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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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NY
United States
Member #23835
October 16, 2005
3474 Posts
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Posted: December 9, 2013, 4:27 pm - IP Logged

TN has no state income tax. They do have a tax on interest and dividend income on anything over $1,250.

That sounds suspiciously like a tax on income to me.

I think some of the other states "with no income tax" may do that too. Based on the pictures of houses that some peole post, I'd suggest that anyone thinking about moving to NH check into their real estate taxes first.

    Avatar
    NY
    United States
    Member #23835
    October 16, 2005
    3474 Posts
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    Posted: December 9, 2013, 4:29 pm - IP Logged

    If you cant raise the startup capital that's a powerful clue that nobody thinks you can do it?? Really?? There has to be dozens upon dozens of millionaire and some billionaires who couldnt get start up capital from banks or who ever but they went on to borrow money from friends relatives, taking out credit lines and now they are richer than they would have ever dreamed

    Congratulations on your ability to understand the last line of my post.

      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 9, 2013, 7:21 pm - IP Logged

      That sounds suspiciously like a tax on income to me.

      I think some of the other states "with no income tax" may do that too. Based on the pictures of houses that some peole post, I'd suggest that anyone thinking about moving to NH check into their real estate taxes first.

      Interest and dividend payments are actually considered unearned income and are subject to being taxed (in TN)on any amount over $1,250. Earned income on the other hand is tax free in TN.

      Even though we have a home in TN, our primary residence is in Florida and we don't pay any state income tax on any earnings whether it's earned or unearned.

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

        maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
        Massachusetts
        United States
        Member #37433
        April 14, 2006
        2747 Posts
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        Posted: December 10, 2013, 5:48 pm - IP Logged

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

        NO. When you are rich you find good tax lawyers to help you skirt the taxes. For example GE paid zero federal taxes in 2010 because they have good tax lawyers. As an individual you can do the same and not have to leave where you live.

        That money's gone fo ever

          Avatar
          NY
          United States
          Member #23835
          October 16, 2005
          3474 Posts
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          Posted: December 10, 2013, 6:00 pm - IP Logged

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

          NO. When you are rich you find good tax lawyers to help you skirt the taxes. For example GE paid zero federal taxes in 2010 because they have good tax lawyers. As an individual you can do the same and not have to leave where you live.

          One of the big reasons that GE pays so little in US taxes is off-shoring, so they pay a lot of income tax to other countries. In general, every dollar they pay in other countries is a dollar they don't have to pay to the US.

          If you don't want to pay millions of bucks in income taxes to your state of residence if you win tonight's MM jackpot it's as easy as buying your ticket in a different state. I could buy a ticket in CT and avoid nearly $12 million in NY income tax. The problem is I'd only be saving it by getting a tax credit for the nearly $12 million in income tax I'd have to pay to CT.

            maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
            Massachusetts
            United States
            Member #37433
            April 14, 2006
            2747 Posts
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            Posted: December 10, 2013, 6:06 pm - IP Logged

            One of the big reasons that GE pays so little in US taxes is off-shoring, so they pay a lot of income tax to other countries. In general, every dollar they pay in other countries is a dollar they don't have to pay to the US.

            If you don't want to pay millions of bucks in income taxes to your state of residence if you win tonight's MM jackpot it's as easy as buying your ticket in a different state. I could buy a ticket in CT and avoid nearly $12 million in NY income tax. The problem is I'd only be saving it by getting a tax credit for the nearly $12 million in income tax I'd have to pay to CT.

            The OP meant moving to a different state "after" winning the jp so as to avoid future taxes. That is why I talked of tax lawyers to help avoid those future taxes.

            That money's gone fo ever

              rdgrnr's avatar - walt
              Way back up in them dadgum hills, son!
              United States
              Member #73904
              April 28, 2009
              14903 Posts
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              Posted: December 10, 2013, 6:20 pm - IP Logged

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

              NO. When you are rich you find good tax lawyers to help you skirt the taxes. For example GE paid zero federal taxes in 2010 because they have good tax lawyers. As an individual you can do the same and not have to leave where you live.

              GE has a friend in high places if you know what I mean (wink wink, nudge nudge) (say no more! say no more!).

              No taxes necessary.

              Like Leona Helmsly said: "Taxes are for the little people."

                mikeintexas's avatar - tx avatar-1.gif
                Texas Panhandle
                United States
                Member #136843
                December 20, 2012
                1259 Posts
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                Posted: December 10, 2013, 9:55 pm - IP Logged

                I live in a non-income tax state now and if I won, I think I'd want to stay here, but I would move to an income tax state for a good reason, such as for a good woman or if there was some nice live water property I could buy.   Right now, at this moment, any place warmer would be nice, income tax or not.


                A people that elect corrupt politicians, impostors, thieves and traitors are not victims...but accomplices.
                 - George Orwell

                  maringoman's avatar - images q=tbn:ANd9GcTbRxpKQmOfcCoUqF2FyqIOAwDo7rg9G-lfJLAALPGWJWwiz19eRw
                  Massachusetts
                  United States
                  Member #37433
                  April 14, 2006
                  2747 Posts
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                  Posted: December 10, 2013, 10:17 pm - IP Logged

                  GE has a friend in high places if you know what I mean (wink wink, nudge nudge) (say no more! say no more!).

                  No taxes necessary.

                  Like Leona Helmsly said: "Taxes are for the little people."

                  Leona haha. I would love to read her biography but the problem with biographies, especially authorized ones, is that they're very economic with the truth. 

                  GE smh

                  That money's gone fo ever