Friends giving up collecting in 2022

[JustinD]

I forgot to say that another reason for my slowdown are the addition of sales taxes to every purchase due to my location.

I can't even count how many times I have been on the trigger, but then pulled out on a larger ticket item as that additional cost pushes it over my happiness vs cost mental line.

The cost savings on these state taxes has seriously placed moving to a non-sales tax state high on my priority list as the constant dings to my income seem to place 25% of the country at a distinct advantage while making purchases. As well as the taxed retirement penalties I have to worry about in the near future.

If I can just convince the wife, I would leave Michigan in a second for some of the advantages fiscally. The bummer is all highway of leaving NY and Cali folk keep jumping up the housing prices in the areas I keep looking at.

(PS - I know that the Captain America crowd on paying taxes will jump on this, but honestly it does not bother me and I feel a wise man does all he can to lower his tax burden.)

[BobbyStrawberry]

Originally Posted by JustinD

I forgot to say that another reason for my slowdown are the addition of sales taxes to every purchase due to my location.

I can't even count how many times I have been on the trigger, but then pulled out on a larger ticket item as that additional cost pushes it over my happiness vs cost mental line.

The cost savings on these state taxes has seriously placed moving to a non-sales tax state high on my priority list as the constant dings to my income seem to place 25% of the country at a distinct advantage while making purchases. As well as the taxed retirement penalties I have to worry about in the near future.

If I can just convince the wife, I would leave Michigan in a second for some of the advantages fiscally. The bummer is all highway of leaving NY and Cali folk keep jumping up the housing prices in the areas I keep looking at.

(PS - I know that the Captain America crowd on paying taxes will jump on this, but honestly it does not bother me and I feel a wise man does all he can to lower his tax burden.)

Alaska will welcome you with open arms.

[bnorth]

Originally Posted by JustinD

I forgot to say that another reason for my slowdown are the addition of sales taxes to every purchase due to my location.

I can't even count how many times I have been on the trigger, but then pulled out on a larger ticket item as that additional cost pushes it over my happiness vs cost mental line.

The cost savings on these state taxes has seriously placed moving to a non-sales tax state high on my priority list as the constant dings to my income seem to place 25% of the country at a distinct advantage while making purchases. As well as the taxed retirement penalties I have to worry about in the near future.

If I can just convince the wife, I would leave Michigan in a second for some of the advantages fiscally. The bummer is all highway of leaving NY and Cali folk keep jumping up the housing prices in the areas I keep looking at.

(PS - I know that the Captain America crowd on paying taxes will jump on this, but honestly it does not bother me and I feel a wise man does all he can to lower his tax burden.)

I am with you. I want to go to the Oregon coast. I have been retired for some time but the wife is the CFO at a company that owns several other companies and they just keep throwing cash at her to stay. I tell her we have plenty of money but money people never feel that way.

[BobC]

Originally Posted by bnorth

I am with you. I want to go to the Oregon coast. I have been retired for some time but the wife is the CFO at a company that owns several other companies and they just keep throwing cash at her to stay. I tell her we have plenty of money but money people never feel that way.

Just be careful and don't only look at sales tax alone. Most all states are going to have somewhat similar costs and needs to operate and run. The fact that some don't get revenue from sales tax likely means they get revenue from other sources, so you want to be sure to check and see that it may not end up costing you even more in some other aspect or tax. All states are different, but some may make up the sales tax through increased property taxes, income taxes, retirement related taxes, other business related taxes or fees, and so on.

[Exhibitman]

Originally Posted by BobC

Just be careful and don't only look at sales tax alone. Most all states are going to have somewhat similar costs and needs to operate and run. The fact that some don't get revenue from sales tax likely means they get revenue from other sources, so you want to be sure to check and see that it may not end up costing you even more in some other aspect or tax. All states are different, but some may make up the sales tax through increased property taxes, income taxes, retirement related taxes, other business related taxes or fees, and so on.

Exactamundo! My tax law professor back in the day put it best: taxes are like a balloon. You push down one area and it pops up elsewhere. It is a zero-sum game. We have 'frozen' property taxes in CA due to a law passed 40+ years ago (once you buy a property the max increase each year is 2%; I pay property taxes that are based on less than a third of the actual value of my house because I bought it 24 years ago) but we have high sales tax, income tax, and governmental service user fees to make up for it. The cost of police, fire, emergency services, schools, roads, etc., doesn't go away just because...they are merely shifted to other taxpayers.

[todeen]

Originally Posted by Exhibitman

Exactamundo! My tax law professor back in the day put it best: taxes are like a balloon. You push down one area and it pops up elsewhere. It is a zero-sum game. We have 'frozen' property taxes in CA due to a law passed 40+ years ago (once you buy a property the max increase each year is 2%; I pay property taxes that are based on less than a third of the actual value of my house because I bought it 24 years ago) but we have high sales tax, income tax, and governmental service user fees to make up for it. The cost of police, fire, emergency services, schools, roads, etc., doesn't go away just because...they are merely shifted to other taxpayers.

awesome analysis. I try to teach this to my high school students. I like the balloon metaphor.

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[Tabe]

Originally Posted by bnorth

I am with you. I want to go to the Oregon coast. I have been retired for some time but the wife is the CFO at a company that owns several other companies and they just keep throwing cash at her to stay. I tell her we have plenty of money but money people never feel that way.

Good lord man, go to the Oregon coast. It's incredible. Lincoln City, Cannon Beach, these places are awesome. Go!

[bnorth]

Originally Posted by Tabe

Good lord man, go to the Oregon coast. It's incredible. Lincoln City, Cannon Beach, these places are awesome. Go!

I like Newport. Been going there since the 80s when my Mom and one of her many ex husbands owned one of the commercial fishing boats.

[JustinD]

Originally Posted by bnorth

I like Newport. Been going there since the 80s when my Mom and one of her many ex husbands owned one of the commercial fishing boats.

I love the coast and yes, Oregon is where I was talking about as well. Lived in Portland during the mid-nineties and that has become a shadow of what I remember.

I still love the beauty of the northwest and the coast would be the place. I admittedly have a big soft spot for Astoria and the Goonies memories of childhood just driving through brings, lol. I also love living close to state borders to take advantage of the benefits of both easily.