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> - Owning property in NYC makes you a resident of NYC so all your income is taxable by NYS and NYC So what do you do when the 5% tax rate in the 20 cities in
by tathougies 8y ago
> - Owning property in NYC makes you a resident of NYC so all your income is taxable by NYS and NYC
So what do you do when the 5% tax rate in the 20 cities in which you own property all claim 100+% of youur income?
- cletus 8y agoSame as you do now when you work in one state and live in another: pay taxes in one. Get credit for those taxes in the others. Net effect: you pay the highest of the tax rates. This is a solved problem.
- tathougies 8y agoIf the end result is paying the highest tax rate, then you haven't actually changed anything by your policy proposal.
- cletus 8y agoSure it is. Tax is withheld at source and the only thing that offsets it other US taxes. This is substantially better than current situation that allows transfer pricing to move profits to a lower tax jurisdiction.
- tathougies 8y agoThanks for the explanation. That makes more sense.
- cco 8y agoSounds like if you didn't want to pay NYC taxes they'd repossess the property and it would be sold to someone that would pay them. Who owns property in 20 cities by the way? If you're an individual I don't think I care if you would hypothetically lose property in NYC if you didn't pay taxes there. However the obvious consequence of this would be the wealthy creating a company to buy and own the properties they live in so you'd have to be very careful about closing loopholes in this hypothetical regulation.