more bad news for NJ taxes

[notes1]

i know dancer hates any topic that is not soley based on VP, too bad. as if NJ has not had enough bad news from decreased casino tax revenues, they are about to get hit again.  according to cnbc.com, they are about to lose the largest single person tax payer. a hedge fund manager, DAVID TEPPER, has officially changed his home residence, and business, to florida. how can just one person have an impact on a big state? he earned more than $6 billion over the past 3 years and NJ state tax rate is 8.97%. his tax bill over that time period could have been more than $500 million. it was likely much less, with write offs, but estimates are that it was hundreds of millions. state spending will need to be adjusted or made up somewhere else.   he says he is not moving due to state taxes, but when someone can save that kind of money, it is hard to believe taxes were not a consideration. people and companies that can operate from anywhere, continue to seek lower tax obligations.

[olds442jetaway]

     And I can't blame them Notes. Our postage stamp 50x100 lot and 1100 square foot house in Ct. is well over 5k a year. If you have a new car in Ct., you can add another 1200 or so a year per new car. Homeowners insurances rates are ridiculous if you are anywhere near the water and we are still a good hour from NYC. Unfortunately, living in a city and being middle or lower middle class means you pay for services for the tens of thousands in your town that pay no taxes at all and exist on the dole so to speak. My wife would leave Ct. in a minute if we didn't have family obligations up here. She loved Florida as a child. The winters are really getting to me too. I think I hear Fla Phil's bell ringing again. I know this has nothing to do with New Jersey, but is is just another example. Lots of homes for sale around here. The seniors that can are leaving in droves.

[notes1]

olds, i have heard CT has lots of taxes, feel your pain. this is what happens when people keep asking for more and more government services and the pols try to buy votes by reducing the number of people who actually pay taxes. our house goes on sale in a couple of weeks and we are moving to FL. mainly for the weather, but no state income tax does not hurt the appeal.

[olds442jetaway]

Best of luck on a quick fair sale and smooth move. One other thing I forgot to mention about Ct. taxes. We give them in round numbers 5 percent of our Federal AGI without the benefit of deductions. That includes being taxed on gross winnings without the benefit of writing off your gambling losses. For really high level players who get hand fulls of W-2Gs almost every session and one reports these and other wins on the other income line on the front page of your 1040, you can kiss 5 percent of your gross wins and jackpots goodbye. There is no such thing as paying state taxes on your gross wins less your total session losses which in most cases would be a negative. Not in this state.

[faygo]

Best of luck on a quick fair sale and smooth move. One other thing I forgot to mention about Ct. taxes. We give them in round numbers 5 percent of our Federal AGI without the benefit of deductions. That includes being taxed on gross winnings without the benefit of writing off your gambling losses. For really high level players who get hand fulls of W-2Gs almost every session and one reports these and other wins on the other income line on the front page of your 1040, you can kiss 5 percent of your gross wins and jackpots goodbye. There is no such thing as paying state taxes on your gross wins less your total session losses which in most cases would be a negative. Not in this state.

NC is the same. Truly grinds my gears.

[notes1]

[QUOTE=olds442jetaway] Best of luck on a quick fair sale and smooth move. One other thing I forgot to mention about Ct. taxes. We give them in round numbers 5 percent of our Federal AGI without the benefit of deductions. That includes being taxed on gross winnings without the benefit of writing off your gambling losses. For really high level players who get hand fulls of W-2Gs almost every session and one reports these and other wins on the other income line on the front page of your 1040, you can kiss 5 percent of your gross wins and jackpots goodbye. There is no such thing as paying state taxes on your gross wins less your total session losses which in most cases would be a negative. Not in this state.

NC is the same. Truly grinds my gears.[/QUOTE]
 faygo, even though i live in NC and gamble at cherokee, i did not know this. maybe, because i only play quarters and never get a 1099.

[notes1]

another follow-up article on cnbc.com, where the author describes state leaders as 'freaking out' over the loss of revenue from wealthy folks leaving the state. along with having one of the highest state income state rates, NJ also is one of only 2 states that has both an inheritance and estate tax. the idea that you can tax the heck out of working, high income folks and they will not react, is absurd. these high and increasing taxes are at least partially responsible for lower payouts on gaming. for many, casinos are nothing more than a tax revenue source and we are paying for it.

[DaBurglar]

I heartily suggest that everyone research the actual budgets for the state they live in, as well as the actual federal budget, to see just what exactly is happening to all these taxes we are paying.   You can find the info if you really want to....I say this to encourage everyone to get accurate, realistic info on what the money is truly being spent (or wasted) on.......here's a small hint:    The amount of money that is spent at the city (or local) level, the state level and the federal level on things like pensions, retirement packages and funds (which would include social security), and the resulting healthcare for retired individuals is truly a back breaker.In my own TOWN, for example, we are paying an absurd share of the total property tax revenue on "pensions" (which include health care) for town employees who are now living well into their 90s!!!!    No one counted on so many people living so long, whether at the local, state or federal level!!!!   And healthcare costs are the major reason these expenses are killing everything......New Jersey is the worst example of outrageous pension and retirement committments breaking the back of a state budget......The problem is these so called "deals" cannot be revised or rewritten to account for new circumstances.