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Would you move to a non income tax state if you won?

Topic closed. 53 replies. Last post 3 years ago by maringoman.

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Would you move to a non income tax state if you won?

Yes. I would move [ 6 ]  [21.43%]
No. I would not move [ 15 ]  [53.57%]
I already live in a non income tax state [ 7 ]  [25.00%]
Total Valid Votes [ 28 ]  
Discarded Votes [ 6 ]  
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United States
Member #135804
November 29, 2012
318 Posts
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Posted: December 4, 2013, 1:05 pm - IP Logged

No offense, but folks, this is how certain people end up like David Edwards.

And NO.

When the big hit comes, I'll stay right here in NYC and buy a nice little townhouse, near the West Side Highway.

LOL I think 2 homes elsewhere equals the cost of 1 in NYC, especially the spot you've chosen.

I'm quite confident I am capable of managing the money more so than you or David Edwards.

    sully16's avatar - sharan
    Ringleader
    Michigan
    United States
    Member #81740
    October 28, 2009
    40420 Posts
    Online
    Posted: December 4, 2013, 1:09 pm - IP Logged

    Look at the bright side though, sully.

    You can go to Mackinac Island and buy fudge from 137 different Fudge Shoppes, all right next door to each other.

    LOL, That is so true.

    Did you exchange a walk on part in the war ?

    For a lead role in a cage?

     

                                                From Pink Floyd's " Wish you were here"

      New York's avatar - 103h4yr
      NYC
      United States
      Member #117984
      October 19, 2011
      1843 Posts
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      Posted: December 4, 2013, 1:22 pm - IP Logged

      Somehow I can't shake the feeling that being a drug addicted jail bird was why David Edwards lost it all.

      http://www.nydailynews.com/news/national/unemployed-ex-con-turned-powerball-winner-dies-hospice-article-1.1536710

      On the other hand, you can kill a man giving him all that drug and booze money all at once.  At least he had a good ride before going over the cliff. 

      BobP

      True story. Well said.

        New York's avatar - 103h4yr
        NYC
        United States
        Member #117984
        October 19, 2011
        1843 Posts
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        Posted: December 4, 2013, 1:22 pm - IP Logged

        LOL I think 2 homes elsewhere equals the cost of 1 in NYC, especially the spot you've chosen.

        I'm quite confident I am capable of managing the money more so than you or David Edwards.

        LOL, K. :p

          helpmewin's avatar - dandy
          u$a
          United States
          Member #106665
          February 22, 2011
          19782 Posts
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          Posted: December 4, 2013, 4:21 pm - IP Logged

          I'll stay in Michigan, freeze my butt off in winter and stew in my own juices in summer, heat on in the morning, air on at night, mosquitos the size of humming birds, migrating geese that deliver special packages all over my freshly washed car.

          Flash floods, drought, 5 feet of snow.

          Ahhhh...There's no place like home.

          Green laugh

          Let it Snow Snowman

            geerod2001's avatar - DiscoBallGlowing
            canton,georgia
            United States
            Member #67345
            November 23, 2008
            28 Posts
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            Posted: December 4, 2013, 5:52 pm - IP Logged

            Why do most people just assume any type of tax would have to be paid in a U.S.lottery win?

            I know for a fact that it is not required if:

            1) you understand how our money supply works and

            2)how to properly complete state and federal tax forms.

             

            I know I'll hear the usual responses that  it is required so continue to believe what you want to believe people.

              Jill34786's avatar - Lottery-006.jpg
              Windermere, FL/Franklin, TN
              United States
              Member #50210
              March 1, 2007
              843 Posts
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              Posted: December 4, 2013, 5:55 pm - IP Logged

              Moving to Florida didn't help David Edwards hang on to his lottery winnings.

              "Moving to Florida didn't help David Edwards hang on to his lottery winnings."

               

              It sure didn't. He also never really made an attempt to earn any income from his windfall so residing in a non-income tax state was of no benefit.

              ** Some people fulfill their dreams by receiving entitlements from the Government while others wake up and work hard for it! **

                whiteballz's avatar - Lottery-015.jpg
                Nutley, New Jersey
                United States
                Member #131058
                August 1, 2012
                875 Posts
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                Posted: December 4, 2013, 7:00 pm - IP Logged

                Why do most people just assume any type of tax would have to be paid in a U.S.lottery win?

                I know for a fact that it is not required if:

                1) you understand how our money supply works and

                2)how to properly complete state and federal tax forms.

                 

                I know I'll hear the usual responses that  it is required so continue to believe what you want to believe people.

                You sould like Irwin Schiff. http://www.paynoincometax.com/irwinschiff.htm

                 

                FYI. Irwin Schiff is in prison for tax evasion.

                .

                  haymaker's avatar - Lottery-012.jpg
                  Egg Harbor twp.south Jersey shore
                  United States
                  Member #112968
                  June 29, 2011
                  3854 Posts
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                  Posted: December 4, 2013, 7:04 pm - IP Logged

                  "Moving to Florida didn't help David Edwards hang on to his lottery winnings."

                   

                  It sure didn't. He also never really made an attempt to earn any income from his windfall so residing in a non-income tax state was of no benefit.

                  True, he would have been better off in a state w/out sales tax.

                  Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.

                    Pita Maha's avatar - 940d8157 d1fb-4f70-a715-6ad04d915489.jpg
                    SW Florida
                    United States
                    Member #145673
                    August 11, 2013
                    152 Posts
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                    Posted: December 4, 2013, 8:38 pm - IP Logged

                    I'm already in a non state-income tax state and I love it here.  I'd stay in Florida.  Sitting here in shorts and sleeveless shirt, December 4th, 8:30pm, doors and windows open, slight gulf breeze, perfect temperature (72) ... heaven.

                      Coin Toss's avatar - shape barbed.jpg
                      Zeta Reticuli Star System
                      United States
                      Member #30470
                      January 17, 2006
                      10350 Posts
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                      Posted: December 5, 2013, 12:04 am - IP Logged

                      You sould like Irwin Schiff. http://www.paynoincometax.com/irwinschiff.htm

                       

                      FYI. Irwin Schiff is in prison for tax evasion.

                      Good point, whiteballz.

                      The difference between tax avoidance and tax evasion?

                      About 15 to 20 years.

                      Scared

                      As for the OP:

                      Would you move to a non income tax state if you won?

                      Yet another reason to take the cash option, no?

                      Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                      Lep

                      There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                        Avatar
                        NY
                        United States
                        Member #23835
                        October 16, 2005
                        3474 Posts
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                        Posted: December 5, 2013, 2:06 am - IP Logged

                        Why do most people just assume any type of tax would have to be paid in a U.S.lottery win?

                        I know for a fact that it is not required if:

                        1) you understand how our money supply works and

                        2)how to properly complete state and federal tax forms.

                         

                        I know I'll hear the usual responses that  it is required so continue to believe what you want to believe people.

                        Unless you're figuring that you can give it all to charity in order to get legitimate deductions, I'll have to continue to believe that you're stupid enough to be surprised if you wind up in prison for tax evasion.

                          Avatar
                          NY
                          United States
                          Member #23835
                          October 16, 2005
                          3474 Posts
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                          Posted: December 5, 2013, 2:10 am - IP Logged

                          Right, but further income would not be taxed, if I understand how it works.

                          With a few exceptions that's how it works. One of those exceptions would be taking the annuity, in which case you'd continue to pay taxes on the annuity income every year.

                          For my part I might move to Pennsylvania, but lower taxes wouln't really be the  prime motivation.  Ironically, if you win a modest amount you won't save all that much by avoiding state taxes, but if you win enough for the future taxes to be substantial you can afford to live where you want regardless of the taxes.

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                            CST
                            United States
                            Member #140593
                            March 23, 2013
                            26 Posts
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                            Posted: December 5, 2013, 12:50 pm - IP Logged

                            I voted yes, as I want to be in warmer climates.

                            That being said, hasn't anybody ever heard of muni-bonds? There is no "perfect" investment vehicle, but one that pays me a large paycheck without any taxes due will work in any state.


                              United States
                              Member #130815
                              July 25, 2012
                              1636 Posts
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                              Posted: December 5, 2013, 2:18 pm - IP Logged

                              "Moving to Florida didn't help David Edwards hang on to his lottery winnings."

                               

                              It sure didn't. He also never really made an attempt to earn any income from his windfall so residing in a non-income tax state was of no benefit.

                              Well now he did invest in a couple of business, the main one the one he appointed CFO ran the finances into the ground, but he was mainly guilty of thinking that the businesses he bought would run themselves