California voters approved Prop.55 in November, but the stream of Californians who have decided that home is going to mean Nevada is strong.
Here’s what Californians are escaping:
Prop. 55 created four high-income tax brackets for California residents, and it boosted the tax rates by anywhere from 10 percent to nearly 30 percent for wealthy Californians. The state tax rate for taxpayers who make $1 million or more, for instance, rose to 13.3 percent from the previous 10.3 percent. An estimated 3 percent of California’s taxpayers — have decided that Nevada’s income-tax-free environment looks far more attractive. Why? Check out these perks of living in Nevada:
- No inventory tax
- Constitutional ban on personal income tax
- Low property taxes
- No tax on sale or transfer of shares
- No sharing of information with IRS
- No corporate income tax
- No gross receipts tax
- No franchise tax
- No tax on issuance of corporate shares
- No requirements of shareholders & directors to live in Nevada
- No succession or inheritance with IRS
For more information on Prop 55 and how it affects you or buying real estate in Incline Village, NV give us a call.