Posted on 01/10/2024 8:11:14 AM PST by george76
The latest Census Bureau data on population changes in America should have been a wake-up call to lawmakers in blue states and cities. The Census data provide even further evidence that “soak the rich” tax policies have incited a blue-state meltdown.
California, New York, and Illinois all lost the most population last year. These states have nearly lost a combined 5 million people over the past decade. California and New York could both lose another three congressional seats by the end of the decade, and Illinois another two.
Did I mention that these are the three states with the highest taxes?
Is this just a coincidence?
Democratic governors evidently think so. This year, seven blue states are pursuing even higher tax rates on the top 1 percent of earners, despite the evidence that these policies are detrimental to their citizens.
One such state is Washington. Once an importer of talent and brainpower because of its no-income-tax status, the Democrats who control all the levers of power in Olympia just enshrined a 7 percent capital gains tax, and the Democratic Washington Supreme Court strangely ruled that it’s constitutional. This is one of the highest taxes on the sale of assets in the country.
State Sen. Noel Frame (D-Seattle) wants a 1 percent annual tax on financial intangible assets—such as cash, stocks, and bonds—valued at more than $250 million. And then they wonder why one of the world’s richest human beings, Jeff Bezos, has moved to South Florida.
In Vermont, Democrats have just proposed raising their top income tax rate to more than 8 percent. Pretty soon, Ben and Jerry will be the only rich people left in the state—and don’t be surprised if they move out, too.
Meanwhile, Maryland Democrats are pushing a “millionaire tax” ($750,000 in income and above), a capital tax, and a new corporate tax.
California just raised its top income tax rate to the highest in the United States—from 13.3 percent to 14.4 percent. The Golden State just moved past New York to reclaim the income tax top spot. It must be so proud. The Democrats in Sacramento also expanded the state’s 1.1 percent payroll tax to include all income earners. The tax was previously applicable only to those making up to about $153,000 annually.
Meanwhile, Jonathan Williams, chief economist at the American Legislative Exchange Council, which is an association of more than 2,000 conservative state legislators, reports that eight red states are cutting income taxes: Arkansas, Indiana, Kentucky, Montana, Nebraska, North Dakota, Utah, and West Virginia. Oklahoma is set to cut rates this year to as low as 2 percent. Several of these states now have flat taxes, not tiered “progressive” rates. Every state on this list is a red state, except Connecticut.
What does all this mean? The blue-state deep thinkers can’t see that their “progressive” tax systems are bleeding their states dry. Or they don’t care.
Once upon a time, it was the Northeast that was the financial and industrial capital of the world. Now Miami, Nashville, Dallas, Austin, Charlotte, Tampa, and Salt Lake City are the hot destinations. The Southeast now produces more GDP than the Northeast.
I call it a blue-state dysphoria. They must change their ways or die. So far, their political leaders are choosing the latter course.
Reminds me of 299 Days, book1.
And look for more taxes yet to come. California is facing a 68 billion dollar budget deficit in the next fiscal year. Even as we speak, Gavin Newsom and his boys are grappling with how to deal with it.
Since trimming spending would offend the sensibilities of a good liberal such as Gavin Newsom, tax increases and or stop gap actions such as bond sales, are going to be used to balance the budget.
Ct just announced reductions in marginal rates and the exemption of retirement income. No doubt it was an attempt to stop the outflow migration. I fled Ct in disgust in 2013. It’s an ugly planet. It’s a bug planet.
“California leavin’ on such a winter’s day”
“I’d be safe and free if I was in Texas”
California leavin’ on such a winter’s day”
Vampires
Oh they will stop. Eventually. Unfortunately it will only be after total societal collapse. The first sign will be the work from home phenomenon (remote vacationing while being paid out of the treasury). We are there right now. Next will be the grounding of all civil aviation and air carriers. Only government will roam the skies. Next will be transportation that can be stopped and curtailed by the state. (This is why they want you in electric vehicles) Your freedom to associate and travel ends when your last authorized kilowatt hour of aurhorized charge comes off the charging station. Next will be the dismantling of the US Military as we know it. They will be spending years and billions chasing around huts of Houthis with 1968 Chriscraft speed boats with Aircraft Carriers and COBRA Gunships. (Until nobody knows how to fix them or fly them because they don’t cover that in basic DEI Training.
Then they’ll vote for the same kind of pols that put them in that situation to start with.
Maryland already has a millionaire tax for individuals making one million dollars or more. It is a 6% surtax on top of the already state taxed income of more than $1 million. The year before they initiated the tax they had approximately 3000 individuals at that income level in the state. The greedy grasping politicians estimated that the could rob an extra hundred million or so from their citizens with this tax. When asked about its effects the then comptroller of MD said they’d just have to grin and bear it. Not so. The first year the tax was instituted the number of individuals with this level of income mysteriously declined to 1000. Most moved out of state or shifted their income to tax sheltered forms. So the rapacious thieves in Annapolis rather than reaping a windfall lost at least 2000*.06*1000000 = $120,000,000. Now the stupid greedy thieves are doing it again. There is nothing greedier or stupider than a Democrat politician. EXCEPT for the people who vote for them.
“No doubt it was an attempt to stop the outflow migration.”
We live in CT—and were doing number crunching on retirement stay vs go.
A few years ago CT nuked (with a small exception) the income tax on Social Security.
That was enough to make the “stay” numbers work.
We have a wonderful rural property here—one which would be difficult to duplicate in Sun Belt locations at a reasonable cost.
However—the majority of folks we know did make the move south because it worked better for them.
WHILE facing those budget issues-—CALIF IS PROVIDING HEALTH COVERAGE TO ALL INVADERS——
AND THEY JUST TOPPED THAT THIS LAST WEEK ANNOUNCING THAT THEY ALSO WILL PROVIDE GENDER CHANGING SURGERY FOR ALL INVADERS.
“Meanwhile, Jonathan Williams, chief economist at the American Legislative Exchange Council, which is an association of more than 2,000 conservative state legislators, reports that eight red states are cutting income taxes: Arkansas, Indiana, Kentucky, Montana, Nebraska, North Dakota, Utah, and West Virginia. Oklahoma is set to cut rates this year to as low as 2 percent. Several of these states now have flat taxes, not tiered “progressive” rates. Every state on this list is a red state, except Connecticut.”
Only reason Florida and Texas aren’t on that list is because their state income taxes are so low they basically cannot be cut further.
leaving WA state now - most of my income is investments and that cap gain tax was the last straw. Also good not to have to pay Imbecile’s carbon tax.
They’ll not only ruin out of other people’s money They’ll also run out of rich people.
They’ll not only run out of other people’s money, they’ll also run out rich people.
Phrasing works either way
Dykes and fairies
Tell me where is sanity
Tax the rich
Feed the poor
Until there are
No rich no more
Alvin Lee and Ten Years After - I’d love to change the world
https://www.youtube.com/watch?v=CTUsFm0BAu8
...but I don’t know what to do.
One thing to consider is that your living expenses - mostly energy - will be one third less than Ct. Not to mention, it doesn’t snow here (SC). As a matter of fact, a new couple just moved in from Ct. The gal was freaked out about the tornado warnings we had yesterday and said that we dodged a bullet. I replied, yes you did, you missed Ct’s first snow storm.
Energy is an issue for sure.
I ran all the numbers—and the move just would not work for us because of the nature of our large rural property—and we really enjoy our privacy and would not compromise on that.
We use wood stoves during the winter so that mitigates some of the energy cost.
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