Reply To: Should The Rich Be Taxed? πŸ’ΈπŸš•

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#1674727
Ex-CTLawyer
Participant

@anonymousjew
NY 2018 State income tax top rate 8.82%
PLUS there are city or county income tax in some places such as NYC and Yonkers, NYC is almost 4%

CT State income tops out at under 7%, no state or county income tax.
Very few people leave CT because of the income tax rate, more because of the stagnant economy, and local property tax rates and northern weather

I have many clients who now have Florida residency for tax purposes and still own homes an businesses in CT. They moved, but are still here.

I have not done my 2018 taxes yet, but will be paying at least 30K more than 2017 tax year due to changes in the IRS code pushed through by Trump. B”H I can afford it, but many of my neighbors cannot. It doesn’t take much of a house and income to exceed the 10K deductible limit now in force.