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 ...
Didn’t you post that you didn’t want any Californians?
“Don’t come to Texas. We’re Closed.
1 posted on 4/27/2018, 7:43:36 AM by Responsibility2nd”
So now why are you telling young Californians to come to Texas.
“Prop 13 be damned. There is no way a young person should live and buy in California when there is Texas to consider.”
I doubt if Texas will get many reasonably well off 40-50 year old/working Californians. Who can probably get a good paying job in about 50 states or as many as Obama said we had.
Have a good day.
My inlaws moved, this month! From Thousand Oaks, CA (Ventura County) to CDA, Idaho. Father in law joins all of his brothers, and mother inlaw joins 3 other siblings as the last 1850s era Califonians FLEEING the state. They are in WY, NV, CO, and ID.
Sadly, too many I filtrate red states with their dead soul leftist mindsets. Like adding a pilots poison to a gallon of water. Add enough and it is no longer potable.
The beautiful parts of CA are now trashed like San Francisco with needles, feces, and urine in the streets. The CA third-world hell hole with an ocean beside it.
If you are a cali LIBTARD, don’t leave. No one wants your lunacy.
No smirk here
So they move to our state, continue to vote Dem and ruin it for us too.
We are waiting for the New Madrid earthquake fault to open up an reroute the Mississippi east of Memphis and then we’ll make Arkansas take it.
California has seen growth in every 10 year period of its history, and was officially determined to be most populous state at the 1970 Census, claiming the mantle from New York. It has remained the biggest state for nearly a half-century by posting consistently high growth rates from year to year.
Well, don't move to Philly unless you love high taxes, relentless loony progressivism, dirt, vice and crime. It's tragic what has happened to a once beautiful city.
No. I earn around $70,000/80,000 a year.
If you move - LEAVE LIBERALISM THERE!! Thank you...
For 200 mil a year I’ll move back to NYC.
I know that the ‘m’ notation confuses some folk. It is accounting shorthand for thousands from the Roman numeral of the same value. So the offer was $200,000. You also sometimes see ‘mm’ suffix which is million ie 1,000 times 1,000.
But yeah, for 200 million I would told the wife to hush and start packing.
BTTT
Note: this topic is from . Thanks Responsibility2nd.
Forget the wall on the Mexican border. Deal with this crisis first. Construct refugee camps in North Dakota. We don’t want them here.
Laffer left California for Tennessee
Your similar home, depending on where you buy it, is going to run anywhere from $100k to $300k.
One of our DILs is a Wharton Grad, and she used this table to show our son that a move to Texas could cost them money re property taxes. Their current Cali home is 17 going on 18 years old and their property taxes are limited by prop 13.
There is apparently no limit on property taxes in Texas.
https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585
Look at the graph that shows property taxes per year for the last years. “Depending on where you live, property taxes can be a small inconvenience or a major burden.
The average American household spends $2,197 on property taxes for their homes each year, according to the U.S. Census Bureau, and residents of the 27 states with vehicle property taxes shell out another $436. Considering these figures and the rising amount of debt in America, it should come as no surprise that more than $14 billion in property taxes go unpaid each year, the National Tax Lien Association has found.
And though property taxes might appear to be a non-issue for the 37 percent of renter households, that couldn’t be further from the truth. We all pay property taxes, whether directly or indirectly, as they impact the rent we pay as well as the finances of state and local governments.
But which states have the largest property tax load, and what should residents keep in mind when it comes to meeting and minimizing their tax obligations? In search of answers, we analyzed the 50 states and the District of Columbia in terms of real-estate and vehicle property taxes. We also asked a panel of property-tax experts for practical and political insight. Read on for our findings and a full description of our methodology.
1 REAL-ESTATE TAX RANKING
2 VEHICLE PROPERTY TAX RANKING
3 ASK THE EXPERTS
4 METHODOLOGY
The Changes to Real Estate Tax Rates Over Time graph shows the clicking time bomb of real estate taxes for the past years.
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