Posted on 02/25/2019 9:00:51 AM PST by SeekAndFind
“This is the flip side (of) tax the rich, tax the rich, tax the rich. The rich leave, and now what do you do?” — Andrew M. Cuomo, N.Y. governor (2/4/19)
After the Trump tax cut went into effect one year ago. we predicted that the Trump tax reform would supercharge the national economy but could cause big financial problems for the five highest-tax states: California, Connecticut, Illinois, New Jersey and New York.
The capping of the state and local tax deduction at $10,000 raised the highest effective state tax rates by about 66 percent (for example, in New York City and California, the rate on millionaires rose from about 8 percent to 13.3 percent). In New Jersey, the highest rate has risen from 7.5 percent to 12.75 percent. Now, we have Mr. Cuomo conceding that the trend of rich people moving out of New York has caused the loss of $2.3 billion of tax revenue in Albany’s coffers. Mr. Cuomo called this tax change “diabolical.” We think it was a matter of tax fairness. No longer do residents of low tax states have to pay higher federal taxes to support the blob of excessive state/local spending and pensions in the blue states.
As we predicted, the wealthy are fleeing these five states. The new United Van Lines data were just released that are a good proxy for where Americans are moving to and from. Guess what four states had the highest percentage of leavers in 2018: 1) New Jersey, 2) Illinois, 3) Connecticut and 4) New York. Even California again also had more Americans pack up and leave than enter.
(Excerpt) Read more at washingtontimes.com ...
Relatively well to do libs from CA are infecting AZ now at a terrifying rate.
Ct is 5th worse in absolute rank, but if you factor in percentage of population I bet it’s a big ol’ steaming Number 2.
They can’t stand their ridiculously high taxes so they are moving to states where taxes are low. Yet they vote for the same programs and Ds who support high taxes, and soon they will have a majority in our beautiful R states. On top of changing our states from R to D, they are just plain rude know-it-alls.
And that kiddies is exactly how socialism destroys everything it touches.
Well, it looks like the coastal elites are coming to middle America instead.
Cali libs have infected Idaho for sure; this gun friendly state is about to pass a Red Flag law, where your liberal neighbor or little cupcake can denounce you to the po-po as a danger to others and POOF! your guns are confiscated.
Scary.
We got sinema and grijalva out of the deal so far.
The amazing thing about Connecticut is that it went from one of the better states (NO state income tax) to a blue-model tax and debt laden hellhole in just 29 years.
There. Fixed it.
Nope.
I know a California ex-pat who just moved here to Florida.
She thinks the Republicans destroyed her paradise..................
I know it'll never happen, probably not even Constitutional, but still. There needs to be one.
NYS has lost almost half its House seats over the last 60 years.
Guess why.
BTW, I know lots of folks who’ve fled NYS. Not one is rich or a lib.
That is why the Rats were trying to remove the American citizen question from the census.
Unfortunately they will vote to ruin the states they move to.
And I am one who will be leaving also.
And I am one who will be leaving also.
Apportionment is based on “the whole number of free persons”, not citizens.
Oh, there were a lot of things that needed to be fixed at that track meet.
Locusts. Best description yet
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