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Cuomo announces income tax revenues dropped by $2.3B

washunut said:
No doubt that SALT will be eliminated with a democratic administration and congress. That is because it is punitive to their donor class. To say no one is leaving because of SALT just assumes people making millions per year are stupid. Something I do not agree with.
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They are not leaving because of SALT. They are using other strategies and will not sacrifice the lure of the City and the economic opportunities.
 
washunut said:
No doubt that SALT will be eliminated with a democratic administration and congress. That is because it is punitive to their donor class. To say no one is leaving because of SALT just assumes people making millions per year are stupid. Something I do not agree with.
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If people making millions were looking to save money, they would not have bought property in NYC to begin with
 
sangha said:
If people making millions were looking to save money, they would not have bought property in NYC to begin with
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Property,especially high end property has been a great investment. Remember that much property is bought not only by NYC residents but also foreigners who want investments outside their country. Thus a lot of Russian,Chinese etc dollars.

Also remember that I did not say people would not keep their property in NY. Just that they would live six months and a day in lets say Florida. Palm Beach or Naples is not so hard to take this time of year.
 
washunut said:
Property,especially high end property has been a great investment. Remember that much property is bought not only by NYC residents but also foreigners who want investments outside their country. Thus a lot of Russian,Chinese etc dollars.

Also remember that I did not say people would not keep their property in NY. Just that they would live six months and a day in lets say Florida. Palm Beach or Naples is not so hard to take this time of year.
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It will be hard to do their job if they are out of town for most of the year.

And foreign investors do not have to worry about the deductibility of SALT.

And even if they did, the fact that the property is an investment means they will not toss the opportunity to make money over a few thousand dollars/yr
 
sangha said:
It will be hard to do their job if they are out of town for most of the year.

And foreign investors do not have to worry about the deductibility of SALT.

And even if they did, the fact that the property is an investment means they will not toss the opportunity to make money over a few thousand dollars/yr
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Read post #53 you seem to be debating yourself.

Ever think that some rich New Yorkers are retired or own a business,perhaps a hedge fund. No one is saying that all rich folks would leave,that would be a disaster of much greater proportions for New York. Some will and that will hurt.

After a while it gets annoying to "debate" an obvious truth.
 
washunut said:
Read post #53 you seem to be debating yourself.

Ever think that some rich New Yorkers are retired or own a business,perhaps a hedge fund. No one is saying that all rich folks would leave,that would be a disaster of much greater proportions for New York. Some will and that will hurt.

After a while it gets annoying to "debate" an obvious truth.
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I would not say that absolutely none would leave, but it does not make any sense. Not even for the retired wealthy.

They moved into an expensive property in NYC for a reason. They spent thousands and thousands of dollars, if not millions, over and above what they could have paid to live elsewhere. It does not make sense to suggest that people who are that wealthy are going to change their lives so drastically just to save what amounts to, for them, pocket change.
 
sangha said:
I would not say that absolutely none would leave, but it does not make any sense. Not even for the retired wealthy.

They moved into an expensive property in NYC for a reason. They spent thousands and thousands of dollars, if not millions, over and above what they could have paid to live elsewhere. It does not make sense to suggest that people who are that wealthy are going to change their lives so drastically just to save what amounts to, for them, pocket change.
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You probably are not from the Tri-state area and just don't understand. Many people already have residences in both lets say NT and Fla. Spend much of their time between the two states. I am NOT saying people will upend their lives. Just a relatively minor shift. If you run or work at a hedge fund does it really matter if you spend 6 rather than 4 months a year in Naples?
 
washunut said:
You probably are not from the Tri-state area and just don't understand. Many people already have residences in both lets say NT and Fla. Spend much of their time between the two states. I am NOT saying people will upend their lives. Just a relatively minor shift. If you run or work at a hedge fund does it really matter if you spend 6 rather than 4 months a year in Naples?
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I live in Virginia in a community that attracts a lot of retirees. A large proportion come from NY, CT and NJ. Why? Taxes.
 
washunut said:
You probably are not from the Tri-state area and just don't understand. Many people already have residences in both lets say NT and Fla. Spend much of their time between the two states. I am NOT saying people will upend their lives. Just a relatively minor shift. If you run or work at a hedge fund does it really matter if you spend 6 rather than 4 months a year in Naples?
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I have lived nearly my entire life in the NY Metro area with only about twelve years outside of NYC.

And the # of people for whom changing residency would be only a minor shift is exceedingly small.

And yes, it would really matter for the mgr of a hedge fund to be gone for so long. In addition, changing residency does not help. If they own the real estate, they pay the real estate tax. Changing their residency does not change that.

And if they pay the real estate tax, the amount over $10k is no longer deductible on their FIT, which they have to pay regardless of where they reside for tax purposes.

If they reside in Naples --Florida or Italy, it matters not-- they pay real estate taxes on their NYC property, and they pay FIT on all their income. Changing their residency gets them out of paying taxes that apply to NYC residents, an option they had before the SALT limit was put in place. They did not do that then, so why would they do it now?
 
Jack Hays said:
I live in Virginia in a community that attracts a lot of retirees. A large proportion come from NY, CT and NJ. Why? Taxes.
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Yes, retirees sell their homes and move to lower taxed states. Always have

Is that news to you?
 
sangha said:
I have lived nearly my entire life in the NY Metro area with only about twelve years outside of NYC.

And the # of people for whom changing residency would be only a minor shift is exceedingly small.

And yes, it would really matter for the mgr of a hedge fund to be gone for so long. In addition, changing residency does not help. If they own the real estate, they pay the real estate tax. Changing their residency does not change that.

And if they pay the real estate tax, the amount over $10k is no longer deductible on their FIT, which they have to pay regardless of where they reside for tax purposes.

If they reside in Naples --Florida or Italy, it matters not-- they pay real estate taxes on their NYC property, and they pay FIT on all their income. Changing their residency gets them out of paying taxes that apply to NYC residents, an option they had before the SALT limit was put in place. They did not do that then, so why would they do it now?
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Real estate taxes,especially in NYC are tiny compared to income taxes. If you lived in NYC you would know that.

Lets stop this stupid line of back and forth.
 
washunut said:
Real estate taxes,especially in NYC are tiny compared to income taxes. If you lived in NYC you would know that.

Lets stop this stupid line of back and forth.
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Well, that certainly was stupid because changing residency does not reduce your real estate taxes or your income taxes
 
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