Neoliberalism2024 t1_jdymmf8 wrote on March 28, 2023 at 3:27 AM

Reply to comment by AceContinuum in New Yorkers overwhelmingly support bail changes ahead of state budget deadline: Poll by Grass8989

The wealthy own multiple homes. They can have a NYC address and just live there less than 182 days and avoid NYS and NYC income taxes.

AceContinuum t1_jdynwb1 wrote on March 28, 2023 at 3:38 AM

This idea is not new. There is an entire cottage industry of legal and accounting professionals dedicated to helping the wealthy prove that they haven't exceeded 182 days in NYS.

caspiam t1_jdyqyuv wrote on March 28, 2023 at 4:07 AM

Ridicules the idea that higher taxes will chase away millionaires.

Agrees that it's commons for millionaires to be chased away for at least half a year from ny to avoid taxes.

Gold.

AceContinuum t1_jdysicy wrote on March 28, 2023 at 4:22 AM

The wealthy folks who are already carefully tracking their days in NYS will continue doing that even if their taxes stay the same. And they will continue doing that even if NYC taxes fall dramatically. They will continue doing it unless NYC's taxes fall to Sioux Falls, SD levels, which is simply not realistic. So this group of people can be entirely discounted in any talk of income tax policy. They are not going to change their residency under any realistic income tax model.

The wealthy folks who are spending 183+ days per year in NYC now are going to keep doing that even if their taxes go up a few percent. This group of people wants to spend 183+ days per year in NYC and can afford to do so. These folks also aren't going to change their residency under any realistic income tax model.

The previous commenter suggested that there is a group of wealthy folks who will suddenly "discover" the 183-day rule if taxes go up a few percent. The idea that there is any sizable number of wealthy folks whose accountants and lawyers haven't told them about the 183-day rule years ago is ludicrous.

pigoath t1_jdz4wq9 wrote on March 28, 2023 at 6:48 AM

This^

djdjddhdhdh t1_je10pr5 wrote on March 28, 2023 at 5:12 PM

Well partially, your income tax is still paid on time you work in NY, not sure how it work on equity grants or bonuses though for non resident, knowing Ny tho, they’ll claw it back

Neoliberalism2024 t1_je138ae wrote on March 28, 2023 at 5:28 PM

The very rich are generally business owners and their income is via capital gains. Capital gains state tax is based on your primary residence only.

djdjddhdhdh t1_je13ez7 wrote on March 28, 2023 at 5:29 PM

Ye so guess it’s work same way with equity grants since those are capital gains I guess