Come to New York! We're rolling in so much finance money we don't need to hit up small businesses.
Your state's gun laws prevent me from ever living there.
As compared to California?
California To Hit Startup Founders with Big Retroactive Tax Bills
51–60 of 318 posts
Re: California To Hit Startup Founders with Big Retroactive Tax Bills
#52I did a quick google and found a discussion of retroactive tax laws (applying to gift taxes in 2010): http://www.assetprotectionsociety.org/the-likelihood-and-enf... Potential arguments include due process, "wholly new tax", lack of notice, ex post facto (with the same caveat as mentioned here about applicability only to criminal cases), and the fifth amendment taking clause. Conclusion: it's hard to fight.
Some things about the US still surprise me. In "socialist Sweden" (as it's sometimes called) retroactive taxation is unconstitutional.
On the other hand capital gains is 20-30%, and most entrepreneurs actually have their gains taxed as income. That means you're lucky if you get to keep 13%. ;) I'm exaggerating a bit, but not much.
Re: California To Hit Startup Founders with Big Retroactive Tax Bills
#53As 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.
That will work until one of the Microsofts of the world decides it's more cost effective to move everyone 2 hours drive north to Vancouver than it is to pay this giant bill.
The US is quickly going to learn that there is a rather modern country to the north that isn't in the same financial distress as Europe or most states are.
I'd imagine given that, this line of thinking would probably play itself out pdq.
Re: California To Hit Startup Founders with Big Retroactive Tax Bills
#54Earlier quoted context omitted.
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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.
Yeah, I can't figure out how to use the internet.
In NYC, including city tax, it's $5,203 versus $5,289 in California. If you live in NJ or Westchester, it's $5,495.
That being said you can live in New York City and get much better public services than say living in Silicon Valley. $100 per month for a MTA pass versus $100 a month for car insurance alone, etc.
Re: California To Hit Startup Founders with Big Retroactive Tax Bills
#55Earlier quoted context omitted.
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.
To other child post: FUD. What the heck does NY have to do with the federal constitution? It takes 3/4 of states to pass a new amendment, so it's not like NY can do it on it's own. The second amendment limits the federal government from passing certain kinds of laws.
Re: California To Hit Startup Founders with Big Retroactive Tax Bills
#56Come to Mexico, beautiful beaches, good weather, what else do you want?
Re: California To Hit Startup Founders with Big Retroactive Tax Bills
#57Earlier quoted context omitted.
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.
Seriously, I've been throw into the gulags and tortured at least 5 times while living in NY. It's awful - just awful. Don't come here, whatever you do.
Don't say I didn't warn you!
Re: California To Hit Startup Founders with Big Retroactive Tax Bills
#58As 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.
That will work until one of the Microsofts of the world decides it's more cost effective to move everyone 2 hours drive north to Vancouver than it is to pay this giant bill. The US is quickly going to learn that there is a rather modern country to the north that isn't in the same financial distress as Europe or most states are. I'd imagine given that, this line of thinking would probably play itself out pdq.
But I thought their financials would be in ruin, what with giving out all of that free healthcare?
Re: California To Hit Startup Founders with Big Retroactive Tax Bills
#59Re: California To Hit Startup Founders with Big Retroactive Tax Bills
#60As 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.
It's a red state and thus they stay out of your business and it costs less.