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Retiring And Contractor Talk

 
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Old 01-08-2019, 09:26 PM   #61
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Re: Retiring And Contractor Talk


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If it's true, maybe it'll slow down the influx.

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It will be like Austin passing it's development moratorium back in the 90s. Build out went crazy to come in under the wire.
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Old 01-08-2019, 10:05 PM   #62
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Re: Retiring And Contractor Talk


Seize 55% of assets in a exit tax? Now that is some total BS. I would be liquidating right now.
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Old 01-08-2019, 10:29 PM   #63
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Re: Retiring And Contractor Talk


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Seize 55% of assets in a exit tax? Now that is some total BS. I would be liquidating right now.
Cali better get his rear in gear and high-tail it outta there. As soon as Papa Newsome gets word he’s thinking about bailing out with his riches there’s sure to be legislative action to stop him.
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Old 01-08-2019, 10:47 PM   #64
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Re: Retiring And Contractor Talk


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I hope the exit tax thing is a joke, otherwise y'all need to start hanging folks.
This is the first I've heard of this.

Personally I think it's kind of funny.

If I ever leave this state, they can come and take it. Or try.
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Old 01-08-2019, 11:07 PM   #65
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Re: Retiring And Contractor Talk


You planning on selling your house? Guess who's gonna know?
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Old 01-08-2019, 11:41 PM   #66
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It'll never pass muster. There's thousands of insane proposals that never see the light of day. This is one of them.


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Old 01-09-2019, 12:08 AM   #67
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Re: Retiring And Contractor Talk


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“Getting a good amount of attention this week is our blog post on a California initiative proposal to raise income taxes on high-income earners, impose a new wealth tax, and seize 55% of assets in an exit tax. We explained in that post why it is poor tax policy and partially unconstitutional.”


https://taxfoundation.org/california...posal-derided/





https://www.ezlandlordforms.com/arti...gh-tax-states/


It's not really an exit tax. It's a tax audit trying to keep people from using moms address in Florida as their home address and living mostly in Cali.


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Old 01-09-2019, 12:12 AM   #68
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Re: Retiring And Contractor Talk


From your article


"Every year, some state or another raises taxes (last year it was California and Maryland), and these taxes are not just on the wealthy. A barista and aspiring real estate investor in San Francisco earning $47,500/year (a well-below average income in Frisco) is in California's 9.3% income tax bracket (which does not include the 1.5% payroll tax collected by the City of San Francisco), on top of federal income taxes, FICA taxes, capital gains, etc. Compare that to equally-hip Austin's 0% income tax, and that means thousands of dollars relinquished each year even for modest earners like our nascent real estate investor.

As this tax differential rises, more people consider changing their legal residence elsewhere, whether by moving, having a second residence or simply changing their mailing address to their parents' house in Florida. (In some cases, expats andnomadic RVers and boarters can even use private mailbox services to establish residency in the state of their choice, such as income tax-free Florida or Nevada.) But high-tax states won’t let you go quietly, especially if you earn more than average.

Minnesota raised income taxes in 2013, but what was especially telling was Governor Mark Dayton’s push for a “snowbird tax” on anyone spending at least 60 days each year in Minnesota (rather than simply spending more than half the year there). The idea was that anyone visiting Minnesota for more than two months in the year would have to file and pay income taxes as if they were a resident, on top of their home state's income taxes. Governor Scott Walker of neighboring Wisconsin offered a friendly wink to Minnesotans, tweeting “Come to Wisconsin (it’s beautiful and less taxing than Minnesota).”

David Scott Sloan, a partner at Boston law firm Holland & Knight LLP who advises clients on tax strategies, says that families filing a change in residency or a partial-year return often trigger the state initiating one of these exit tax audits: “That typically puts the first red flag up.” The audit and appeal process often take years of battling with state tax collectors.

State Income Map - Migrations Between StatesStates have discovered that they can use automated programs to track citizens’ locations and spot people who spend long periods in their borders, utilizing data from credit card transactions, E-ZPass (electronic toll collection) records and IRS records. We won't be spending any period of time between Cali's borders If that sounds like George Orwell's Big Brother, watching citizens' comings and goings, well… the privacy nerds may be onto something when they say “Just because you’re paranoid doesn’t mean they’re not out to get you.”

Massachusetts has used these automated tracking programs to more than double its audits last year, to 45,887 total audits.

Nor are audits the only weapon available to these higher-tax states. States such as Maryland are withholding a portion of real estate proceeds from out-of-state residents, to ensure sellers pay capital gains tax to Maryland on top of the seller's home state and the federal government. If the non-resident seller files a Maryland tax return, and if they owe less than the 7-8.25% collected (in Maryland's case), and if they file a specific form with the Maryland Department of Assessments and Taxation, then the seller may receive some of the money back. Aside from deterring out-of-state real estate investors, Maryland perhaps hopes this hard-line stance will deter residents from leaving, as any unsold real estate will suddenly create a higher tax burden.

So are taxpayers actually migrating from high-tax states to low- or no-tax states? A recent study published by a non-partisan research organization, the Tax Foundation, shows a map of state income changes between 2000-2010. In stark relief it demonstrates taxpayers fleeing high-tax states for lower tax states, with states like California and New York dramatically losing taxpayers to states like Florida and Texas.

So what does this mean for high-tax states? In short, it leaves them two options: they can either lower tax rates to stop the bleeding and more competitively court migrating workers and entrepreneurs, or they can scare up more revenue, through higher tax rates and more aggressive exit tax audits, fees and fines.

Thus far, it seems these states are opting for more aggressive tax collection, which means real estate investors considering a strategic move may want to act sooner rather than later. The more desperate states grow for revenue, and the more an individual earns, the greater the chances of an audit become."




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Last edited by Calidecks; 01-09-2019 at 12:16 AM.
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Old 01-09-2019, 08:56 AM   #69
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Re: Retiring And Contractor Talk


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Originally Posted by Californiadecks View Post
It's not really an exit tax. It's a tax audit trying to keep people from using moms address in Florida as their home address and living mostly in Cali.


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That’s what they’re doing now but your overlords do really want to impose an exit tax. I’m sure they’ll figure out how to do it soon.
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Old 01-09-2019, 09:04 AM   #70
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Re: Retiring And Contractor Talk


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Originally Posted by Californiadecks View Post
It's not really an exit tax. It's a tax audit trying to keep people from using moms address in Florida as their home address and living mostly in Cali.


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It was pretty common in the 70's in CA, if you owned a boat, to register it in AZ because fees were much cheaper.
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Old 01-09-2019, 11:19 AM   #71
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Re: Retiring And Contractor Talk


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Originally Posted by Californiadecks View Post
It's not really an exit tax. It's a tax audit trying to keep people from using moms address in Florida as their home address and living mostly in Cali.


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They gotta' find some way to pay for it all...

Gov. Gavin Newsom proposes healthcare mandate, Medi-Cal expansion to more immigrants without legal status... https://www.latimes.com/politics/la-...107-story.html
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Old 01-09-2019, 11:57 AM   #72
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Re: Retiring And Contractor Talk


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They gotta' find some way to pay for it all...


Gov. Gavin Newsom proposes healthcare mandate, Medi-Cal expansion to more immigrants without legal status... https://www.latimes.com/politics/la-...107-story.html


Doing same thing in NYC. https://abc7ny.com/amp/politics/mayo...dents/5034167/


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Old 01-09-2019, 12:04 PM   #73
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Doing same thing in NYC. https://abc7ny.com/amp/politics/mayo...dents/5034167/


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$100 million for 600,000 people... Otherwise known as $167/person...

Just a shell game to get it passed...
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Old 01-09-2019, 01:07 PM   #74
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Re: Retiring And Contractor Talk


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They gotta' find some way to pay for it all...


Gov. Gavin Newsom proposes healthcare mandate, Medi-Cal expansion to more immigrants without legal status... https://www.latimes.com/politics/la-...107-story.html


That maybe but it doesn't change my explanation of the "exit tax".


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Old 01-12-2019, 07:18 AM   #75
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Re: Retiring And Contractor Talk


What are you going to do in Idaho.
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As a retired person weather isn't such a big deal.


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Old 01-12-2019, 11:14 AM   #76
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What are you going to do in Idaho.

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In a world of many reasonably priced travel options we plan on doing a lot of it. We want to do a WWII tour of Europe to start.


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Old 01-12-2019, 03:26 PM   #77
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Re: Retiring And Contractor Talk


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In a world of many reasonably priced travel options we plan on doing a lot of it. We want to do a WWII tour of Europe to start.


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Nice

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Old 01-12-2019, 09:37 PM   #78
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Re: Retiring And Contractor Talk


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What are you going to do in Idaho.

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Potato farmer??????

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Old 01-12-2019, 09:43 PM   #79
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Dude. I live for French fries! Hook a brother up!

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Old 01-13-2019, 10:45 AM   #80
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Re: Retiring And Contractor Talk


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Boise.


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Dang, if you were looking at Coeur d’Alene, I could hook you up with the best contractors for a custom home. Boise is a lot warmer than us in the summer, but are pretty close in the winter. It’s a great state, man!


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