First year, if I make $600,000 in a No Income Tax State

[Pekelo]

As a trader, does it make sense to live in one of these states if your income tax will be almost a 9-10% addition to your federal?

If you like to live in those states, then yes. First, everybody has to live somewhere and you are resident somewhere first, and become a trader later. Now if all your friends and family is in NY state, would you leave everyone behind for an extra 10% income? You might, most people wouldn't. Now let's say you have absolutely nobody whom you are concerned about, then sure, you can pick a state where the tax treatment is preferable. But there are other things to consider, like time zones, geography, climate, general assholery of the locals,etc.

Also, you can establish residency and tax status in one state and still live in another one. You know like the snowbirds in Fl...

TL;DR: taxes are not everything...

 

[marcoPolo21]

i moved from Las Vegas, to California, for family reasons

hate the State income tax, and property taxes, compared to Nevada

but i sure love the Weather

marc

 

[wartrace]

I moved to Tennessee from New York State years ago. There is no income tax or capital gains tax in Tennessee although there is currently an income tax on dividend and interest income called the "Hall tax". They are working on repealing the Hall tax.

I love it where I live. My nearest neighbor is a half mile away; nothing but woods and hay fields surrounding my home. I see deer, turkey and other wildlife every day but no people.

 

[bone]

One of the great things about electronic trading is that geographical location makes less of a difference than the time zone and the ECN.

And if you can dramatically alter your cost of living while enjoying a lifestyle and climate that pleases you - that is tangible goodness.

 

[jj1111]

One of the great things about electronic trading is that geographical location makes less of a difference than the time zone and the ECN.

And if you can dramatically alter your cost of living while enjoying a lifestyle and climate that pleases you - that is tangible goodness.

tangible goodness -- i like it.

 

[Handle123]

I moved to Tennessee from New York State years ago. There is no income tax or capital gains tax in Tennessee although there is currently an income tax on dividend and interest income called the "Hall tax". They are working on repealing the Hall tax.

I love it where I live. My nearest neighbor is a half mile away; nothing but woods and hay fields surrounding my home. I see deer, turkey and other wildlife every day but no people.

Must take a whole day to check all the sights of your town.

https://www.tripadvisor.com/Tourism-g55400-Wartrace_Tennessee-Vacations.html

So they gonna repeal the Hell tax? The hell with them taxing the small working men cause they gots to walk their horses and have special museum about it too. Horses must have a good union?

 

[wartrace]

Must take a whole day to check all the sights of your town.

https://www.tripadvisor.com/Tourism-g55400-Wartrace_Tennessee-Vacations.html

So they gonna repeal the Hell tax? The hell with them taxing the small working men cause they gots to walk their horses and have special museum about it too. Horses must have a good union?

It would take about 10 minutes to see the sites here. The Tennessee walking horse is trained to have a very steady gait so the rider experiences a smooth ride. I am NOT A FAN of the industry and how they train their horses but they are here.

Make fun of it all you want but I love it here. Nice rural farmland and rolling hills. Probably as close to "Mayberry" as you can get in this day. It isn't uncommon to see horses tied up at the store or strolling down the road.

 

[Handle123]

It would take about 10 minutes to see the sites here. The Tennessee walking horse is trained to have a very steady gait so the rider experiences a smooth ride. I am NOT A FAN of the industry and how they train their horses but they are here.

Make fun of it all you want but I love it here. Nice rural farmland and rolling hills. Probably as close to "Mayberry" as you can get in this day. It isn't uncommon to see horses tied up at the store or strolling down the road.

Well, I laugh with you as in five years I want to buy a farm in eastern Texas only with more water on it. Am not a fan of horses much, two times too often been thrown into cactus. Maybe keep a couple for buggy rides or pull for hayrides.

 

[DarthSidious]

I moved to Tennessee from New York State years ago. There is no income tax or capital gains tax in Tennessee although there is currently an income tax on dividend and interest income called the "Hall tax". They are working on repealing the Hall tax.

I love it where I live. My nearest neighbor is a half mile away; nothing but woods and hay fields surrounding my home. I see deer, turkey and other wildlife every day but no people.

How do you get internet service there? I can't see ISPs falling over themselves to serve such an area

 

[wartrace]

How do you get internet service there? I can't see ISPs falling over themselves to serve such an area

I use a Sprint 4G modem and a "fallover" backup using an ATT hotspot. I have a Wilson Amp's "WeBoost" that boosts the signal from one bar to full bars inside the house. I have the WeBoost antenna up on a 30' pole.

Sprint is expensive (112 bucks a month for 40gb) but it is the only service available. I also have a VPS from speedy trading servers so my trading machine is always on and located in Chicago.