NYC has the most outrageous taxes in the country. You might as well be in France giving up 75%.
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No way is it $5,495/month in NY for $100k. $4,829 at best for $100k. With the expiration of the payroll tax, your take-home for NYC for over 100k is roughly 58% for the year.
But then again there might be some tax magic I'm missing.
As a business owner this crap terrifies me. Washington State was looking at changing their tax code retroactively to get more money from Microsoft, luckily level heads (and I might presume, extensive lobbying) prevailed. I can't plan today for what yesterday's laws will be tomorrow.
Come to Florida, it may be a red state but they stay out of your business and costs less.
A lot of the comments are characterizing this as a money grab by the state.
To me, it sounds more like the unintended consequences of a clever lawsuit and/or a poorly-crafted piece of tax-break legislation. People should be advised that California has a lot of clever lawyers who work to find and exploit holes in legislation.
It's got nothing to do with increasing tax revenue - it's petty overreaction on behalf of the responsible state body - the FTB. I quote liberally from the article: > It turns out that a few years ago, someone sued the Franchise Tax Board over being denied the right to claim the QSB benefit [Cutler v. Franchise Tax Bd., 208 Cal. App. 4th 1247 (2012)]. The company at issue in that lawsuit did not meet one of the QSB re…
That's actually fairly common in decisions striking down agency interpretations. Sometimes a court will order a specific remedy, but other times they only rule that the existing regulation was illegal but leave open multiple ways of curing it. In the case where the problem was that a regulation impermissibly distinguished between groups that the law didn't allow distinguishing between, there are two ways to fix it: put everyone into bucket A, or put everyone into bucket B. And in fact in either case you have to do it retroactively, to fix the ruled-invalid error of treating the two groups differently.
Your state's gun laws prevent me from ever living there.
Don't come to New York, then. If your access to rifles is more important than the tax codes your startup may or may not face, stay where you are.
I think it might be something more about the fact that New York's interpretation of the 2nd amendment differs so greatly from mine that I am fearful for what they might do in regards to other constitutional amendments.
As a side note, I cannot move to most cities in Colorado because I happen to have two dogs who are banned by their breed. The point is, there is way more to the conversation than just taxes alone.