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 ...
Gee, they are all communist nanny states.......
If they shut our air conditioning down, they can reverse that trend !
Hopefully these numbers will translate into more House members for the growing states and fewer for the totalitarian states (as long as the new state residents leave their voting idiocy behind).
They NEVER learn.
You CANNOT fix retarded.
If only there was an obvious pattern or common denominator we could study...
Locusts who have devoured their state resources and are flying in to devour ours.
I can’t blame any man for leaving Connecticut after seeing those girls at that Connecticut track meet.
Florida welcomes people from other states as long as they leave their liberal values back where they’re fleeing from...
(Florida has a ZERO income tax rate)
What you said. The people may leave, but their lousy attitude goes along with them.
You tax the almost rich, then tax the upper middle class and go down the chain until everyone is equally miserable.
Congrats to CT, the fifth worst loser !
Correct. The vermin are fleeing the Democrat/Left utopia they created and, instead of being grateful for their new lease on life will instead infect the free states with their poisonous ideology.
The Supreme Court will decide for the citizen question in April and the result will lead to MASSIVE redistricting and the disappearance of multiple districts in blue states.
I hope the red states can absorb those running from blue states, but I think they’ll be fine because the very rich and the welfare state people aren’t running.
“If they shut our air conditioning down, they can reverse that trend !”
That is being addressed; electricity from renewables will be so high that no one will be able to afford to run air conditioning.
This is not good news. Look where they are moving (bringing their liberal voting tendency with them).
I was surprised to see Warren Buffet board this train:
Warren Buffet Warns Of Upcoming “MEGACATASTROPHE” And Our Losses Will Be BIG
We obviously need more walls.
“Never go full retard”
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