Taxes

Show Only ...
Maps - Photos - Videos

Every time taxes go up on the wealthy, conservatives say they will flee New York. 🌆

|

But I can’t imagine there are many wealthy people who live in New York for the low taxes. I really can’t think of a single person I know who chooses to live in New York for the low taxes — wealthy or otherwise. People live in New York for the unique accommodations in New York City, or even the things available in Upstate New York.

Sure you can live in Kansas or Idaho and pay a ton less in taxes, and that’s really good if your a homesteader, or want to farm. If cows are your thing and don’t already own land or have local family connections, then great. But not so good if you want to go to five star restaurants, Broadway shows or all the the high-end accommodations only available in a major metropolitan region. If you relatives and business partners all live in New York, then your kind of screwed if you go anywhere else. And taxes are based on the number of days you spend in New York — so if your commuting in from other state or have a vacation home in New York — you’ll still pay.

So I think it’s kind of silly argument to be opposed to the wealthy paying a bit more, just so that we can provide a good education to students or healthcare to seniors.

The Tax Bill Haunting Your 401(k) and I.R.A. – The New York Times

|

The Tax Bill Haunting Your 401(k) and I.R.A. – The New York Times

Unlike traditional 401(k)s and I.R.A.s, Roth I.R.A.s and Roth savings options within workplace plans are funded with after-tax dollars — in other words, you pay the income tax bill upfront. Like a traditional 401(k) or I.R.A., your investments grow tax-free. Unlike tax-deferred accounts, Roth withdrawals are generally tax-free too, if used as intended in retirement or by your heirs.

Roths also offer a way to hedge your bets against possible higher tax rates in the future, said Ed Slott, a tax expert and Roth guru.

“Most older people are heavily overweighted in tax-deferred accounts — they have no tax risk diversification,” Mr. Slott said. “These are sophisticated investors who would never put all their eggs in one basket, because that’s a basic rule of investing — yet all their eggs are in one tax basket, so they’re at the mercy of a possible future higher tax bill.”

2021 Combined Municipal and County Taxes Per $1,000 Assessed Value

|

Allegany County is not a good value when it comes to county and local property taxes, with a county $13.17 per $1k assessment and many towns assessing an additional $10-12 per $1k. You might be able to score property cheaply there, but you'll pay some of the highest taxes in the state there on it.

You can get the data here: https://data.ny.gov/Government-Finance/Real-Property-Tax-Rates-Levy-Data-By-Municipality-/iq85-sdzs/data

You will need then to match it to SWIS code, which you can use this for: http://gis.ny.gov/gisdata/inventories/details.cfm?DSID=927

2021 Combined Municipal and County Taxes Per $1,000 Assessed Value