Posted on 11/11/2019 6:20:03 AM PST by karpov
President Trump’s recently announced adoption of Florida as his home state over his native New York follows a rich tradition of high-profile financiers who have ditched northeastern states for warmer climes with lower taxes.
...
In 2017, Connecticut’s top 100 filers, out of a base of 1.8 million, paid $1.13 billion in income taxes, the equivalent of 12% of the state’s income-tax revenue for fiscal year 2018.
New Jersey and Connecticut tax officials said it is too early for state revenue data to show whether the 2017 tax law Mr. Trump signed imposing a $10,000 cap on state and local tax deductions has caused high earners to flee. The most recent tax data available is for 2017, and the SALT cap went into effect in 2018.
The SALT cap has widened the gap between Florida and other states with no income tax, such as Wyoming, and New York City, where residents can owe income taxes at rates that approach 13%. Previously, individuals would pay a top rate of 39.6% in federal income taxes, plus state and local income taxes, but those taxes were typically deductible for the highest earners. Now, the state and local rates come atop the highest federal rate of 37%.
Connecticut, with a struggling economy, and New York have been shedding residents. Connecticut’s population of 3.57 million in 2018 represents a decline of 22,000 since its last peak in 2013, according to Census figures. New York’s population dipped to 19.54 million in 2018, marking a drop of about 119,000 from its last peak in 2015. New Jersey’s population has been rising.
Those who have made the move to Florida in recent years cite reasons including anticipation of the 2017 tax law change; the high costs in New York
(Excerpt) Read more at wsj.com ...
Love visiting Florida. But it’ getting crowded there. (Gulf Coast)
Even the self-absorbed “sorta wealthy” are leaving NY and California. There are lots of financial reasons, but they also finally have realized that as cool as they may think they are, we in fly-over country don’t really care what they think of us. We certainly don’t care what they drive, what they wear, what they read, what they watch, or what they do.
They are like the emperor with no clothes.
I recall a story a while back, where the mother of Ocasio-Cortez was now living in Florida. And she cited taxes and cost of living as reasons for abandoning New York.
This is dangerous, financially, for these states.
In Connecticut, only 100 people are paying 12% of the income tax there? 100 people??
Clearly they are dependent on a handful of high income people. If such people change their residence, that can have a big impact on the state budget.
There was an article posted here a few years ago about one of the top New Jersey taxpayers who moved to the Atlantic side of Florida and his income was so high that the tax effect on the state was significant. something like several percentage points alone
Nobody will stand still while you pick their pockets of their income and, now her new plan, of their wealth.
The rich and the wealthy are too smart and to mobile to to just sit idly by while some fake Indian wants to fleece them of their monies to pay for someone else's healthcare.
Medicare-For-All is Warren's big mistake. At least when Bernie announced his Medicare-For-All plan months ago at the beginning of his campaign, he had the good sense to caution that he would have to find a way to pay for it first. And he later cancelled the idea becasue he couldn't come up with a way to cover the costs.
Warren announced her plan and then went looking for revenue to pay for it. It took her months to admit in public that the middle class would have their taxes raised to pay for it.
And when that didn't provide enough revenue, she came up with her "steal billionaires' wealth" plan to cover the shortfall of her estimated $52 trillion plan over ten years.
Even Bill Gates balked, saying, "Whoa there lady. I may have to vote for Trump instead of you, if you plan on ravaging my wealth for your political ambitions."
Connecticut used to have no state income tax until Weicker damned one through.
Now people are leaving! Funny how life works out.
The State of New Jersey does not publicize tax information, but based on the reports of his income for the prior year that were posted in various business publications it was estimated that he paid $100-$130 million in state income taxes the last year he lived in New Jersey.
Interestingly, a lot of these wealthy people don't leave these Marxist states to avoid paying INCOME taxes, but to get the hell out of the state before they die so they don't have to pay ESTATE and INHERITANCE taxes at the state level.
“In Connecticut, only 100 people are paying 12% of the income tax there? 100 people??”
Since just about all of them are democrats or total rinos they deserve it. Tell them not to come to Georgia we have
to many rats.
Yes, that was the guy, thank you
Liberals and their career hired hands are so stupid.
As Great as the 60s were on the surface, the decade was planting the seeds for the idiocy we see today
It is actually incomprehensible the stuff we see going on now
What totalitarian states do is they make it illegal to leave... First they restrict the amount of money you can leave with - then they don’t allow you to leave either.
That’s the commie way... Cuba, North Korea, East Germany, and soon to be Hong Kong....
What totalitarian states do is they make it illegal to leave... First they restrict the amount of money you can leave with - then they don’t allow you to leave either.
That’s the commie way... Cuba, North Korea, East Germany, and soon to be Hong Kong....
That’s what Warren, Bernie and the rest of the commie wannabees would do here.
Roger that.
NJ has an inheritance tax.
Yep, when you tax the heck out of the "rich" and they pay most of the taxes, that's not a diversified tax base.
They don't have any problem with a wall as long as its for keeping innocent people in.
I have a simple question why did these idiots at the Wall Street Journal and the New York Times always need to three or four authors to write some stupid article like this?
You’re right... totalitarians build walls so their citizens can’t escape. Free countries build walls to keep people out...
:)
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