Lmfao. So tru. In 2013 I went to live in San Fran for a bit. It was 3600 a month for a studio apartment. Plus 450 for a parking spot. A tourist is always parking in illegally so you have to wait for a Tow. Beautiful. Downtown. Walking distance to everything. Beautiful girls everywhere. But man. If you didn't make 150/160k a year. You weren't comfortable@@microcolonel
Washington state resident here. Bezo's lived in Medina NOT Seattle and he didn't sell his house in Medina. He would have to pay the real estate excise tax (REET) if he did.
Also, he has a house in Washington D.C. near the Clintons, Obamas, and basically anyone rich, famous, and powerful…. I suspect he has more homes we don’t even know about too.
For tax purposes, you need to live in a state residence the majority of the year. 183 or more days. So he doesn't need to sell his house, just not be there most of the time.
You guys have way too many taxes and new gun control laws. I lived in that shithole of a state in 2017. I won't make that mistake again. Also, your drivers suck. They don't understand the proper usage of the left lane.
I always wait for it and do a sound like maimaimaimaimai until she finishes it. It's so habituated that I'd just mumble it when other people are there around
I moved from NYC to FL a few years ago. I have saved six figures worth of state/city tax already. I have more money to save/invest and I can retire at least two years earlier than I had originally planned.
Tax question! If my wife and I bought land and a house with her parents on the name as well, when they pass do we have to pay any taxes on the portion of the property we would assume from them? Living in Oregon
Assuming good title for all three co-owners, as far as federal estate tax goes, no. Whoever gets her share gets a tax basis on just that share equal to the FMV on the date of her death. For state inheritance taxes and transfer taxes, check with a tax or real estate attorney licensed in the relevant state.
But, if her parents get into an auto accident because they were too old to drive, and there is a lawsuit bigger than their insurance, the property might need to be sold to pay the damages, unless they live in the house and are in a state with strong homestead protection. You need an estate attorney, not a tax attorney.
basically a JD lets you practice law if you pass the bar, a CPA can file tax returns, represent a client with the IRS, sign audit opinions, and an EA can file tax returns. If you need IRS representation, look for a JD with an LLM in Tax (masters degree in tax law)
Hey Jasmine, I hope you're doing well. I work at a Financial Planning & Wealth Management firm. I often get complex tax questions that are outside my scope of practice. Not sure if you are taking on new clients, but if you are... I'd love to have a conversation.
Warren Buffett said recently, “If the top 800 corporations in the United States were taxed at the same rate that I pay tax, there would be no more income tax or property tax or fees for every American.”
And, like Bezos, many of the companies would move where the tax burdens are reduced. While I bet this all works out mathematically, I dunno if we can attract the massive business to the US with a much higher tax rate. Maybe there’s a way to make it work but it seems extremely tricky. Has to be appealing enough to keep companies here and attract employees and all that.
Taxes on businesses just get passed onto the business's customer base. Better to just go to a national sales tax and terrifies. Don't tax essentials like food. That way taxes entirely depend on how you want to live your life.
And you would also get a rapid decrease in economic activity with businesses and investors losing corresponding capital. Businesses and investors, for the most part, allocate capital to produce more capital. The government captures money through tax and essentially nullifies the capital producing effects of that money by allocating it, mostly, to non-capital producing enterprises. By raising taxes on businesses to those seen by individuals, you essentially restrict a businesses capital producing ability. Your issues shouldn’t be that we should tax businesses like individuals but rather why do we have such high taxes in the first place.
I haven’t read the law, but does anyone know if there is a sourcing rule? For instance, does it tax the gain that was incurred while you lived in Washington or do you have to be a resident at the time of the sale?
@ That’s a recognition and timing rule. A sourcing rule is different. A sourcing rule would wait for recognition when you sell something but it would look back to where you or the property resided during its appreciation and make a claim against that portion. Don’t worry. I need to look it up and read it when I have time.
@@ashackataklol because taxes don’t ever creep down. The income tax was supposed to be just for the rich too. Wait until people sell their homes with more than $250 K in equity “lol”
Apparently my vote against it was in the minority. We also voted against msrp calculated vehicle registration, the state reversed the overwhelming majority vote!
@@hippievan4040 in fairness the bottom bracket is 0% 50k is tax free Effectively in Washington it's either 0%, 15% or 27% with that law. Which is totally fair, earning 250k in capital gains a year is a LOT more than what they make it sound like. (Yes yes, it's taxable as it's removed, but you can easily duck this 12% higher tax bracket by simply selling less than 250k a year). At 1 million that's a 25% gain, the S&P averaged 10% over the course of its life. Which is a good measure of the 'average' somebody might make with a long term investment. At 10% you'd have to have put in 2.5 million to get those kinds of gains, and at the "average" 30% on saving budget, that would be "high risk" for anybody but those with over 7 million dollars (it doesn't scale quite that way but you get what I mean). The fact is these brackets despite being so high that anybody paying into them has plenty of money to pay into them, are still not for the 'elites' like Bezos, who filter their gains through loans and reinvestments to avoid and defer taxes into the lower tax brackets.
Washington also has the highest gas (petrol) tax in the US, a 10% state sales tax (plus county and city sales taxes), fairly high property taxes, cities have per employee business tax, there is a state death tax, and a bunch of other taxes. So it's not as simple as just looking at one tax.
Capital gains are NOT considered income. They are separate taxations. Income taxes are taxed higher because we're a stupid country now that believes in looking out for the wealthy rather than the majority.
WA state has no state income tax (it is banned by the state constitution). They introduced a small pay roll tax (only affects W2 employees). The capital gains tax is just that, a tax on capital gains in addition to the federal tax. It only applies if you collect more than $250k in capital gains per year. HOWEVER, the state is also talking about wealth taxes, and every other tax the state passes has always generalized, ie moved from the 'rich' to everyone.
@@Vejitasei That's every tax ever. Income tax used to be "temporary to fund wartime efforts". Then the government saw how much money they were raking in and, it became very much permanent
@@Rayden440 back in the good ole days when the local market was just a horse and buggy ride away - sadly after the war we also needed interstate transit and commerce and a national highway system.....not sure why the government spends so much on military though, especially when we arent at war.
@@Taylor-e6n 22% is still less than you'd pay at ordinary rates if you're over the 250K limit, not to mention the federal benefit of state tax deductions would haircut the amount to about 2/3. i'm all for lower your taxes, but chooses where to live based on taxes is kinda silly especially considering how much higher high tax states tend to pay.
Your capital gains get added on top of your ordinary income. Then there's Tax% for each income bracket you cross into wether short-term or long-term. And for state tax your gains typically get tax as if it was ordinary income
No estate tax, no cap gains tax, beautiful from mid Oct to mid April. I'm a WA resident and live in WA Apr to Oct then FL winter months. ❤️ FL Whatcom County summer and Sebastian winter 👍. Birdbrains in both states.
He's already worth so much and would easily have more then enough money to ever hope to spend in his life, yet he isn't willing to pay a few extra dollars in taxes to help out the state that he's in. 😮
why would you give that money to a state that will completely waste it, buying a mega boat is more productive then the state of washington blowing it and benefiting no one. at least the bunless making the boat can pay the workers a lot
I also live in WA state, I am not worth billions or 'so much' and I will 100% be leaving the state prior to retirement because I do NOT choose to pay them capital gains. WA is also talking about wealth taxes, and taxing unrealized capital gains; if that passes I will leave immediately.
@@scottbowen4997 my comment was about him selling shares. He still owns property in Washington. The invest he was trying to make in Florida got banned by numbnuts desantis 🤷🏽♂️ there’s goes that.
@@scottbowen4997 my comment was for the selling of the shares. He still owns plenty of property in Washington. The invest he tried to make in Florida just got banned by desantin
Basically they're trying to tax the rich, and now the billionaires are mad and leaving, so the lawmakers tried to repeal the law and the people said "nah let's keep it"
@T____W____7777 lol spoken like a true kindergarten student. Next time, be more specific. What taxe is good and why. Is having a high capital gains tax that promts the wealthy to leave the state really what you're trying to accomplish?
Right now, our state is suing the voters (with taxpayers' money) for the second time for voting against something the government wanted. We voted against higher car tab taxes. He sued. And won, overturning the vote. He's doing it again with natural gas. We have no choice. Washington State is not a democracy anymore.
It’s very much a “let the rich guy pay for it” mentality. The tax has $250/yr exempt threshold, so it does not apply to the vast majority of voters. OTOH, we’ve been trying yo get our vehicle registration fees (car tabs) reduced - unfortunately, even though the people voted for it, the bill was deemed unconstitutional and not supported by lawmakers.
And resulted in exactly what many economists have warned is that putting too much tax on the high money makers of the state makes them leave. Way to go losing one of your big tax payers. People are foolish, they think taxing big money will result in better government when in reality it hurts everyone and especially your future if you manage to start making some real money.
The question that would be interesting for you to answer is why did Facebook and Tesla go to Texas?. My theory is Texas amongst Nevada are the only two states that have alodial land left in this country. Could it be that they bought a alodial land in those areas that is on its own power source?
@@sithrice83 No prob, and I get it for sure. I think a lot of people are bothered by the Kardashians in particular. They talk like that pretty much any time they do their confessional where they talk to the camera during the show.
Y’all forget about the debt financing thing rich people do. They borrow against the value of their assets in the hope that the value of their assets will exceed the interest on their debt. That debt is basically tax free. There may be some taxes paid but they are way less than what should be paid. Politicians will obfuscate the issue to get you to vote for them but won’t change anything because they also benefit. Cronies benefiting cronies after all…
@@nelsblair2667 No, if you bought XYZ corp for $5000 and sold it for $6000 you would pay tax on $1000. It would have only have been taxed the year of sale. It's the same for coins, real estate, crypto, even if you started a company like "joes plumbing". Of course you would pay tax on any earnings or dividends during your ownership, but the gain is taxed once when you sell.
The problem is what the cost of homeowners insurance in the state of Florida most retirees can no longer afford to live there. A multi-millionaire or a billionaire wouldn't be a problem.
@J123G if a billionaire owned a $250 million dollar mansion they be a fool not to have an insured. Also owning a car your mandated by state law to have car insurance.
@@Billie4404 question is how much was homeowners insurance on both homes when you first moved down there versus how much you pay now. I see people tell that Florida has no income tax but you might be able to live somewhere else cheaper because of insurance costs.
This video is wrong. Washington State did not try to repeal this tax. An initiative tried to repeal it, which doesn't come from the legislature. It comes from a person with enough signatures to get it on the ballot. The repeal language was written with double negatives to try to confuse voters, which didn’t work, but it probably helped get enough signatures.
@maverick_trail over 64% voted to keep the tax with almost 4M people voting. From a statistics perspective, stating most people don't want this tax is inaccurate. YOU don't want this tax. People YOU associate with don't want this tax. Get out of your echo chamber.
@@jonathansage2147 That's not how voting works in this state. Voting, in and of itself, is a complete scam without the transparency to support it. There is zero transparency in WA and the Sec of State has been hit with audits and lawsuits related to sketchy voter registrations, mail-in voting procedures, etc. However, you go ahead and keep trusting the system that is taking advantage of you on a daily basis.
There's never been a human society that didn't have SOME form of tax or communal resources. Even the most limited government needs some source of revenue to carry out its functions. You can certainly debate whether this particular tax is good or not, but the idea that all tax is inherently bad is a libertarian pipedream.
@@brandoncarter438 sooooo much tax for people selling a quarter of a fucking million dollars in stock in a year. All in, if you sold stock while living in WA for a $250,000 gain, you'd have net ~200,000....thats more than the average income earner sees in half a decade. Thats a crazy amount of money to make on the side, and only paying 22% in taxes seems pretty good for a years worth of selling capital assets.
@@goingtobe2003 so the state doesnt tax 44% of capital gains is what you are saying? Basis of my question being SC Income = Federal Income modified for SC Law - so basically Fed Income including Cap Gain minus 44% of cap gains = SC Income?
The 1916 Federal Income Tax Act levied a small nominal flat fee that is not on a sliding scale and not dependent on your income. That limitation on the Federal Income Tax was a teaser so as to ensure easy passage of the Bill through both Houses. It was a foot in the door that allowed the Government to coerce more money in the future. Today’s Federal Income tax is oppressive and even criminal to the point of theft. The government confiscates wealth from productive workers to give to less productive ones - under the guises of socialist Keynesian economic. It taxes beyond ordinary income but including interest, dividends, capital gain, and even a death tax. And to what end does the government spends trillions of taxes? Wars. Terrorism. Corruptions. Graft. Boondoggle .
Only 7% on capital gains where as actual employment income is above 30%. It creates a more even playing field. Being renumerated in stock over salary is effectively tax avoidance.
“This would be amazing if Jeff… oh he’s in Florida… maybe we should repea- nvm looks like the people want this to pass so they can tax the 1 I mean 0 billionaires in the state”
The initiative to repel was poorly written, and I personally believe that people did not understand what a yes or no vote meant. There wording is: Initiative Measure No. 2109 concerns taxes. This measure would repeal an excise tax imposed on the sale or exchange of certain long-term capital assets by individuals who have annual capital gains of over $250,000. Should this measure be enacted into law? With that said politics in WA are controlled by Seattle, and they are crazy progressive! WA is also working on a wealth tax, including taxing unrealized capital gains (if that one pases I am leaving).
@@warrentrout I guess he could have founded Amazon in Florida…but it would have died in infancy. Same thing for Tesla…it would have died in infancy if it had been founded in Texas. These billionaires forget that the states with the high taxes that they whine about are the same states that provided a friendly and robust beginning. Imagine…actually giving back to the infrastructure that you relied upon to get started…
I live in WA and that CG tax helps support local infrastructure. I’m sorry, but if you have capital gains of $250k or more, you can afford to pay a 7% tax.
@wherlz3052 since you like paying taxes, move to CA and stop ruining WA. Now Olympia is going to lower the threshold and eventually include gains from real estate. This state is finished, CA 2.0.
I wouldn't even be opposed to it, except the obvious collusion that occurred between the government and WA Supreme Court. They classify this tax as an excise tax and not an income tax.
Also - Creditor Protection: • Protection from Forced Sale: Florida’s homestead exemption protects a primary residence from forced sale to meet the demands of creditors, with certain exceptions (e.g., mortgages, property taxes). This protection is unlimited in value but is limited to properties on up to half an acre within a municipality or up to 160 acres outside a municipality.
It's funny that the richest people in the world still have their actions determined by others, like taxes. If I was rich, I would live wherever I damn well pleased and pay whatever taxes that resulted in.
That's not why he moved don't kid yourself. He has so much money the taxes irrelevant. He had to pay billions in the divorce settlement do you think he's really worried about a 7% tax please
I wouldn't want to pay the government for my investments any more than I had to either. Lol They take enough of my money and blow it on the stupidest stuff.
Also: The Florida Constitution prohibits inheritance taxes and estate taxes. Better weather. His parents live in Florida. Blue Origin is increasingly shifting operations to Cape Canaveral.
Wealthy individuals can afford living anywhere in the U.S. Average income people can not even afford to live in Florida. Yes, the weather is great, but home insurance is expensive, and so is car insurance, rent, and food.
Same as OJ Simpson moving there before the Goldmans’ civil suit: • Protection from Forced Sale - Florida’s homestead exemption protects a primary residence from forced sale to meet the demands of creditors, with certain exceptions (e.g., mortgages, property taxes). This protection is unlimited in value but is limited to properties on up to half an acre within a municipality or up to 160 acres outside a municipality.
Should eliminate sales tax as well, why are we paying for tax that companies and business should pay with our money that's already been taxed by federal, state and city government?
He’s such a man for the people. Make billions, pay his workers peanuts and move so the tax he pays for roads, schools, and hospitals are the lowest he can pay. Aren’t billionaires lovely. They really care 🤣
no one is forcing anyone to work for him. same way no one is paying you to come up here to complain either. as someone who worked in 1 of his warehouses it sucks BUT i chose to seek employment there.
I remember when billionaires favored Washington State because it had 0 capital gains tax. Now they have to pay taxes like the rest of us. How does it feel?
IF they actually voted to keep it they get what they deserve when all the wealthiest people paying 65% of the taxes leave and you end up with massive decline in quality of life services!
@@AnAZPatriotlol, no. We don’t care if bezos leaves. He’s trying to avoid paying taxes. No thanks. He still has a house here and pays property taxes. Amazon still stays. There’s no loss in him leaving.
An initiative tried to repeal the tax, not the state. It is a popular tax. Voters did not repeal the tax despite the fact that the repeal was intentionally worded to confuse people.
Ban him to return (as tax avoider for life). Tax his goods and services higher as out of state business. This way those who stay locally will benefit by having more customers.
Too many damn taxes. Tax on property every year, which you purchased with income that was already taxed, when you sell the property you pay more tax. Capital gain tax, you invested in something with taxed income to only have it get taxed more. Nvm the sales, gas, cigarettes, recycle, and fees from DMV, any kind of license, health care, blah blah blah
Now that's rich !! The services that Capital gains tax pays for -- Will NEVER be used by the people that are paying that tax.. Democratic politians from the West side brag about how it is only to tax from the rich so others don't have to pay for Government services.
I love that your big donor Democrats don’t want to live in a Democratic state because of the taxes and move to a Republican state because of the tax benefits. They continue to support Democratic Sease, but love the enjoyment of Republican policies.
He was actually most worried about the Washington Estate tax on assets over the $2.193 million exemption.
Completely bypassed by stepped up basis anyways
So like, a 3br shack in Seattle?
Lmfao. So tru.
In 2013 I went to live in San Fran for a bit. It was 3600 a month for a studio apartment. Plus 450 for a parking spot. A tourist is always parking in illegally so you have to wait for a Tow. Beautiful. Downtown. Walking distance to everything. Beautiful girls everywhere. But man. If you didn't make 150/160k a year. You weren't comfortable@@microcolonel
@@calebsulzberger8761Do you think San Francisco is in Washington State?
@Boxman5 nah. But Westcoast cities are all the same.
Portland. Seattle. San fran. LA. San diego. VanCover
Washington state resident here. Bezo's lived in Medina NOT Seattle and he didn't sell his house in Medina. He would have to pay the real estate excise tax (REET) if he did.
Also, he has a house in Washington D.C. near the Clintons, Obamas, and basically anyone rich, famous, and powerful…. I suspect he has more homes we don’t even know about too.
For tax purposes, you need to live in a state residence the majority of the year. 183 or more days. So he doesn't need to sell his house, just not be there most of the time.
You guys have way too many taxes and new gun control laws. I lived in that shithole of a state in 2017. I won't make that mistake again. Also, your drivers suck. They don't understand the proper usage of the left lane.
@@andrewpena9041 you sound well balanced
@@andrewpena9041 get over it
to be honest, I just come here for the “and for actual law from a tax attorney, Subscribe” outro 😂
It could be part of a producer tag in a song 😂
Same, it’s an addiction at this point 😂
I don't like the vocal fry
I always wait for it and do a sound like maimaimaimaimai until she finishes it. It's so habituated that I'd just mumble it when other people are there around
Same here, I don't even live in the USA! Just like watching and hearing Jasmine.
I moved from NYC to FL a few years ago. I have saved six figures worth of state/city tax already. I have more money to save/invest and I can retire at least two years earlier than I had originally planned.
How are your insurances?
Money will always follow the path of least resistance.
Thanks for sharing Jasmine.
Tax question! If my wife and I bought land and a house with her parents on the name as well, when they pass do we have to pay any taxes on the portion of the property we would assume from them? Living in Oregon
Assuming good title for all three co-owners, as far as federal estate tax goes, no. Whoever gets her share gets a tax basis on just that share equal to the FMV on the date of her death. For state inheritance taxes and transfer taxes, check with a tax or real estate attorney licensed in the relevant state.
But, if her parents get into an auto accident because they were too old to drive, and there is a lawsuit bigger than their insurance, the property might need to be sold to pay the damages, unless they live in the house and are in a state with strong homestead protection. You need an estate attorney, not a tax attorney.
A bit off topic, but what shirt brand is it that you’re always wearing? Seems like the color changes every video, but the design stays the same
I am convinced she just dyes the same shirt over and over again
Bro why you worried about hey shirt?
@@lemonz1769 they want to buy it?
@@lemonz1769 What if he wants it for his girl? Or what if she is a girl?
@@lemonz1769because its a nice shirt
What is the meaning of the name of your channel "JD,CPA,EA"?
J.D. Juris Doctor
C.P.A Certified Public Accountant
E.A. Enrolled Agent.
basically a JD lets you practice law if you pass the bar, a CPA can file tax returns, represent a client with the IRS, sign audit opinions, and an EA can file tax returns. If you need IRS representation, look for a JD with an LLM in Tax (masters degree in tax law)
Google it
Hey Jasmine, I hope you're doing well.
I work at a Financial Planning & Wealth Management firm. I often get complex tax questions that are outside my scope of practice.
Not sure if you are taking on new clients, but if you are... I'd love to have a conversation.
got to her youtube page, click "more" in the description. She has a link there for "want to be a client"
How does the IRS know you moved to Florida? Dont you need to be a resident there and that takes a lot of time?
Warren Buffett said recently, “If the top 800 corporations in the United States were taxed at the same rate that I pay tax, there would be no more income tax or property tax or fees for every American.”
And, like Bezos, many of the companies would move where the tax burdens are reduced. While I bet this all works out mathematically, I dunno if we can attract the massive business to the US with a much higher tax rate. Maybe there’s a way to make it work but it seems extremely tricky. Has to be appealing enough to keep companies here and attract employees and all that.
Taxes on businesses just get passed onto the business's customer base. Better to just go to a national sales tax and terrifies. Don't tax essentials like food. That way taxes entirely depend on how you want to live your life.
Nope
Nope
And you would also get a rapid decrease in economic activity with businesses and investors losing corresponding capital. Businesses and investors, for the most part, allocate capital to produce more capital. The government captures money through tax and essentially nullifies the capital producing effects of that money by allocating it, mostly, to non-capital producing enterprises. By raising taxes on businesses to those seen by individuals, you essentially restrict a businesses capital producing ability. Your issues shouldn’t be that we should tax businesses like individuals but rather why do we have such high taxes in the first place.
I haven’t read the law, but does anyone know if there is a sourcing rule? For instance, does it tax the gain that was incurred while you lived in Washington or do you have to be a resident at the time of the sale?
You only realize the gain when you sell. So, it is the latter.
@ That’s a recognition and timing rule. A sourcing rule is different. A sourcing rule would wait for recognition when you sell something but it would look back to where you or the property resided during its appreciation and make a claim against that portion. Don’t worry. I need to look it up and read it when I have time.
@@New-Moderate OK. Do what you want. Nobody cares.
Tax accountant here I have never heard of a state having a capital gains tax. That’s nuts.
That's exactly what I thought... And 7% seems quite high considering how advantaged it is federally.
In FL the only ones that have to anything is anyone making less than 250,000 a year.
Does that a tax affect retirement fund withdraw?
Yeah if you’re making over 250k a year in retirement lol
No
No, retirement funds are considered ordinary income, not capital income.
@@ashackataklol because taxes don’t ever creep down. The income tax was supposed to be just for the rich too. Wait until people sell their homes with more than $250 K in equity “lol”
Tax deferred accounts will likely be taxed at ordinary income tax rates which is likely worse than the 7% rate in question. Move.
Apparently my vote against it was in the minority. We also voted against msrp calculated vehicle registration, the state reversed the overwhelming majority vote!
What? That's crazy.
As a german watching i WHISH we would only have 7%. Here its more like 25% after 1k tax free per year lmao
It’s 7% to the state, if it’s a long term gain you have to pay federal tax rate of 15-20% so that would be 22-27%
That's why industry fled or was put out of business and you are back to 30s mentality
@@hippievan4040 in fairness the bottom bracket is 0%
50k is tax free
Effectively in Washington it's either 0%, 15% or 27% with that law.
Which is totally fair, earning 250k in capital gains a year is a LOT more than what they make it sound like.
(Yes yes, it's taxable as it's removed, but you can easily duck this 12% higher tax bracket by simply selling less than 250k a year).
At 1 million that's a 25% gain, the S&P averaged 10% over the course of its life. Which is a good measure of the 'average' somebody might make with a long term investment. At 10% you'd have to have put in 2.5 million to get those kinds of gains, and at the "average" 30% on saving budget, that would be "high risk" for anybody but those with over 7 million dollars (it doesn't scale quite that way but you get what I mean).
The fact is these brackets despite being so high that anybody paying into them has plenty of money to pay into them, are still not for the 'elites' like Bezos, who filter their gains through loans and reinvestments to avoid and defer taxes into the lower tax brackets.
@@hippievan4040 Long term capital gains tax can be as low as 0%
Washington also has the highest gas (petrol) tax in the US, a 10% state sales tax (plus county and city sales taxes), fairly high property taxes, cities have per employee business tax, there is a state death tax, and a bunch of other taxes.
So it's not as simple as just looking at one tax.
Is it 7% of gains goes towards your income, or 7% tax on your gains?
Capital gains are NOT considered income. They are separate taxations. Income taxes are taxed higher because we're a stupid country now that believes in looking out for the wealthy rather than the majority.
WA state has no state income tax (it is banned by the state constitution). They introduced a small pay roll tax (only affects W2 employees).
The capital gains tax is just that, a tax on capital gains in addition to the federal tax.
It only applies if you collect more than $250k in capital gains per year.
HOWEVER, the state is also talking about wealth taxes, and every other tax the state passes has always generalized, ie moved from the 'rich' to everyone.
@@Vejitasei That's every tax ever. Income tax used to be "temporary to fund wartime efforts". Then the government saw how much money they were raking in and, it became very much permanent
@@Rayden440 back in the good ole days when the local market was just a horse and buggy ride away - sadly after the war we also needed interstate transit and commerce and a national highway system.....not sure why the government spends so much on military though, especially when we arent at war.
7% capital gains for washington but still same capital gains for federal right?
Correct, WA want's an additional 7% on top of the Federal capital gains tax.
@Vejitasei guess im not going to WA
@@Taylor-e6nyeah but 'there are exceptions ' which is utter bs and they're likely to now expand this imo.
@@Taylor-e6n 22% is still less than you'd pay at ordinary rates if you're over the 250K limit, not to mention the federal benefit of state tax deductions would haircut the amount to about 2/3. i'm all for lower your taxes, but chooses where to live based on taxes is kinda silly especially considering how much higher high tax states tend to pay.
@@jaredrosenberg4965 im all for 0% tax
Strange way of handling money distribution in america. America has historically been a system that rewards capital gains.
Can you please explain long term capital gains tax on stocks vs short term capital gains tax
One year or more is long term
Your capital gains get added on top of your ordinary income. Then there's Tax% for each income bracket you cross into wether short-term or long-term. And for state tax your gains typically get tax as if it was ordinary income
What! Someone is correct?
So is that a be good move and what about else “normal” folk? Any benefits for us if we move to Florida? ❤
Theoretically, you'd have the same relief from state capital gains tax, you just wouldn't have the same scale.
No estate tax, no cap gains tax, beautiful from mid Oct to mid April. I'm a WA resident and live in WA Apr to Oct then FL winter months. ❤️ FL
Whatcom County summer and Sebastian winter 👍.
Birdbrains in both states.
Normal folks don't like woke and trans. None of that in FL.
Uhhhh FL also has no state income tax bud
He's already worth so much and would easily have more then enough money to ever hope to spend in his life, yet he isn't willing to pay a few extra dollars in taxes to help out the state that he's in. 😮
Funny how people like to control the money they earn.
why would you give that money to a state that will completely waste it, buying a mega boat is more productive then the state of washington blowing it and benefiting no one. at least the bunless making the boat can pay the workers a lot
Yeah, he should be willing to pay it that way the state can waste even more money.
Get your hands out of other people’s pockets.
I also live in WA state, I am not worth billions or 'so much' and I will 100% be leaving the state prior to retirement because I do NOT choose to pay them capital gains.
WA is also talking about wealth taxes, and taxing unrealized capital gains; if that passes I will leave immediately.
@@DJ_Force he didn't earn it most of his money came from federal tax dollars
So why did he move
So him selling his shares benefits neither state 🤔. Atleast the federal government gets their cut.
Florida will benefit as he will now be spending and investing more $ in the state vs Washington. Also he will be paying property taxes in Florida now.
@@scottbowen4997 my comment was about him selling shares. He still owns property in Washington. The invest he was trying to make in Florida got banned by numbnuts desantis 🤷🏽♂️ there’s goes that.
@@scottbowen4997 He was talking about the sale of his shares specifically.
Amazon is the benefit
@@scottbowen4997 my comment was for the selling of the shares. He still owns plenty of property in Washington. The invest he tried to make in Florida just got banned by desantin
😂😂😂😂 I get endless laughs from the internet financial gurus
and in ny capital gains are just income subject to the same tax as any other income.
which makes sense considering how many brokers in NY make 100% of their income through capital gains.
Is 7% good or something? I feel like the video is missing some parts.
7 plus 20 plus 2.9 plus all the other taxes
The taxes pay for stuff. Taxes are a necessary part of a healthy economy. It’s why Bush Sr. had to cave and apply new taxes.
Basically they're trying to tax the rich, and now the billionaires are mad and leaving, so the lawmakers tried to repeal the law and the people said "nah let's keep it"
Theres a thing called over taxation. We fought a war over it. @@T____W____7777
@T____W____7777 lol spoken like a true kindergarten student. Next time, be more specific. What taxe is good and why. Is having a high capital gains tax that promts the wealthy to leave the state really what you're trying to accomplish?
Count on the people of Washington to vote FOR a tax.
They made the wording confusing on purpose. Got a lot of people that voted to keep it on accident.
Right now, our state is suing the voters (with taxpayers' money) for the second time for voting against something the government wanted. We voted against higher car tab taxes. He sued. And won, overturning the vote. He's doing it again with natural gas. We have no choice. Washington State is not a democracy anymore.
It’s very much a “let the rich guy pay for it” mentality. The tax has $250/yr exempt threshold, so it does not apply to the vast majority of voters.
OTOH, we’ve been trying yo get our vehicle registration fees (car tabs) reduced - unfortunately, even though the people voted for it, the bill was deemed unconstitutional and not supported by lawmakers.
yup every election you always see these morons sneak in some new tax proposal like why would I want to pay more money to the goverment lmao.
It's hate. They hate people who make more than they
And resulted in exactly what many economists have warned is that putting too much tax on the high money makers of the state makes them leave. Way to go losing one of your big tax payers.
People are foolish, they think taxing big money will result in better government when in reality it hurts everyone and especially your future if you manage to start making some real money.
The question that would be interesting for you to answer is why did Facebook and Tesla go to Texas?.
My theory is Texas amongst Nevada are the only two states that have alodial land left in this country. Could it be that they bought a alodial land in those areas that is on its own power source?
Don't think so, Texas has high property taxes.
I love the outro, it scratches my brain the way she says it
That is called “vocal fry” and a lot of people don’t actually like it 😂
I can translate it for you:
“For actual theft advice from an theft attorney subscribe.”
@@RickyWilder thanks for the info, it's kind of like an asmr thing I guess for me so I understand why many people might not like it
@@sithrice83 No prob, and I get it for sure. I think a lot of people are bothered by the Kardashians in particular. They talk like that pretty much any time they do their confessional where they talk to the camera during the show.
Y’all forget about the debt financing thing rich people do. They borrow against the value of their assets in the hope that the value of their assets will exceed the interest on their debt. That debt is basically tax free. There may be some taxes paid but they are way less than what should be paid. Politicians will obfuscate the issue to get you to vote for them but won’t change anything because they also benefit. Cronies benefiting cronies after all…
Don't little old poor me pay a tax when I sell any shares I've made profits on? Honestly, I've only ever bought, never sold any winners?
Long term gains shouldn’t be taxed by the state or federal government. In many cases it’s double taxation.
@@bngr_bngrdafuq your taking about. Taxes federal and state isn’t double taxation.
@@bngr_bngr how is long term gains double taxation? Taxing dividends, yes, that's double but not gains, they were never taxed.
@@DSC800are the gains first adjusted for annual price inflation then only taxed beyond that? Else it’s plainly double taxation, no?
@@nelsblair2667 No, if you bought XYZ corp for $5000 and sold it for $6000 you would pay tax on $1000. It would have only have been taxed the year of sale. It's the same for coins, real estate, crypto, even if you started a company like "joes plumbing". Of course you would pay tax on any earnings or dividends during your ownership, but the gain is taxed once when you sell.
The problem is what the cost of homeowners insurance in the state of Florida most retirees can no longer afford to live there. A multi-millionaire or a billionaire wouldn't be a problem.
Billionaires don't need insurance, think about it.
@J123G if a billionaire owned a $250 million dollar mansion they be a fool not to have an insured. Also owning a car your mandated by state law to have car insurance.
I own two homes in Florida. My homeowners insurance is $3100 for one and $2900 for the other. I must be a billionaire to afford that!
@@Billie4404 question is how much was homeowners insurance on both homes when you first moved down there versus how much you pay now. I see people tell that Florida has no income tax but you might be able to live somewhere else cheaper because of insurance costs.
This video is wrong. Washington State did not try to repeal this tax. An initiative tried to repeal it, which doesn't come from the legislature. It comes from a person with enough signatures to get it on the ballot. The repeal language was written with double negatives to try to confuse voters, which didn’t work, but it probably helped get enough signatures.
The only part she got wrong was using the word "overwhelmingly". Most people in WA don't want the tax.
@maverick_trail you don't understand how initiatives work. You also don't know how voting works.
@@jonathansage2147 I didn't say anything about initiatives or voting. Neither work in WA anyway.
@maverick_trail over 64% voted to keep the tax with almost 4M people voting. From a statistics perspective, stating most people don't want this tax is inaccurate.
YOU don't want this tax. People YOU associate with don't want this tax. Get out of your echo chamber.
@@jonathansage2147 That's not how voting works in this state. Voting, in and of itself, is a complete scam without the transparency to support it. There is zero transparency in WA and the Sec of State has been hit with audits and lawsuits related to sketchy voter registrations, mail-in voting procedures, etc. However, you go ahead and keep trusting the system that is taking advantage of you on a daily basis.
Germany has a capital gains tax of 25%.
Bezos is also from Miami.
nevada has no cap gain either
Voters voting to keep a tax...🤦♂️🤦♂️🤦♂️
There's never been a human society that didn't have SOME form of tax or communal resources. Even the most limited government needs some source of revenue to carry out its functions.
You can certainly debate whether this particular tax is good or not, but the idea that all tax is inherently bad is a libertarian pipedream.
Sooooooo much taxing though. 🤦♂️🤦♂️🤦♂️
So you would rather have anarchy. Child.
@@brandoncarter438 sooooo much tax for people selling a quarter of a fucking million dollars in stock in a year. All in, if you sold stock while living in WA for a $250,000 gain, you'd have net ~200,000....thats more than the average income earner sees in half a decade. Thats a crazy amount of money to make on the side, and only paying 22% in taxes seems pretty good for a years worth of selling capital assets.
It's a tax that didn't hurt the overwhelming majority of people
The question I have is how does taxing the rich out of their wealth help the poor person into any wealth
SC gives you 44% long term capital gains subtraction.
Gives you? You mean they only steal that much
@donglers 😆 no. The subtraction lowers the taxable income.
@@goingtobe2003 taxation is theft
@donglers 🤔
@@goingtobe2003 so the state doesnt tax 44% of capital gains is what you are saying?
Basis of my question being SC Income = Federal Income modified for SC Law - so basically Fed Income including Cap Gain minus 44% of cap gains = SC Income?
The 1916 Federal Income Tax Act levied a small nominal flat fee that is not on a sliding scale and not dependent on your income. That limitation on the Federal Income Tax was a teaser so as to ensure easy passage of the Bill through both Houses. It was a foot in the door that allowed the Government to coerce more money in the future. Today’s Federal Income tax is oppressive and even criminal to the point of theft. The government confiscates wealth from productive workers to give to less productive ones - under the guises of socialist Keynesian economic. It taxes beyond ordinary income but including interest, dividends, capital gain, and even a death tax. And to what end does the government spends trillions of taxes? Wars. Terrorism. Corruptions. Graft. Boondoggle .
The 21% federal corporate tax is the only Universal Tax in the US.
“The people voted to keep it,” doesn’t make it a good thing.
Only 7% on capital gains where as actual employment income is above 30%. It creates a more even playing field. Being renumerated in stock over salary is effectively tax avoidance.
“This would be amazing if Jeff… oh he’s in Florida… maybe we should repea- nvm looks like the people want this to pass so they can tax the 1 I mean 0 billionaires in the state”
But hurricanes
The initiative to repel was poorly written, and I personally believe that people did not understand what a yes or no vote meant. There wording is:
Initiative Measure No. 2109 concerns taxes.
This measure would repeal an excise tax imposed on the sale or exchange of certain long-term capital assets by individuals who have annual capital gains of over $250,000.
Should this measure be enacted into law?
With that said politics in WA are controlled by Seattle, and they are crazy progressive! WA is also working on a wealth tax, including taxing unrealized capital gains (if that one pases I am leaving).
florida also has no income tax.
Those eyebrows, those teeth... i'm in luv
That’s a great way to get rich people to move out. Who comes up with these laws
He saved almost $1 BILLION in Washington taxes last year alone
Like he doesn't have enough money already. God forbid he has to pay tax like the rest of us.
@@warrentrout I guess he could have founded Amazon in Florida…but it would have died in infancy. Same thing for Tesla…it would have died in infancy if it had been founded in Texas.
These billionaires forget that the states with the high taxes that they whine about are the same states that provided a friendly and robust beginning.
Imagine…actually giving back to the infrastructure that you relied upon to get started…
I live in WA and that CG tax helps support local infrastructure. I’m sorry, but if you have capital gains of $250k or more, you can afford to pay a 7% tax.
@wherlz3052 since you like paying taxes, move to CA and stop ruining WA. Now Olympia is going to lower the threshold and eventually include gains from real estate. This state is finished, CA 2.0.
I wouldn't even be opposed to it, except the obvious collusion that occurred between the government and WA Supreme Court. They classify this tax as an excise tax and not an income tax.
It's difficult to consistently get 7% gains. If every state taxed gains this way, investing wouldn't exist and the economy would collapse overnight.
@@captainsaveaho253 What does your comment have to do anything with the CG tax addressed in the video? Whew… mad much?
@@joeschmoe6908 what are you talking about? The SD for 2024 is $270k… so MOST people won’t have to pay tax. It’s also exempt for real estate.
Don’t forget it’s only long term gains
Interesting
Jesus 9 percent. In Canada capital gains is taxed at 50 percent
Also -
Creditor Protection:
• Protection from Forced Sale: Florida’s homestead exemption protects a primary residence from forced sale to meet the demands of creditors, with certain exceptions (e.g., mortgages, property taxes). This protection is unlimited in value but is limited to properties on up to half an acre within a municipality or up to 160 acres outside a municipality.
The real effect of taxing the rich is making them move out and all tye jobs with them
Yep. Amazon left Seattle. Lol.
There an income tax in Florida either!
It's funny that the richest people in the world still have their actions determined by others, like taxes.
If I was rich, I would live wherever I damn well pleased and pay whatever taxes that resulted in.
That's not why he moved don't kid yourself. He has so much money the taxes irrelevant. He had to pay billions in the divorce settlement do you think he's really worried about a 7% tax please
Old man retires to Florida. HUGE NEWS.
I wouldn't want to pay the government for my investments any more than I had to either. Lol They take enough of my money and blow it on the stupidest stuff.
Also: The Florida Constitution prohibits inheritance taxes and estate taxes. Better weather. His parents live in Florida. Blue Origin is increasingly shifting operations to Cape Canaveral.
I promise you: spend one year in Florida and you will no longer think it has better weather than Washington State.
@@gmunz3643not even one year, just hurricane season. That’s enough to make me stay in Washington
Wealthy individuals can afford living anywhere in the U.S.
Average income people can not even afford to live in Florida. Yes, the weather is great, but home insurance is expensive, and so is car insurance, rent, and food.
"Better weather" until hurricane season comes around. Not for me.
Same as OJ Simpson moving there before the Goldmans’ civil suit:
• Protection from Forced Sale - Florida’s homestead exemption protects a primary residence from forced sale to meet the demands of creditors, with certain exceptions (e.g., mortgages, property taxes). This protection is unlimited in value but is limited to properties on up to half an acre within a municipality or up to 160 acres outside a municipality.
yea the "voters"
And now a wealth tax is incoming b/c "muh budget deficit".
Should eliminate sales tax as well, why are we paying for tax that companies and business should pay with our money that's already been taxed by federal, state and city government?
The voters decided to keep it? Too much confidence in government.
He’s such a man for the people. Make billions, pay his workers peanuts and move so the tax he pays for roads, schools, and hospitals are the lowest he can pay. Aren’t billionaires lovely. They really care 🤣
You’re the same way. You think you’re his moral better. He’s eminently self-interested, just like you.
You should pay your workers more. Oh wait you haven’t done anything.
no one is forcing anyone to work for him. same way no one is paying you to come up here to complain either. as someone who worked in 1 of his warehouses it sucks BUT i chose to seek employment there.
Why would the voters want to keep that? I’m guessing the rich did some deceptive advertising…
Upss!!! Big mistake for Washington State
The voters were lied to on the ballet
I remember when billionaires favored Washington State because it had 0 capital gains tax. Now they have to pay taxes like the rest of us. How does it feel?
as a billionaire.....i dunno cause im broke af lol
sucks to suck for them i guess
So, when you’re a billionaire 7% tax is too much… exactly what’s wrong with our country.
7% come on dude us regular joes pay 20-30% and the super rich cant apare 7? It should be enforced by the irs they do no matter what
Washington fin to be the new California.
Great way to get anyone wealthy in your state to leave.
Our state is so stupid😢
How the people pushing people out of the state
IF they actually voted to keep it they get what they deserve when all the wealthiest people paying 65% of the taxes leave and you end up with massive decline in quality of life services!
sounds like a great way to lose a massive amount of your tax base
Can't imagine why they would try to repeal such a popular tax
The voters keeping it reminds me of the whole "tax the rich" campaign
because it killing the state, when billionaires leave 10s millions of dollars in tax a year leaves hurting everyone, what is popular is also dumb
It's asinine. It just makes the rich move and take all their purchasing power out of the state, on top of not getting any kind of taxes out of them.
@@AnAZPatriotlol, no. We don’t care if bezos leaves. He’s trying to avoid paying taxes. No thanks. He still has a house here and pays property taxes. Amazon still stays. There’s no loss in him leaving.
An initiative tried to repeal the tax, not the state. It is a popular tax. Voters did not repeal the tax despite the fact that the repeal was intentionally worded to confuse people.
Ban him to return (as tax avoider for life). Tax his goods and services higher as out of state business. This way those who stay locally will benefit by having more customers.
First time being first
It's okay, it happens to the best of us.
So Washington lost the revenue because those making that much can live anywhere so they will move.
Remember kids, its not tax avoidance if you're rich.
Too many damn taxes. Tax on property every year, which you purchased with income that was already taxed, when you sell the property you pay more tax. Capital gain tax, you invested in something with taxed income to only have it get taxed more. Nvm the sales, gas, cigarettes, recycle, and fees from DMV, any kind of license, health care, blah blah blah
Florida doesn’t have a state tax either.
Shows how much he cares about the rest of society if he avoids paying for services.
Now that's rich !!
The services that Capital gains tax pays for -- Will NEVER be used by the people that are paying that tax..
Democratic politians from the West side brag about how it is only to tax from the rich so others don't have to pay for Government services.
Poor crazy rich people 😭
Only 7%, psh in CA thats nothing
Sure it didn’t have anything to do with the Seattle weather? 😂
The big tech companies should move to a different state and let Washington state fall apart
I wonder what her ethnicity is ? She is so pretty and educated.
WA tries to tax Bezos. Bezos moves to FL. Good job WA 👏 🤦♂️
Florida has special protections for certain people.
I love that your big donor Democrats don’t want to live in a Democratic state because of the taxes and move to a Republican state because of the tax benefits. They continue to support Democratic Sease, but love the enjoyment of Republican policies.