"Sorry folks, Texas is closed. Moose out front should've told ya."
Posted on 04/27/2018 7:43:36 AM PDT by Responsibility2nd
Conservative economists Arthur Laffer and Stephen Moore are predicting a new mass exodus of wealth from New York and California because of the new tax law. But academics who have studied taxes and migration call the forecast "pure nonsense."
In an op-ed in the Wall Street Journal headlined "So Long, California. Sayonara, New York," Laffer and Moore (who have both advised President Donald Trump) say the new tax bill will cause a net 800,000 people to move out of California and New York over the next three years.
The tax changes limit the deduction of state and local taxes to $10,000, so many high-earning taxpayers in high-tax states will actually face a tax increase under the new tax code.
Laffer and Moore say that the effective income-tax rate (what people actually pay) for high earners in California will jump from 8.5 percent to 13 percent. Wealthy Manhattanites would face a similar increase, they say. Those who make $10 million or more will see a potential tax hike of 50 percent or more, according to their analysis.
Those hikes, they say, will cause an exodus of residents to move to lower or no-income tax states.
"In years to come, millions of people, thousands of businesses and tens of billions of dollars of net income will flee high-tax blue states for low-tax red states," they said. They say 800,000 people will move from California and New York over the next three years. Connecticut, New Jersey and Minnesota will lose a combined 500,000 people over the same period.
(Excerpt) Read more at msn.com ...
The piles and piles of state taxes have eaten away at the willpower to stay over the many years. The tax bill was a tiny straw the broke the camel’s back. Placing ALL the blame of the tax bill is cover for the decades of state taxation abuse on its citizens.
Tennessee is full, too. No vacancies.
I would bet you are a minority around here.
Way back in 1996 I turned down a $200m / year job offer because it required that I move my family to NYC or close by. I stayed in Texas earning considerably less but I don’t regret it for a minute. About once a year my wife thanks me for not making that move.
Too many of the New York/California refugees are fleeing to more conservative oriented states, but bringing along the unfortunate voting habits that ruined the states they fled. How about a seven year residency requirement before being allowed to register to vote in the new state?
That’s funny because most people outside of the northeast have absolutely no desire to go to NYC.
“We always tell our young snowflake relatives in California how hideously hot and humid North Texas is, and how backward and unenlightened the people are. Hee hee.”
Well, at least you’re telling them the truth! Hee, hee! Used to go to Graham, TX (The Gateway to the Possum Kingdom Lake) on business. Your description fits Graham to a tee. Beautiful women feeding their overweight husbands $hit food so they could have a chance at a younger man when the old buzzard kicks off due to a heart attack or a stroke, obvious racism at it’s best, along with the weather you describe. And don’t leave out the bit about golf ball-sized hail stones that can destroy your car in a matter of a couple of minutes. I can’t imagine things getting so bad here in CA that I would opt to move to Texas, so at least you’re safe from this Conservative Californian.
Spread the word to all your liberal friends that Tennessee is no better.
“California’s quality of life, even for wealthy people, is taking a nose dive”
Maybe that’s true in some quarters here, but not where we live. What we need is to cut Southern California loose and build a wall down near Bakersfield.
Tell all liberal snowflakes exiting these Progressive paradises that Wisconsin during January is colder than Siberia.. They will hate it here. and gasp....people have evil guns....
Seven years.
Good Plan!
Of course they will have to raise taxes even more when the people leave to make up for the shrinking tax base. This in turn will cause even more people to leave, again resulting in higher taxes for those remaining. Can you say “death spiral”?
They're getting to the point where illegal aliens are the only people moving there.
Keep in mind states like Vermont, Maine and New Hampshire(the last one over the 50% tipping point) were conservative states.
When I move to NH in 1985, it was a solidly conservative state surrounded by liberal states. Almost everyone I grew up with left western NY in the 1980’s. Now, they are leaving NY, Cal, CT, NJ and IL. Idaho’s real estate is booming because of people leaving California and Washington.
It’s been reported that people have been fleeing these states for years. Not so much for New York, but people are still flocking to California as the state still continues to grow in population.
Since leftists run those states, they will probably ‘pass a law’ making it illegal to leave the state or the tax structure for at least five years from date of notifying the state of their intentions to leave.
There are still isolated areas in California where the quality of life is still good but even places like Bakersfield are being hit hard by the illegal alien invasion
Then again, It might be difficult to get the elite limo libs from Palo Alto, SF and Marin County to acknowledge that places like Bakersfield ever provided a quality lifestyle of any sort
“Spread the word to all your liberal friends that Tennessee is no better.”
It isn’t! Used to have an office in Memphis! Terrible weather, crappy government, racial troubles. No thanks!
“Don’t come to Texas. We’re Closed.”
Anyone, who can do math will eliminate Texas due to your huge property taxes on homes.
One of our younger conservative high income and high tax payer did the math and said no.
He and his wife are very conservative.
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