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Author Topic: NH tax burden drops  (Read 14194 times)

stanrozenfeld

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Re:NH tax burden drops
« Reply #15 on: April 21, 2004, 03:19:27 am »

Does anyone know anything about the status of real estate transaction tax?  Supposedly it's $.75 for each $100 to be divided between seller and buyer.  That means that if you buy a $200,000 house, it's $750 for each party... yet more money to add to the already huge closing costs.
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Tracy Saboe

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Re:NH tax burden drops
« Reply #16 on: April 21, 2004, 03:29:49 am »

It's not that much. Only if you make more then $2,400 a year, will there be a tax. And only on the amount over it.

I don't think it includes capital gains does it?

Tracy
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wes237

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Re:NH tax burden drops
« Reply #17 on: April 21, 2004, 03:48:50 am »

 I think 5% is a lot of money.
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Tracy Saboe

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Re:NH tax burden drops
« Reply #18 on: April 21, 2004, 03:54:12 am »

Do you make more then $2,400 a year from interest and dividends?

Tracy
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We agree that "Government is not reason; it is not eloquent; it is force. Like fire, it is a dangerous servant and a fearful master. Never for a moment should it be left to irresponsible action." --George Washington

Jack Conway

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wes237

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Re:NH tax burden drops
« Reply #19 on: April 21, 2004, 04:08:45 am »

Yep
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Michelle

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Re:NH tax burden drops
« Reply #20 on: April 21, 2004, 09:15:54 am »

Some how I missed this. And I am going to have a major problem with it.

I don't understand the details of it, but I'm told that if you see a good CPA it will be very easy for most people to restructure things in order to avoid this tax.
« Last Edit: April 21, 2004, 09:17:45 am by Michelle »
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Mike Lorrey

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Re:NH tax burden drops
« Reply #21 on: April 21, 2004, 03:14:55 pm »

Yes, anyone wanting to minimize their tax footprint should look into overseas investment trusts.

AFAIK, NH taxes on interest and dividends applies to accounts held in NH.
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Tracy Saboe

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Re:NH tax burden drops
« Reply #22 on: April 22, 2004, 12:23:53 am »

Yep

It doesn't apply to capital gains right? Make sure your not counting that. (Hopefully you'll correct me if I'm wrong.)

Hopefully we'll get rid of it anyway.

After the StateWide property Tax is gone, we should try to cut the rate in half. And only on income greator then $5,000 a year. And eventually abolish it.

Tracy
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nonluddite

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Re:NH tax burden drops
« Reply #23 on: April 22, 2004, 03:58:21 pm »

Some how I missed this. And I am going to have a major problem with it.

Two words: Capital Gains!

Don't buy bonds or other interest bearing accounts and don't buy stock with large dividends.
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JonM

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Re:NH tax burden drops
« Reply #24 on: April 22, 2004, 06:00:40 pm »

Some how I missed this. And I am going to have a major problem with it.
It's 5.3% in Massachusetts, and there is no floor, you pay from dollar 1, except for a small exemption ($100/$200) for Massachusetts based bank interest.  Short term capital gains are 12% in Massachusetts, 0% in NH.

So if you somehow pull in $3000 a year in interest and dividends, you must pay 5% of the $600.  The exemption is doubled for married filing jointly.

http://www.nh.gov/revenue/faqs/dra_900.htm

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Tracy Saboe

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Re:NH tax burden drops
« Reply #25 on: April 26, 2004, 02:10:50 pm »

I say when we get there we work on raising the floor and lowering the percentage.

Tracy
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We agree that "Government is not reason; it is not eloquent; it is force. Like fire, it is a dangerous servant and a fearful master. Never for a moment should it be left to irresponsible action." --George Washington

Jack Conway

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Conway’s Utilities Rate Hike Scandal
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jgmaynard

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Re:NH tax burden drops
« Reply #26 on: April 26, 2004, 03:30:26 pm »

Of course, you need to have about $1M invested to get $2400 in I&D...

So for 99.5% of people, that is just a moot point.

You can't call it an income tax using any definition that wouldn't cause ALL taxes to be considered an income tax.

NH has no real income tax, nor sales tax.

JM
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JonM

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Re:NH tax burden drops
« Reply #27 on: April 26, 2004, 09:22:54 pm »

Some stocks pay rather high dividends, more likely with the reduction in dividend tax on the federal side.  It is not impossible to hit $2400 in dividends if you're invested in a lot of dividend paying stocks over a long period of time as they split etc.  If after 20 years your 100 shares of XYZ corp are 2,000 shares paying 50 cents a share, there's $1000 a year right there.

Of course, before deciding where on the tree this issue is, it would be nice to know what the state collects per capita on I&D, and individual numbers (how many at certain levels) if possible.
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Mike Lorrey

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Re:NH tax burden drops
« Reply #28 on: April 26, 2004, 10:06:05 pm »

The I&D tax is entirely avoidable, people. Establish a Belize Trust and have it do your investing for you. Not only do you avoid the I&D tax in NH, you avoid ALL capital gains on ALL investments made by the Trust in the US (since the trust is a non-resident alien who is not employed in the US). Furthermore, the IRS cannot freeze your assets in Belize, and if it is a irrevocable trust, they are not your assets anyways. You set yourself up as a beneficiary and consultant to the trust.
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wes237

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Re:NH tax burden drops
« Reply #29 on: April 26, 2004, 10:20:06 pm »

Mike Lorrey ...

Do you have any money invested offshore? What do you know about it? I happen to know a "little" myself. And anybody who says that a regular guy can hide money offshore is sadly mistaken. It is a lot more difficult than you can imagine to move money out of this country and to develop a way to keep it from the hands of the IRS. Belize turned over a couple of years ago. Belize is old news. Most of the countries who were used as tax havens have rolled over. The long arm of the USA has got you unless you have a huge corporation, or as an individual have a whole lot of $$$ to invest offshore,  or unless you completely walk away from the USA and disappear. That's the facts. New partnerships are developed between countries every day to expose these things.

And it is not difficult to have a little bit of money that NH can claim you owe them taxes for once a person becomes a resident of NH. For me it is oil and gas leases. And I don't make that much from them but enough that it bothers me they think they can get their hands on any of it. The feds already take a chuink of it and I do not want to give any more away to a state.

So you see....residence in NH is being seriously reconsidered by me.
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