tax New York State!

Is Pu$$y grabbing tax-free now under trump?

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**Here is a New York State resident telling it like it is in New York

John A S 6 hr ago

Over taxing New Yorkers and Industry is a Cuomo family tradition. I grew up in upstate NY in the 40 & 50’s. Every city and village along the Mohawk river was prosperous and blessed with some sort of industry. The GE turbines and electric motors, Mohawk carpets, Remington Arms, shoes, baseball bats, clothes, gloves, defense electronics, computers (where I worked) and much more. THEY’RE ALL GONE now. Mario Cuomo, Andrew’s father did not view industry as the “Golden Goose” that it was to us. But, instead, he saw it as an enemy that must be driven out of state. What is left now is – welfare recipients from NYC. Their welfare goes a lot further upstate than it did in NYC. Most of these once beautiful and proud towns now look like ghettos. Saran-wrap like windows junk cars up on blocks, 5 & 6 families in a home. Upstaters have long wished to separate from the corrupt democratic hell-hole called NYC. BTW, my company Sperry Univac (world’s 1st commercial computer) moved just 185 miles south into Pennsylvania and is still profitable today. **

https://www.yahoo.com/news/m/846456df-d869-38bb-b302-dcab5f276b7d/ss_mass-exodus-from-states-run.html

Mass Exodus From States Run By Top Democratic Governors Continues

**And we have residents of Sunny California

ernie 3 hr ago

As a long time California retiree, my taxes are high because California has the highest taxes. The new tax law by the Republicans should help in terms of my Federal taxes. I'm planning on moving to Texas, Nevada, or Florida because they have zero taxes. By moving, I would be effectively getting a 15% increase in spendable income. Why can't the California Dem politicians run the state more efficiently?

Neo 18 min ago

        The lib push for socialism............. They are becoming the states of illegals and pushing for the Fed gov to send them free cash. This is the real change Obama assisted in creating. Their push for Socialism is showing how much they have to keep going after companies, the working class and taking more and more from all as they reward themselves very well with their cut. They don't care about the citizens, they want their one world government. They want to rule over not govern people. They wan't to take and you have no right to say no. Its a blatant move towards Communism folks. This is not the Democratic party of our parents and grand parents. It has become the corrupt, no morals, all out assault on freedom. **
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Re: All the Rich Folks wanting to move out from High Tax New York State!

^^ The writer is director of state affairs at Americans for Tax Reform, a Washington-based advocacy and policy research organization. A hardcore onservative and republican.

And so is the poster quoting that.

Enough said!! :chai:

PS: Trump is a newyork resident too

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Re: All the Rich Folks wanting to move out from High Tax New York State!

So sick and tired of entitled old white men like these two ***** and moan about “socialism” and “communism” all the time without knowing the meaning of either. If you dont like socialism, why are you on social security? Why are you on medicare? The federal govt literally pays you for being old and unproductive.

Yes, California has high taxes. But it only gets about 80 cents from the Fed gov for every dollar it sends in for taxes. Your freakin allegedly low-tax red states like South Carolina pays in a dollar and pockets over SEVEN dollars in return from the Fed. Basically the so called low tax South lives off of California’s economy’s taxes and doesnt tax its own people for the roads and services they use. LA county has more people than 41 US states. But it is morons from 100,000 ppl towns in Arkansas and Alabama representing the country. US is gerrymandered even for senate elections with this disparity in productive population vs. low productivity red state moaners.

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**Well apart from California, most of the Midwestern States produce the Staple grains Corn, Wheat and and Soybeans plus all the Meat consumed in the Cities of the East and the West, and Yes I agree that the Federal Govt subsidizes the Farmers of MidWestern States for Good reason.

If the Farmers do not produce basic Food staples, food shortages will drive prices much higher, and I do not need to explain the consequences…Unlike India where a lot of Farmers are committing suicide…US does not want that happening here, so farming is sudsidized “Bigly” and rightly so in the USA, the whole food industry and our stomachs are waiting to get served :jhanj:**

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Re: All the Rich Folks wanting to move out from High Tax New York State!

Well, thank you for bringing up corn, wheat and soybean farming in the mid-west. One of the biggest cases of socialism/cronyism in the US that goes on under everyone's noses and is a darling of conservatives who dont want to send their kids to college, and is directly and indirectly responsible for these states being considered impossible for innovation.

$25 billion is what is spent every year by the Federal govt into the pockets of a mere million farmers. Further, the market for corn and soy is kept artificially in their favor by NAFTA. This is subsidy is entirely unnecessary and a criminal waste of tax payer money.

India is a 3rd world country, the way farmers operate there is nothing like the industrial farms of the midwest. Where millionaire farmers with one or two workers run harvesting combines to farm over thousands of acres, and makes all the profits and still pockets the subsidies. In India, monsoon variability related crop failure is reason number one. US has no such issue, and even if it did, farmers can purchase crop insurance.

The average farming household in the US makes upwards of $130K. Do you really think these people need subsidizing?

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Re: All the Rich Folks wanting to move out from High Tax New York State!

Well Queer Sahib logic and fair play says No! however US has experienced the Dust Bowl Era and the great depression! which saw The Market Crash of 1929 and the Mid Western farming communities wiped out because of faulty farming practices (believe it or not it was Over Production that put them out of work) because wheat price dropped so farmers ploughed up more land to keep from going broke! which caused the Dust Bowl and dusted the Farmers right of the land.

Since then now USDA tells them when to grow and when to keep the land fallow!

*Because most farms were small family-run operations, there was a lack of coordination in conservation efforts, and most farmers resisted them. When the Great Depression hit in 1929 and wheat prices began to plummet, farmers responded by plowing even more land to make up for the loss in price per bushel.

Hugh Hammond Bennett, who came to be known as “the father of soil conservation,” led a campaign to reform farming practices with the backing of President Roosevelt. Some of the new methods he introduced included crop rotation, strip farming, contour plowing, terracing, planting cover crops and leaving fallow fields (land that is plowed but not planted). Because of resistance, farmers were actually paid a dollar an acre by the government to practice one of the new farming methods. In addition, the Civilian Conservation Corps was ordered to plant 200 million trees from Canada to Texas to serve as a windbreak and help hold the soil in place. *

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Update on Tax reform WindFall

Cisco: We’re moving our $67 billion cash pile to the U.S.

Cisco: We’re moving our $67 billion cash pile to the U.S. - Feb. 15, 2018