I love New York. But how much should it cost to call New York home? Decades of out of control budgets, spending increases and relentless borrowing have made New York simply too expensive.
Politicians like to talk about incentives: incentives for businesses to relocate, incentives to buy local and incentives to make smart decisions. After reviewing the 2009 budget I have identified the most compelling incentive of all: a major tax break immediately available to all New Yorkers. To be eligible, you need only do one thing: move out of New York State.
Last week I spent 90 minutes doing a couple of simple things-registering to vote, changing my drivers license, filling out a domicile certificate and signing a homestead certificate-in Florida. Combined with spending a 184 days a year outside New York these simple procedures will save me over $5 million in NY taxes annually.
That savings doesn't include that Florida has a 6% sales tax compared to NY's 8% or more. Florida has lower utility taxes. Lower gasoline taxes. Or that the Florida homestead certificate guarantees my property taxes will not grow more than 3%.
Friday, May 22, 2009
Why one guy is leaving New York
The reason is taxes, taxes and more taxes. From Speakupwny.com: