Would you move to a non income tax state if you won?

Reply #53

maringoman — Wed, 11 Dec 2013 03:17:44 GMT

Leona haha. I would love to read her biography but the problem with biographies, especially authorized ones, is that they're very economic with the truth.

GE smh

Reply #52

mikeintexas — Wed, 11 Dec 2013 02:55:58 GMT

I live in a non-income tax state now and if I won, I think I'd want to stay here, but I would move to an income tax state for a good reason, such as for a good woman or if there was some nice live water property I could buy. Right now, at this moment, any place warmer would be nice, income tax or not.

Reply #51

rdgrnr — Tue, 10 Dec 2013 23:20:14 GMT

GE has a friend in high places if you know what I mean (wink wink, nudge nudge) (say no more! say no more!).

No taxes necessary.

Like Leona Helmsly said: Taxes are for the little people.

Reply #50

maringoman — Tue, 10 Dec 2013 23:06:42 GMT

The OP meant moving to a different state after winning the jp so as to avoid future taxes. That is why I talked of tax lawyers to help avoid those future taxes.

Reply #49

KY Floyd — Tue, 10 Dec 2013 23:00:50 GMT

One of the big reasons that GE pays so little in US taxes is off-shoring, so they pay a lot of income tax to other countries. In general, every dollar they pay in other countries is a dollar they don't have to pay to the US.

If you don't want to pay millions of bucks in income taxes to your state of residence if you win tonight's MM jackpot it's as easy as buying your ticket in a different state. I could buy a ticket in CT and avoid nearly $12 million in NY income tax. The problem is I'd only... [ More ]

Reply #48

maringoman — Tue, 10 Dec 2013 22:48:29 GMT

Would you move to a non income tax state if you won?

NO. When you are rich you find good tax lawyers to help you skirt the taxes. For example GE paid zero federal taxes in 2010 because they have good tax lawyers. As an individual you can do the same and not have to leave where you live.

Reply #47

Jill34786 — Tue, 10 Dec 2013 00:21:17 GMT

Interest and dividend payments are actually considered unearned income and are subject to being taxed (in TN)on any amount over $1,250. Earned income on the other hand is tax free in TN.

Even though we have a home in TN, our primary residence is in Florida and we don't pay any state income tax on any earnings whether it's earned or unearned.

Reply #46

KY Floyd — Mon, 09 Dec 2013 21:29:03 GMT

Congratulations on your ability to understand the last line of my post.

Reply #45

KY Floyd — Mon, 09 Dec 2013 21:27:42 GMT

That sounds suspiciously like a tax on income to me.

I think some of the other states with no income tax may do that too. Based on the pictures of houses that some peole post, I'd suggest that anyone thinking about moving to NH check into their real estate taxes first.

Reply #44

billionaire2bee — Sun, 08 Dec 2013 22:05:15 GMT

If you cant raise the startup capital that's a powerful clue that nobody thinks you can do it?? Really?? There has to be dozens upon dozens of millionaire and some billionaires who couldnt get start up capital from banks or who ever but they went on to borrow money from friends relatives, taking out credit lines and now they are richer than they would have ever dreamed

Reply #43

billionaire2bee — Sun, 08 Dec 2013 21:58:22 GMT

If they were moving there from up north is more likely Id say, because they are moving here in droves too and it's not just the military either, we've been a red state since before the civil rights movement...why are they moving here you ask? Well maybe because you can get a decent job here..Wilmington Winston Salem Raleigh Durham Chapel hill Charlotte, all those non military towns are showing growth...Now that makes more sense...non-propaganda sense

Reply #42

Jill34786 — Sun, 08 Dec 2013 17:30:08 GMT

KY Floyd- I feel the same way. If someone has a passion and a great understanding of how a particular business works they shouldn't wait until having a huge windfall to act upon it.

A good business plan as well as personal savings go a long way towards pursuading an investor or banker. There are some who bring no assets to the table and expect a loan because they have a great idea.

Reply #41

rdgrnr — Sun, 08 Dec 2013 17:22:20 GMT

That's right, we do have tax on investment income.

Reply #40

Jill34786 — Sun, 08 Dec 2013 17:21:57 GMT

TN has no state income tax. They do have a tax on interest and dividend income on anything over $1,250.

Reply #39

PrisonerSix — Sun, 08 Dec 2013 17:13:27 GMT

My understanding is TN only has income tax on investment income and not wages. Definitely not a good place for lottery winners to live.

Reply #38

rdgrnr — Sun, 08 Dec 2013 16:50:38 GMT

Tennessee has no income tax but you'd better hurry if you're coming here cuz the people from the party that always raises taxes are moving here in droves.

And why are the people who vote for the party that always raises taxes moving here in droves, you ask?

Well, because taxes are too high where they live now. They can't afford it.

And what do they do when they get here, you ask?

Well, they vote for the party that always raises taxes, of course.

Makes perfect sense, doesn't it... [ More ]

Reply #37

PrisonerSix — Sun, 08 Dec 2013 16:23:24 GMT

I live in a state that has income tax(Louisiana) but it isn't too high. I don't mind living where I am but if circumstances pushed me to want to move, like being hounded by people for money, etc., I'd probably move to a state with no income tax.

Reply #36

sully16 — Sat, 07 Dec 2013 00:44:34 GMT

The time of year would help me determine where I would vacation, I really do love the changing seasons.

Reply #35

rdgrnr — Fri, 06 Dec 2013 14:33:51 GMT

I thought that fudge had a funny smell to it.

Reply #34

KY Floyd — Fri, 06 Dec 2013 08:59:31 GMT

I always wonder about the posts from people who say they'd start a business if they win the lottery. If you have the ability to start and run a business, why not do it now? If you can't raise the startup capital that's a powerful clue that nobody thinks you can do it. There's a chance that those people are wrong, but most of the time they're spot on.

Reply #33

markp1950 — Fri, 06 Dec 2013 05:10:43 GMT

If I would move...

1. Wyoming, South Dakota, Alaska Nevada WAS on the list at one time, but I sort of dropped it.

Otherwise, stay in Wisconsin unless Scott Walker gets relected. Minnesota is back on the list. I've developed a liking for Hawaii, free fruit all year. Maybe the northeast. Cali was off the list, looking better now.....

Maybe Australia, New Zealand, Canada

My favorite piece of land is in wyoming. Tax is NOT the number one issue. I defferred my vote.

Reply #32

GASMETERGUY — Fri, 06 Dec 2013 04:15:11 GMT

And smell the horse carriages long before you see them.

Reply #31

Jill34786 — Thu, 05 Dec 2013 19:58:38 GMT

Both business that he started, the limo and the Fiber optics company just ruptured money from the start. Neither one made any profit.

Reply #30

Coin Toss — Thu, 05 Dec 2013 19:36:14 GMT

Golly, sully16.

If I hit a jackpot I think weather would be a major factor in picking somewhere to go.

If there was anyplace that was about 60 and dry year round, that would be it. My last duty station in the Army was Monterey, CA and every summer since I wonder why I left (well, ok, there were no jobs then...). I'll take 62 in the 'summer' anythime - and it's not much different in the winter!

I think waking up every day knowing you would enjoy that days' weather would be a major 'score... [ More ]

Reply #29

billionaire2bee — Thu, 05 Dec 2013 19:18:04 GMT

Well now he did invest in a couple of business, the main one the one he appointed CFO ran the finances into the ground, but he was mainly guilty of thinking that the businesses he bought would run themselves

Reply #28

a911scanner — Thu, 05 Dec 2013 17:50:20 GMT

I voted yes, as I want to be in warmer climates.

That being said, hasn't anybody ever heard of muni-bonds? There is no perfect investment vehicle, but one that pays me a large paycheck without any taxes due will work in any state.

Reply #27

KY Floyd — Thu, 05 Dec 2013 07:10:42 GMT

With a few exceptions that's how it works. One of those exceptions would be taking the annuity, in which case you'd continue to pay taxes on the annuity income every year.

For my part I might move to Pennsylvania, but lower taxes wouln't really be the prime motivation. Ironically, if you win a modest amount you won't save all that much by avoiding state taxes, but if you win enough for the future taxes to be substantial you can afford to live where you want regardless of the taxes.... [ More ]

Reply #26

KY Floyd — Thu, 05 Dec 2013 07:06:30 GMT

Unless you're figuring that you can give it all to charity in order to get legitimate deductions, I'll have to continue to believe that you're stupid enough to be surprised if you wind up in prison for tax evasion.

Reply #25

Coin Toss — Thu, 05 Dec 2013 05:04:01 GMT

Good point, whiteballz.

The difference between tax avoidance and tax evasion?

About 15 to 20 years.

As for the OP:

Would you move to a non income tax state if you won?

Yet another reason to take the cash option, no

Reply #24

Pita Maha — Thu, 05 Dec 2013 01:38:24 GMT

I'm already in a non state-income tax state and I love it here. I'd stay in Florida. Sitting here in shorts and sleeveless shirt, December 4th, 8:30pm, doors and windows open, slight gulf breeze, perfect temperature (72) ... heaven.

Reply #23

haymaker — Thu, 05 Dec 2013 00:04:50 GMT

True, he would have been better off in a state w/out sales tax.

Reply #22

whiteballz — Thu, 05 Dec 2013 00:00:00 GMT

You sould like Irwin Schiff. http://www.paynoincometax.com/irwinschiff.htm

FYI. Irwin Schiff is in prison for tax evasion.

Reply #21

Jill34786 — Wed, 04 Dec 2013 22:55:49 GMT

Moving to Florida didn't help David Edwards hang on to his lottery winnings.

It sure didn't. He also never really made an attempt to earn any income from his windfall so residing in a non-income tax state was of no benefit.

Reply #20

geerod2001 — Wed, 04 Dec 2013 22:52:06 GMT

Why do most people just assume any type of tax would have to be paid in a U.S.lottery win?

I know for a fact that it is not required if:

1) you understand how our money supply works and

2)how to properly complete state and federal tax forms.

I know I'll hear the usual responses that it is required so continue to believe what you want to believe people.

Reply #19

helpmewin — Wed, 04 Dec 2013 21:21:00 GMT

Reply #18

New York — Wed, 04 Dec 2013 18:22:42 GMT

LOL, K. :p

Reply #17

New York — Wed, 04 Dec 2013 18:22:21 GMT

True story. Well said.

Reply #16

sully16 — Wed, 04 Dec 2013 18:09:22 GMT

LOL, That is so true.

Reply #15

Toronto — Wed, 04 Dec 2013 18:05:29 GMT

LOL I think 2 homes elsewhere equals the cost of 1 in NYC, especially the spot you've chosen.

I'm quite confident I am capable of managing the money more so than you or David Edwards.

Reply #14

NightStalker — Wed, 04 Dec 2013 18:04:04 GMT

Right, but further income would not be taxed, if I understand how it works.

Reply #13

BobP — Wed, 04 Dec 2013 17:58:27 GMT

Somehow I can't shake the feeling that being a drug addicted jail bird was why David Edwards lost it all.

http://www.nydailynews.com/news/national/unemployed-ex-con-turned-powerball-winner-dies-hospice-article-1.1536710

On the other hand, you can kill a man giving him all that drug and booze money all at once. At least he had a good ride before going over the cliff.

BobP

Reply #12

ogivens15 — Wed, 04 Dec 2013 17:54:25 GMT

Moving would not help anyone..You will pay taxes on the state you live in............Too late.

ogg

Reply #11

noise-gate — Wed, 04 Dec 2013 17:51:05 GMT

Not a chance. The nearest State to have that set up is Nevada and its a nice place to visit but l would not want to live there under any circumstances. Take away Las Vegas Reno and its a dry well for me.l like the idea of being close to the Ocean 4 hours away from snow, since l snowboard come winter. California has it all along with the high taxes but its home. Could be worse elsewhere. Love seafood as well- if l moved to Nevada, they probably would serve frozen crab and that's a complete no-no.... [ More ]

Reply #10

New York — Wed, 04 Dec 2013 17:41:19 GMT

No offense, but folks, this is how certain people end up like David Edwards.

And NO.

When the big hit comes, I'll stay right here in NYC and buy a nice little townhouse, near the West Side Highway.

Reply #9

NightStalker — Wed, 04 Dec 2013 17:39:51 GMT

Yes, to Texas. I would move there now if I could afford it, plus I wouldn't want to be that far from my parents if something happened.

Reply #8

rdgrnr — Wed, 04 Dec 2013 17:32:01 GMT

Look at the bright side though, sully.

You can go to Mackinac Island and buy fudge from 137 different Fudge Shoppes, all right next door to each other.

Reply #7

Toronto — Wed, 04 Dec 2013 17:30:16 GMT

At some point down the line, yes, but I will have multiple homes that I will spend the rest of the half of the year at.

Reply #6

Astekblue — Wed, 04 Dec 2013 15:11:31 GMT

LOL

Reply #5

sully16 — Wed, 04 Dec 2013 14:31:42 GMT

I'll stay in Michigan, freeze my butt off in winter and stew in my own juices in summer, heat on in the morning, air on at night, mosquitos the size of humming birds, migrating geese that deliver special packages all over my freshly washed car.

Flash floods, drought, 5 feet of snow.

Ahhhh...There's no place like home.

Reply #4

mypiemaster — Wed, 04 Dec 2013 13:37:20 GMT

Already too late after you won.

Reply #3

RJOh — Wed, 04 Dec 2013 13:14:46 GMT

Moving to Florida didn't help David Edwards hang on to his lottery winnings.

Reply #2

billionaire2bee — Wed, 04 Dec 2013 12:18:14 GMT

Ive always wanted to move to Miami, but Im going to end up paying taxes here cause this is where I ll win anyways...but Im not moving because there is no state income tax

Reply #1

rdgrnr — Wed, 04 Dec 2013 10:09:59 GMT

We have no tax in Tennessee either.

Nor does NH.

Good thing too, cuz I got the high ground here.

And that's how I like it.

Would you move to a non income tax state if you won?

whiteballz — Wed, 04 Dec 2013 09:57:55 GMT

There are 7 states that do not impose income tax on their residents. The 7 states are:

Alaska

Florida

Nevada

South Dakota

Texas

Washington

Wyoming

If you won a jackpot of 5 million dollars or more, would you move to one of these states? You will most likely have to pay taxes from the state where you won the lottery the year you won but all your future income will not be taxed by the state. Would it be worth it to you