New York has officially stooped to a new level of desperation sure to topple the Empire State. The tax man is even going to the lengths of tracking your vet and dentist visits, phone location and social media activity.
It may sound like a horrifying science fiction movie, but it’s true and happening right now. Here’s what you need to know. Here’s why you’ll probably want to leave NY too, even if you love everything else about the state.
Through last summer 48,000 people fled New York. Mostly for tax reasons. Last week we covered how even Alexandria Ocasio Cortez’ mother announced she had abandoned the state, trading her $10,000 a year property tax bill here for just $600 a year in FL, and no state income taxes.
Get Ready for the Biggest Tax Tsunami Yet
Sadly, what’s coming next may make today’s taxes in New York look pitifully cheap. Especially for those living in Nassau County, Long Island.
Governor Cuomo recently admitted the plan to tax, tax, tax the rich has miserably failed. It has just made them move away. A new dramatic fall in tax revenues mean his new annual budget is already busted, even with a $2.3B deficit If you’re still in NY, and if you’ve still got money (and even if not), you can bet you’ll be footing that bill on top of all the other taxes and new property tax hikes happening.
If you think all of these charges aren’t going to break your bank, just wait until 2020, when you may quite likely be paying well over 70% in taxes. That means everything you make through October each year going to just pay taxes. Christmases are certainly going to start looking a lot leaner. Though on the bright side we may not have to worry about putting on many more pounds over the holidays anymore.
You Can’t Escape
The most obvious move is to simply sell up and head to another state with a fraction of the taxes. Only now it is revealed that NY is auditing 100% of the taxes of those leaving the state. In the past few years they’ve used these bounty hunter like methods to bring in an additional $1B, at an average tax bill of almost $150,000 per person. As mentioned above, they are now using every piece of data they can scrape together to hunt ex-New Yorkers down. Unless you keep the battery out of your phone, never use a credit card again, go dark on social media and never visit a doctor, they are probably going to find you, and tax you.
Every claim of tax reform has proven to be a complete scam so far. Typically increasing our property taxes even further. So, while they might get you on your way out of town, it may be better to bite the bullet now, rather than wait till that bill is even bigger.
This is obviously going to deter people and businesses from in too. Who would want to volunteer for this type of treatment? How great will it be then? No jobs, high crime, a serious lack of public services, even more extreme taxes and tracking of your money. Oh, and wait until they reveal the new recession has already hit and they need even more revenues to cover the losses.
Even the most loyal New Yorker, who is very pro taxes, and has plenty of money to spend on them has to see this trend as a losing strategy.
You can appeal your property taxes and try to fight to hold on and stay. Or you can challenge your tax assessment, try to sell your property before the market goes down further, and get out before it gets even more expensive. What will you do?