UAL vs AA
12-31-2023, 07:07 AM
#141
Banned
Joined APC: Jan 2008
Position: Pilot
Posts: 2,625
Originally Posted by tallpilot
The I-95 corridor, Chicago and California take the cake for high cost of living partly due to housing prices and partly due to tax burden.
I hear the property tax vs income tax argument often especially with regard to TX vs other southern states.
Websites that compare cost of living between states usually use average or median incomes. For a family making $75k in gross household income $3,750 in income tax plus $1,500 in property taxes in Alabama is a lower overall burden compared to no income tax Texas. For a pilot making $550k paying $27,500 in state income tax the $7,000 (make it $12,000 in a McMansion) property tax is still far less.
Live anywhere you wish and pay for it but at pilot income levels it's absurd to suggest that even 50% reductions in property taxes make up for state income tax. They do not and the reduced SALT deduction further reduces the offset from lower federal taxes.
I hear the property tax vs income tax argument often especially with regard to TX vs other southern states.
Websites that compare cost of living between states usually use average or median incomes. For a family making $75k in gross household income $3,750 in income tax plus $1,500 in property taxes in Alabama is a lower overall burden compared to no income tax Texas. For a pilot making $550k paying $27,500 in state income tax the $7,000 (make it $12,000 in a McMansion) property tax is still far less.
Live anywhere you wish and pay for it but at pilot income levels it's absurd to suggest that even 50% reductions in property taxes make up for state income tax. They do not and the reduced SALT deduction further reduces the offset from lower federal taxes.
12-31-2023, 01:29 PM
#142
Clear ECAM
Joined APC: Oct 2014
Posts: 887
Originally Posted by tallpilot
The I-95 corridor, Chicago and California take the cake for high cost of living partly due to housing prices and partly due to tax burden.
I hear the property tax vs income tax argument often especially with regard to TX vs other southern states.
Websites that compare cost of living between states usually use average or median incomes. For a family making $75k in gross household income $3,750 in income tax plus $1,500 in property taxes in Alabama is a lower overall burden compared to no income tax Texas. For a pilot making $550k paying $27,500 in state income tax the $7,000 (make it $12,000 in a McMansion) property tax is still far less.
Live anywhere you wish and pay for it but at pilot income levels it's absurd to suggest that even 50% reductions in property taxes make up for state income tax. They do not and the reduced SALT deduction further reduces the offset from lower federal taxes.
I hear the property tax vs income tax argument often especially with regard to TX vs other southern states.
Websites that compare cost of living between states usually use average or median incomes. For a family making $75k in gross household income $3,750 in income tax plus $1,500 in property taxes in Alabama is a lower overall burden compared to no income tax Texas. For a pilot making $550k paying $27,500 in state income tax the $7,000 (make it $12,000 in a McMansion) property tax is still far less.
Live anywhere you wish and pay for it but at pilot income levels it's absurd to suggest that even 50% reductions in property taxes make up for state income tax. They do not and the reduced SALT deduction further reduces the offset from lower federal taxes.
I live in South FL. $215k gets you a 1BR apartment. Maybe. I have one that I rent out for $2k a month which is below market just because he’s been a good tenant for many years. You wanna live in a metro area down here be prepared to spend $600k+ for a single family house on postage stamp land unless you wanna live in the swamp. Property tax is low and no SALT, but the price for entry has gone bonkers.
Edit: Oh yeah, and I live by the beach. Ask me what I pay for homeowner’s insurance.
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