Reply to What's the deal with Jackson Hole WY?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]No state income tax in Wyoming. We know 2 wealthy people who make it their primary residence for that reason. And they've achieved wealth critical mass so there are the amenities wealthy people want - a good airport, great restaurants, decent shopping, cultural and outdoor activities, etc.[/quote]

Legit question: do these people actually spend 51% of their time in no income tax states?

I’m convinced that many do not and this is actually one of the biggest sources of tax fraud, tho it’s very difficult to police.[/quote]

We know several retired people who are legal residents of Florida but spend most of their time in the Bahamas. They return to Maryland for the six months minus one day (maximum time you can reside in Maryland without being recognized as a resident). So they actually spend very little time in Florida and only in transit for the most part but they are still legal residents of Florida, not Maryland even though they spend more time in Maryland than Florida!

It's quite common and very legal. It's not fraud. It may not seem fair but it's not fraud. [/quote]

It's interesting to note that Maryland has conflicting interests here...the more captive you make your residency formula, the more income tax you will potentially capture...but at the same time, you scare away snowbirds from other states (a fast growing population) and get fewer sales, use, and property taxes.[/quote]

pretty much every state has this residency requirement. A friend is changing their residency from DC to FL because they split their time in 3 homes and aren't in any of them for 6 months - they can pick their official residence since they aren't in DC for 6 months and a day. They do need to get FL drivers licenses, car registrations, etc.[/quote]

I don't understand why states just don't move to a pro-rata residency requirement, perhaps with a two-week minimum to file taxes. Six months minus one day made sense in the horse & buggy era, but not today. [/quote]

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