4 ms·
Seems strange for a state with no income tax, that would happen
by downrightmike 3y ago
Seems strange for a state with no income tax, that would happen
- WarOnPrivacy 3y agoWhy? Can you be more specific? Are you thinking that an income tax would hugely impact our overall expenses - say by an amount equal to one or two incomes?
- itake 3y agoFlorida CoL is driven by out-of-staters (specifically New England snow birds and retirees). earned money out of state and then buy vacation properties or primary residences. No-income tax attracts people living on a fixed income (gained by being employed out of state via Social Security, Pensions, and traditional retirement accounts). Florida income cannot compete with NYC income, even if there is no income tax.
- WarOnPrivacy 3y agoIn short we're saying: Market forces responded to lower taxes by sharply increasing the cost of living.
- itake 3y agoClearly that doesn’t work, bc high cost of living states, like ny or ca. would have lower col Instead we see the opposite.
- WarOnPrivacy 3y agoAnd yet, that is the thing that happened here. Maybe those other places were affected by factors that exist there.
- quickthrowman 3y agoYou just end up paying more sales tax and/or property tax in states without income tax. If you don’t directly pay property tax, your landlord does, and they pass the cost onto you. States need money to operate, and they’ll get that money through taxation. I’d actually be curious to see a table that shows ‘tax revenue per citizen’ by state, which includes all personal (non-corporate) taxes.