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No, the opposite. I want equal treatment. If the Child Tax Credit is $1000 and it starts to get phased out over $110k it should start to get phased out at a higher income in NY. Raising a kid in NY is much more expensive than most other states.
Choosing to reside in an area with a high cost of living and choosing to have children are not mandatory.
Arent you essentially making my point for me? The equivalent would be 75k BUT I WOULD GET THE FULL CREDIT
His counter argument was actually my argument
Again, living in an area with a high cost of living is a choice. If you were told by the government that you had to live there you would have a valid argument.
If you can't afford the neighborhood, maybe you should move. Asking the rest of the country to subsidize your federal taxes isn't going to go over well. The higher income in NY should cover the loss of the tax credit as well.
Presumably, the money and assets were taxed when they were originally acquired. You think they should then be taxed every year?
I can arrange that. Most farmers live like they are from NY here.I might buy a farm there.Stay the #### out.
sorry, but I'm with the OP (and a ####### NYS/Long Island resident). A single overall number doesn't work for the entire country. Its not a matter of "you can't afford NY, get out of NY." It's that I can't control the way the overall CoL is being driven up, but at the same time, I can't be moving my family and career all over the country chasing a lower CoL.
Possibly (but obviously not at the same rate of an income tax). Or possibly your income tax rate is somehow tied to your level of asset/wealth.
$110k (we actually make more combined) in Staten Island doesnt buy much. I own a 1300 sq foot home, own one car, have a second beater I use to drive to work. I am definitely not living the high life. This next year is gonna be rough with another kid on the way and my wife going out of work but hey at least Ill get more of my credit next year!
I don't love any tax, especially as a self employed person who doesn't have an employer matching my contributions.
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I love when people say this like its such an easy, non-life changing decision that doesn't impact anyone elseHere's an idea... move.
If you don't want to, then your circumstances are self-inflicted.
Yep. I hear millionaires all the time talk about that last tax credit that put them over the top.
It's a behavior incentive for things that the government wants people to do. .
And a radical change to the tax code to benefit people who live in higher cost of living areas is not a radical life-changing event?I love when people say this like its such an easy, non-life changing decision that doesn't impact anyone elseHere's an idea... move.
If you don't want to, then your circumstances are self-inflicted.
There's always a butterfly effect.. no doubt. But it seems odd to say "I want the higher salaries of the city, but in the same breath complain about the cost of living and all resulting financial repercussions of getting that boost in income"I love when people say this like its such an easy, non-life changing decision that doesn't impact anyone elseHere's an idea... move.
If you don't want to, then your circumstances are self-inflicted.
Seems like it would be easier to just pay your taxes.I love when people say this like its such an easy, non-life changing decision that doesn't impact anyone elseHere's an idea... move.
If you don't want to, then your circumstances are self-inflicted.
People get the credit regardless if they work at all.
This.
The current system of increasing tax rates for increasing income makes a system where it's very difficult to get out of middle class and to the point of having the $10m (top fed. income tax bracket of 39.6%). Taxing .5% or even 1% a year on $10m (or whatever) of asset could last well over someone's lifetime - especially considering that if the basis did decrease, then so would the amount of the tax.
Oddly, tougher to sell "let's bring in Mexicans and Syrians to perform cheap labor" than it is to sell a tax credit.
I'll take it....I mean can't be that bad, you got the Predators. Thats All I need.Here's an idea... move. If you don't want to, then your circumstances are kinda self-inflicted.
My parents are selling a gorgeous 7500sqft 5br/6ba brick McMansion on a couple acres for $450k down here... But then you have to live in TN. Every place has it's pros and cons.
