High Property Taxes Pushing Many New Yorkers to Relocate
Recently I posted a report that the number of wealthy individuals leaving Connecticut for more tax-friendly pastures has been increasing. It seems that Connecticut isn’t the only state that is facing this problem. According to a report in the Democrat and Chronicle, New York is also dealing with more people leaving due to high taxes; and it’s not just the wealthy.
Reportedly, 41 out of 50 upstate counties in New York saw their populations decrease between 2010 and 2015. The mass exodus it seems appears to be closely related to New York’s disproportionally high property taxes. One woman from New York, who moved to neighboring Pennsylvania, now enjoys a 60 percent decrease in her property tax bill. It dropped from $5,000 annually to just $2,000.
Despite the spin that some government officials are trying to put on the numbers, the fact is that between 2009 and 2014 the state took a hit of $22 billion in wealth, with $11 billion coming between 2012 and 2014. According to financial advisors, even though it’s a tough decision, for many the taxes savings are just too much to pass up. Combined with a slow economy the high property and income taxes leave many residents with no choice but to pack up for greener pastures.
Even many of the state’s retirees are starting to worry more about New York’s high property taxes, with 56 percent saying they are concerned about being able to pay these taxes in retirement, according to a report from the AARP. In fact, 55 percent of baby boomers reportedly said they fully expect that they will leave New York when they retire, and 66 percent of the Gen-X population said they are also considering doing the same.
http://www.democratandchronicle.com/story/news/local/2016/05/11/new-yorkers-leave-states-lower-taxes/84212658/
Credit Default Swaps – Impose A Tax On Bogus Insurance
[vc_row][vc_column][vc_column_text] Credit Default Swaps – Impose A Tax On Bogus Insurance By Ron Cohen, CPA, MST Partner Greenstein, Rogoff, Olsen & Co., LLP Proposal to amend the U.S. Internal Revenue Code: Any Seller, Buyer or Insured Party who enters into a Credit Default Swap (“CDS”) contract insuring U.S. source risks will be subject to an excise…
Income Tax Deferral Strategies for Real Estate Investors
Income Tax Deferral Strategies for Real Estate Investors There are a number of significant income tax benefits that are often overlooked by real estate investors that could allow them to defer or exclude some or all of their income tax liabilities on the sale or disposition of their real estate tax deferral assets. It is…
IRS Clarifies Home Sales Want to Come Clean About Taxes Overseas? The IRS Is Willing to Help
IRS Clarifies Home Sales Want to Come Clean About Taxes Overseas? The IRS Is Willing to Help By Alan Olsen, CPA, MBA (tax) Managing Partner Greenstein Rogoff Olsen & Co. LLP You know that awful feeling you get when you have done something wrong and you just can’t wait to get it off your chest?…
Treasury Releases Detailed Guidance on Deduction for Qualified Domestic Production Activities
Treasury Releases Detailed Guidance on Deduction for Qualified Domestic Production Activities As expected, the Treasury Department on January 19 released much-anticipated guidance (Notice 2005-14) on the phased-in deduction for qualified domestic production income that was enacted last October as part of the American Jobs Creation Act of 2004. The deduction is effective for taxable years…