12 ms·
The advantage is for high income people, of course. If you make alot of money (or have alot of retirement income coming in) florida kicks ass. As a simple exam
by DanBlake 13y ago
The advantage is for high income people, of course. If you make alot of money (or have alot of retirement income coming in) florida kicks ass.
As a simple example:
If you make 1 million a year and live in a 2 million dollar house.
Property tax in Cali : 20k
Income tax in Cali : ~65k
Property tax in FL : 40k
Income tax in FL: Zero
So in this example, you are 100% better off being in florida.
- ohazi 13y ago> If you make 1 million a year and live in a 2 million dollar house. > Property tax in Cali : 20k Income tax in Cali : ~65k Only 65k taxes on 1 million in income? In California? I'll pay you to do my taxes.
- GeneralMayhem 13y agoThat's for state tax only - federal would be another good chunk on top of that - but yeah, assuming that's all straight-up income (not investments or anything), just the state-level taxes should be about 100k at California's current rates.
- DanBlake 13y agoYou dont pay state income tax on money you pay to the federal gov. Surprised how few people know that. So on 1m you will pay ~350k to the fed gov- That leaves you with 650k 'net' remaining. CA taxes you on this amount. Hence the 65k for Cali.
- eigenvector 13y agoDo you know a lot of people who earn $1 million/year and live in a $2 million house? A 2:1 home value:income ratio is extremely low.
- r4vik 13y agoI thought USA had low taxes compared to Europe but wtf property taxes