Tomas Vykruta Data Daily

WOW! Trump's new tax plan (2018) is taking money from single people and giving it to married couples. When did IRS become a federal marriage counselor? Take a hypothetical NYC Wallstreet earner who declares $350,000 a year taxable income. 2017 single earner keeps $206k 2017 married keeps $215k 2018 single earner still keeps $205k 2018 married earner keeps $235k! by getting married, in 2018, $30,000 tax savings. That's enough to buy a brand new luxury car _every year_, or $2500 monthly payments on a mortgage $1M home! $30,000 in _after tax savings_ is a huge amount of money in america. What the fuck? (above) tax savings for single earner. almost no savings at all! (above) Tax savings  for married earner. almost 5% lower effective federal! (above) Taxes in 2017 and 2018 for married earner. (above) tax savings for 2017 and 2018 single earner (virtually no savings).

I've spoken with numerous financially savvy people in past few months who think the long term capital gains in New York are ""somewhere 15% to 20%?". It's actually 31%-33%. If you had significant gains in, say, a company's stock, and you have a high active income, you're going to get CRUSHED when you sell. For a 400k annual active income earner your effective long term capital gains tax is 33.64%. For rich trust fund people who don't work and earn W2 income, they pay 22.45%. But of course they wouldn't be dumb enough to declare Manhattan as their home base, they'd be in Miami, Florida where the long term capital gains tax is 12.75%. Life isn't fair. don't be mad. But don't be dumb and sell your stock thinking it's a tax efficient  diversification strategy. **Take a year off work, move to Miami, and dump it there. **I'm not sure if the feds let you do this, if you earned it in NYC, they might still t...