Anonymous wrote:

Anonymous wrote:We’ve done a lot of digging into the new income and investment tax proposals. They are likely to pass because they are being sponsored by leadership and/or heads of committees.

OP, if you don’t make $500K+, the new investment and income tax proposals won’t impact you. It’s 8% on $600K+ and 10% on 1M+, and 3.2% on investment income IF your HHI is over $500K.

So the top bracket is 13.2% and would apply to say someone making $1.5M with $300K of that being investment income (rental property, etc). This would be the highest rate in the country if passed.

If you’re below $1M, VA still has less taxes than MD or DC. At the $1M mark, it gets closer and if taxes were your only deciding factor, it’s basically the same across VA, MD, and DC.

Also remember MD has the county tax which adds up once you hit $500K+ too, and DC has a brutal tax on $1M+ income as well.

VA also has much higher job growth and a healthier economy than MD due to the # of corporations here but DCUM gets rabid over that fact (apparently people aren’t aware Google and BLS data exists?). OP you can easily Google the data and see for yourself.

Don't know many middle class or working class, huh?

All of those new secondary taxes are going to hit the poor, working class and middle class very hard.

You people in the top 5% might be able to handle that extra tax on every single household expense, but the rest of the people in Virginia are going to be hit hard with what will essentially add roughly 4% on every penny they spend on essential services. When you are working class, that extra tax on everything from haircuts to appliance repair to their kids activities will completely blow up the household budget.

Only someone very wealthy and out of touch would claim that all those taxes are no big deal.

Affordability my a$$.

Anonymous wrote:We’ve done a lot of digging into the new income and investment tax proposals. They are likely to pass because they are being sponsored by leadership and/or heads of committees.

OP, if you don’t make $500K+, the new investment and income tax proposals won’t impact you. It’s 8% on $600K+ and 10% on 1M+, and 3.2% on investment income IF your HHI is over $500K.

So the top bracket is 13.2% and would apply to say someone making $1.5M with $300K of that being investment income (rental property, etc). This would be the highest rate in the country if passed.

If you’re below $1M, VA still has less taxes than MD or DC. At the $1M mark, it gets closer and if taxes were your only deciding factor, it’s basically the same across VA, MD, and DC.

Also remember MD has the county tax which adds up once you hit $500K+ too, and DC has a brutal tax on $1M+ income as well.

VA also has much higher job growth and a healthier economy than MD due to the # of corporations here but DCUM gets rabid over that fact (apparently people aren’t aware Google and BLS data exists?). OP you can easily Google the data and see for yourself.

Anonymous wrote:Va for the public elementary and secondary schools and college. But I am concerned about Spanberger and future taxing.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We’ve done a lot of digging into the new income and investment tax proposals. They are likely to pass because they are being sponsored by leadership and/or heads of committees.

OP, if you don’t make $500K+, the new investment and income tax proposals won’t impact you. It’s 8% on $600K+ and 10% on 1M+, and 3.2% on investment income IF your HHI is over $500K.

So the top bracket is 13.2% and would apply to say someone making $1.5M with $300K of that being investment income (rental property, etc). This would be the highest rate in the country if passed.

If you’re below $1M, VA still has less taxes than MD or DC. At the $1M mark, it gets closer and if taxes were your only deciding factor, it’s basically the same across VA, MD, and DC.

Also remember MD has the county tax which adds up once you hit $500K+ too, and DC has a brutal tax on $1M+ income as well.

VA also has much higher job growth and a healthier economy than MD due to the # of corporations here but DCUM gets rabid over that fact (apparently people aren’t aware Google and BLS data exists?). OP you can easily Google the data and see for yourself.

The issue I have is that this is a very blind sighted tax approach. Every state that raised taxes like this saw an out migration of high net worth people, which meant the taxes never generated the projected revenues. There's been a steady flow of the very wealthy out of MA and NY and NJ and MD to places like Florida. The very high net worth people in VA will just switch their residency to a Florida property as long as they spend six months minus day out of Virginia. Corp c-level and business owners will just move their families to Florida and fly in a few days a week. Which means eventually the state will need to go to the next group of people and in the long run those who really get slammed are the dual professionals UMCs who aren't as mobile. High taxes never stop with the rich, unfortunately.

I’m the PP you quoted and I don’t disagree. We’re at $800K now but my spouse is in a field with a high ceiling and we should hit $1M in 2-3 years and $2M+ within 6-10 years. We’ve actually already got a property in FL (it’s a shack but we could teardown and rebuild) so I could very well see us doing the 6 months + 1 day thing once HHI is well into 7 figures. Idk how we’d sort that out with schooling though - we’d have to see if privates in FL are less than the $ we’d save on taxes.

I do think we’ll see a flight of wealthy retirees who aren’t tied to school calendars.

The MA data is interesting too that the other PP raised. I do think MA is very different from nova in that the MA wealthy have been there FOREVER - basically since they got off the boat in the 1600/1700s. You know Brahmins and all that. Your average wealthy MA person was probably born and raised there. Those roots run wicked deep ; )

Whereas nova is VERY transitory. Your average wealthy person more likely than not moved here, made money, and can move again. So we’ll see…

Anonymous wrote:

Anonymous wrote:Go for Maryland. Virginia is done now. I am also very concerned about Spanberger and the insane taxes proposed. But besides all that (which is a lot) Va is pretty trashy these days and a lot of people are leaving the state as of late.

What is going on in our region (DMV)?
I feel the same about Montgomery County as the above poster feels about Virginia. For the past 15-20 years schools, businesses, etc. all seem to be going downhill. MOCO’s County Executive and County Council have destroyed a once top notch place to live and do business into too many places that are rundown. The incompetence of Montgomery County government is/has driving away our top tax base and businesses; I had thought into Northern Virginia… but apparently Virginians may be having similar concerns.

So, where should someone like OP look?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We’ve done a lot of digging into the new income and investment tax proposals. They are likely to pass because they are being sponsored by leadership and/or heads of committees.

OP, if you don’t make $500K+, the new investment and income tax proposals won’t impact you. It’s 8% on $600K+ and 10% on 1M+, and 3.2% on investment income IF your HHI is over $500K.

So the top bracket is 13.2% and would apply to say someone making $1.5M with $300K of that being investment income (rental property, etc). This would be the highest rate in the country if passed.

If you’re below $1M, VA still has less taxes than MD or DC. At the $1M mark, it gets closer and if taxes were your only deciding factor, it’s basically the same across VA, MD, and DC.

Also remember MD has the county tax which adds up once you hit $500K+ too, and DC has a brutal tax on $1M+ income as well.

VA also has much higher job growth and a healthier economy than MD due to the # of corporations here but DCUM gets rabid over that fact (apparently people aren’t aware Google and BLS data exists?). OP you can easily Google the data and see for yourself.

The issue I have is that this is a very blind sighted tax approach. Every state that raised taxes like this saw an out migration of high net worth people, which meant the taxes never generated the projected revenues. There's been a steady flow of the very wealthy out of MA and NY and NJ and MD to places like Florida. The very high net worth people in VA will just switch their residency to a Florida property as long as they spend six months minus day out of Virginia. Corp c-level and business owners will just move their families to Florida and fly in a few days a week. Which means eventually the state will need to go to the next group of people and in the long run those who really get slammed are the dual professionals UMCs who aren't as mobile. High taxes never stop with the rich, unfortunately.

The problem is reality...Massachusetts implemented a wealth tax, and it has raised tons of new income:

The Massachusetts "Fair Share Amendment" (millionaire's tax), a 4% surtax on annual income over $1 million approved in 2022, is considered highly successful. It generated over $5.7 billion in its first two years, doubling initial projections, with funds used for public education, transportation, and infrastructure. Despite concerns of a "millionaire exodus," evidence suggests the number of wealthy residents has continued to grow.

I'm familiar with MA. It not as rosy as you claim. Plenty of countering research including angry screeds at the people leaving the state. The increase in "wealth" cited is really more due to inflation we've had in the last 5 years making everyone richer on paper, not increases in very high net worth households. There is plenty of money in MA but many are discreetly Florida residents for half the year. Florida doesn't require you to be physically in state most of the time to claim the residency.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We’ve done a lot of digging into the new income and investment tax proposals. They are likely to pass because they are being sponsored by leadership and/or heads of committees.

OP, if you don’t make $500K+, the new investment and income tax proposals won’t impact you. It’s 8% on $600K+ and 10% on 1M+, and 3.2% on investment income IF your HHI is over $500K.

So the top bracket is 13.2% and would apply to say someone making $1.5M with $300K of that being investment income (rental property, etc). This would be the highest rate in the country if passed.

If you’re below $1M, VA still has less taxes than MD or DC. At the $1M mark, it gets closer and if taxes were your only deciding factor, it’s basically the same across VA, MD, and DC.

Also remember MD has the county tax which adds up once you hit $500K+ too, and DC has a brutal tax on $1M+ income as well.

VA also has much higher job growth and a healthier economy than MD due to the # of corporations here but DCUM gets rabid over that fact (apparently people aren’t aware Google and BLS data exists?). OP you can easily Google the data and see for yourself.

The issue I have is that this is a very blind sighted tax approach. Every state that raised taxes like this saw an out migration of high net worth people, which meant the taxes never generated the projected revenues. There's been a steady flow of the very wealthy out of MA and NY and NJ and MD to places like Florida. The very high net worth people in VA will just switch their residency to a Florida property as long as they spend six months minus day out of Virginia. Corp c-level and business owners will just move their families to Florida and fly in a few days a week. Which means eventually the state will need to go to the next group of people and in the long run those who really get slammed are the dual professionals UMCs who aren't as mobile. High taxes never stop with the rich, unfortunately.

The problem is reality...Massachusetts implemented a wealth tax, and it has raised tons of new income:

The Massachusetts "Fair Share Amendment" (millionaire's tax), a 4% surtax on annual income over $1 million approved in 2022, is considered highly successful. It generated over $5.7 billion in its first two years, doubling initial projections, with funds used for public education, transportation, and infrastructure. Despite concerns of a "millionaire exodus," evidence suggests the number of wealthy residents has continued to grow.

Anonymous wrote:

Anonymous wrote:We’ve done a lot of digging into the new income and investment tax proposals. They are likely to pass because they are being sponsored by leadership and/or heads of committees.

OP, if you don’t make $500K+, the new investment and income tax proposals won’t impact you. It’s 8% on $600K+ and 10% on 1M+, and 3.2% on investment income IF your HHI is over $500K.

So the top bracket is 13.2% and would apply to say someone making $1.5M with $300K of that being investment income (rental property, etc). This would be the highest rate in the country if passed.

If you’re below $1M, VA still has less taxes than MD or DC. At the $1M mark, it gets closer and if taxes were your only deciding factor, it’s basically the same across VA, MD, and DC.

Also remember MD has the county tax which adds up once you hit $500K+ too, and DC has a brutal tax on $1M+ income as well.

VA also has much higher job growth and a healthier economy than MD due to the # of corporations here but DCUM gets rabid over that fact (apparently people aren’t aware Google and BLS data exists?). OP you can easily Google the data and see for yourself.

The issue I have is that this is a very blind sighted tax approach. Every state that raised taxes like this saw an out migration of high net worth people, which meant the taxes never generated the projected revenues. There's been a steady flow of the very wealthy out of MA and NY and NJ and MD to places like Florida. The very high net worth people in VA will just switch their residency to a Florida property as long as they spend six months minus day out of Virginia. Corp c-level and business owners will just move their families to Florida and fly in a few days a week. Which means eventually the state will need to go to the next group of people and in the long run those who really get slammed are the dual professionals UMCs who aren't as mobile. High taxes never stop with the rich, unfortunately.

Anonymous wrote:

Anonymous wrote:We’ve done a lot of digging into the new income and investment tax proposals. They are likely to pass because they are being sponsored by leadership and/or heads of committees.

OP, if you don’t make $500K+, the new investment and income tax proposals won’t impact you. It’s 8% on $600K+ and 10% on 1M+, and 3.2% on investment income IF your HHI is over $500K.

So the top bracket is 13.2% and would apply to say someone making $1.5M with $300K of that being investment income (rental property, etc). This would be the highest rate in the country if passed.

If you’re below $1M, VA still has less taxes than MD or DC. At the $1M mark, it gets closer and if taxes were your only deciding factor, it’s basically the same across VA, MD, and DC.

Also remember MD has the county tax which adds up once you hit $500K+ too, and DC has a brutal tax on $1M+ income as well.

VA also has much higher job growth and a healthier economy than MD due to the # of corporations here but DCUM gets rabid over that fact (apparently people aren’t aware Google and BLS data exists?). OP you can easily Google the data and see for yourself.

The issue I have is that this is a very blind sighted tax approach. Every state that raised taxes like this saw an out migration of high net worth people, which meant the taxes never generated the projected revenues. There's been a steady flow of the very wealthy out of MA and NY and NJ and MD to places like Florida. The very high net worth people in VA will just switch their residency to a Florida property as long as they spend six months minus day out of Virginia. Corp c-level and business owners will just move their families to Florida and fly in a few days a week. Which means eventually the state will need to go to the next group of people and in the long run those who really get slammed are the dual professionals UMCs who aren't as mobile. High taxes never stop with the rich, unfortunately.

Anonymous wrote:We’ve done a lot of digging into the new income and investment tax proposals. They are likely to pass because they are being sponsored by leadership and/or heads of committees.

OP, if you don’t make $500K+, the new investment and income tax proposals won’t impact you. It’s 8% on $600K+ and 10% on 1M+, and 3.2% on investment income IF your HHI is over $500K.

So the top bracket is 13.2% and would apply to say someone making $1.5M with $300K of that being investment income (rental property, etc). This would be the highest rate in the country if passed.

If you’re below $1M, VA still has less taxes than MD or DC. At the $1M mark, it gets closer and if taxes were your only deciding factor, it’s basically the same across VA, MD, and DC.

Also remember MD has the county tax which adds up once you hit $500K+ too, and DC has a brutal tax on $1M+ income as well.

VA also has much higher job growth and a healthier economy than MD due to the # of corporations here but DCUM gets rabid over that fact (apparently people aren’t aware Google and BLS data exists?). OP you can easily Google the data and see for yourself.

Anonymous wrote:Go for Maryland. Virginia is done now. I am also very concerned about Spanberger and the insane taxes proposed. But besides all that (which is a lot) Va is pretty trashy these days and a lot of people are leaving the state as of late.