4 ms·

Jackson Hole, I’m assuming.

by Infernal 8y ago

metalliqaz 8y ago
Exactly, but why? Sorry I don't know anything about Jackson Hole. Is it a resort town? A financial center?
- thrav 8y ago
  Arguably the best ski resort in the lower 48. The most picturesque mountain range in the lower 48, seen on the cover of Kanye’s new album. Snake river for unlimited rafting and fly fishing in ridiculously beautiful settings. Spitting distance from Yellowstone. Loads of quality restaurants to support it all. What’s not to love? I’ve been a lot of places, and Jackson may always remain my favorite place in the world.
  - metalliqaz 8y ago
    Okay that's interesting. Wouldn't expect most of those homes to be primary residences, but rather vacation homes. I wonder if those count too.
    - LyndsySimon 8y ago
      Wyoming has no state income tax. My mom is in a similar situation - she bought a home with my dad in Arkansas, but works in Tennessee. Given her income, it was significantly cheaper for her to lease an apartment outside Memphis and live there four days per week than it would have been for her to establish Arkansas residency and pay our income taxes. She typically spends 4-5 days per week in Memphis, and flies back and forth between there and Arkansas - so this makes sense even considering the cost of traveling. I wouldn't consider my parents "rich" by any stretch. Secure, yes, maybe even "well off" - but certainly not "rich" to the degree that we're discussing here. To a single person working in New York with a salary of $750k, establishing residency in Jackson Hole, Wyoming would save them $50k / year in state income taxes alone.
    - pmjordan 8y ago
      When we visited Yellowstone, one of the guides mentioned that Wyoming doesn't have any state income taxes. I suspect that might have something to do with rich people being officially resident there.
      - emodendroket 8y ago
        Although that usually means high property taxes.
        yborg 8y ago
        Don't know if this is the case or not in Jackson Hole, but in general if a bunch of extremely rich people control most of the property in a municipality, they will elect a government that gives them low property taxes. It's not like they really need city services.
    - mbesto 8y ago
      We're obviously all speculating here, but the rationale of Wyoming being on there has a few features of why it might make sense: - Jackson Hole is indeed incredible - WY has (recently IIRC) very pro-biz policies (akin to Delaware) - No state personal state income tax Establishing primary residence in a state to get tax advantages is nothing new, and probably more than likely the primary driver here.
- creaghpatr 8y ago
  Jackson Hole had an awesome cameo on HBO's Silicon Valley, to give you an idea: https://www.youtube.com/watch?v=VmOd27UwTsg https://www.youtube.com/watch?v=VmOd27UwTsg
- Balero 8y ago
  Lots (rich) of people from Silicon Valley have second homes there. Its lampooned on the tv show Silicon Valley.

Jackson Hole, I’m assuming.

metalliqaz 8y ago

Exactly, but why? Sorry I don't know anything about Jackson Hole. Is it a resort town? A financial center?

thrav 8y ago
Arguably the best ski resort in the lower 48. The most picturesque mountain range in the lower 48, seen on the cover of Kanye’s new album. Snake river for unlimited rafting and fly fishing in ridiculously beautiful settings. Spitting distance from Yellowstone. Loads of quality restaurants to support it all. What’s not to love? I’ve been a lot of places, and Jackson may always remain my favorite place in the world.
- metalliqaz 8y ago
  Okay that's interesting. Wouldn't expect most of those homes to be primary residences, but rather vacation homes. I wonder if those count too.
  - LyndsySimon 8y ago
    Wyoming has no state income tax. My mom is in a similar situation - she bought a home with my dad in Arkansas, but works in Tennessee. Given her income, it was significantly cheaper for her to lease an apartment outside Memphis and live there four days per week than it would have been for her to establish Arkansas residency and pay our income taxes. She typically spends 4-5 days per week in Memphis, and flies back and forth between there and Arkansas - so this makes sense even considering the cost of traveling. I wouldn't consider my parents "rich" by any stretch. Secure, yes, maybe even "well off" - but certainly not "rich" to the degree that we're discussing here. To a single person working in New York with a salary of $750k, establishing residency in Jackson Hole, Wyoming would save them $50k / year in state income taxes alone.
  - pmjordan 8y ago
    When we visited Yellowstone, one of the guides mentioned that Wyoming doesn't have any state income taxes. I suspect that might have something to do with rich people being officially resident there.
    - emodendroket 8y ago
      Although that usually means high property taxes.
      - yborg 8y ago
        Don't know if this is the case or not in Jackson Hole, but in general if a bunch of extremely rich people control most of the property in a municipality, they will elect a government that gives them low property taxes. It's not like they really need city services.
  - mbesto 8y ago
    We're obviously all speculating here, but the rationale of Wyoming being on there has a few features of why it might make sense: - Jackson Hole is indeed incredible - WY has (recently IIRC) very pro-biz policies (akin to Delaware) - No state personal state income tax Establishing primary residence in a state to get tax advantages is nothing new, and probably more than likely the primary driver here.
creaghpatr 8y ago
Jackson Hole had an awesome cameo on HBO's Silicon Valley, to give you an idea: https://www.youtube.com/watch?v=VmOd27UwTsg https://www.youtube.com/watch?v=VmOd27UwTsg
Balero 8y ago
Lots (rich) of people from Silicon Valley have second homes there. Its lampooned on the tv show Silicon Valley.