“You know, 1 percent of people in the state of New Jersey pay about 42 percent of its tax base. And you know, they can leave.”
The RATs could take every last dime from “the rich” and it still wouldn’t stop their mantra about “the rich not paying their fair share!” The high-tax blue states are going to be finding out that “the rich” are far more mobile than the “average joes!”
We’re seeing it here in CA, a state that has the most steeply progressive personal income tax in the country. And here in CA, we are right next door to Nevada which has NO state income tax. My wife is from Nevada originally, and we’ve thought seriously about changing our state of residence through the purchase of a home there.
” My wife is from Nevada originally, and we’ve thought seriously about changing our state of residence through the purchase of a home there.”
I mentioned earlier that I left California for just that reason. What really drove me to leave, and it was quite a while ago, was that California literally had an office in Nevada dedicated to tracking down retirees NOW LIVING IN NEVADA and making them pay CALIFORNIA income tax on their (tax-deferred) pensions. I think that was later ruled unconstitutional, but I wasn’t going to wait around to find out. That was it for me. Now I can use all the money that I saved by not paying California taxes for my retirement...and also not have that retirement taxed by California.