She admits that states such as Florida and Texas have a lower tax rate and New Yorkers are moving there.
Florida and Texas both have large budget surpluses.
New York’s Governor thinks that bringing rich people back to New York to pay higher taxes is more conceivable than trimming her own state budget to keep people…
The idiocy never ceases to amaze me…
Just like California they do not understand that THE RICH do not have to live in these states.
They CHOOSE to live there.
IF it is advantageous especially to a BILLIONAIRE to live in another state due to taxes they will move.
They are now moving to Florida mostly due to the fact that there is no income tax.
Just like people continue to move to TN and NH because of the lack of INCOME TAX. NH has the second lowest tax burden of any state in the USA. Only Alaska is lower.
NH has no sales tax except for food in restaurants.
This is why we have a positive inflow of people.
They continue to move here from all the NE states and even CA occasionally.
IF you are a billionaire or even worth tens or hundreds of millions you can afford to live anywhere you choose.
However, IF you pay 12% income tax in one state and ZERO in another that means potentially six to seven zeros in savings annually. Even IF they are paying $2-3K/month in real estate taxes.
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