[BobNJ1960]

https://www.nationalreview.com/news/...leaving-state/

NJ saw this same pattern.

[ryanthegoldengod]

I searched the NJ forum on CD to see if they were talking about this too. Not that I see.

This trend applies to us, NJ, NY, MA....but it seems like we are uniquely obsessed with it. Mostly it's a favorite topic of those seemingly trying to use it as a scare tactic to push the state to the right.

All I know is taxes and cost of living are not an indicator of population migration. Boston, San Francisco, NYC.......expensive beyond anything CT can dream of. But they have jobs there. Lots of them.

Bob Stephanowski will slash taxes but he seems to talk far less about his strategies of creating jobs. So if he wins, look for the exodus to continue.

[BobNJ1960]

Lamont will be bigger exodus, and these billionaires pay huge % of our budget when they stay.

[ryanthegoldengod]

Originally Posted by BobNJ1960

Lamont will be bigger exodus, and these billionaires pay huge % of our budget when they stay.

I wanted to see if they factored in senior citizens retiring to Florida. Then they mention 5 high earners moving to Florida. Whether they are billionaires or make $70k per year, there is nothing abnormal or alarming about seniors moving to Florida. People are trying to spin this a certain way. People move to Florida after they retire. I thought we all got this memo long ago. Again, I believe this is mostly a made up crisis designed to steer policies to the right.

[in_newengland]

Seniors have been moving to Florida for a long time so it's nothing new. A lot of them come back when they are very old to be near their families. That's nothing new either. They come back and live out their lives in our assisted living facilities and hire home health aides. That's money for our workers. Health care is a pretty good business to be in, by the sounds of it.

As I mentioned on here previously, my doctor retired and is staying. He couldn't get enough money for his house!

And my relatives who are poor want to move away to a cheaper place when they retire because they can't afford the taxes.

Could be that the poor are leaving. The rich don't want to lose money so they stay. The poor have no choice but to move.

[7 Wishes]

I wonder how much of this has to do with only $10K of property taxes per year now being tax deductible....

[GeoffD]

Originally Posted by ryanthegoldengod

I searched the NJ forum on CD to see if they were talking about this too. Not that I see.

This trend applies to us, NJ, NY, MA....but it seems like we are uniquely obsessed with it. Mostly it's a favorite topic of those seemingly trying to use it as a scare tactic to push the state to the right.

Massachusetts has a flat state income tax and the Prop 2 1/2 property tax limitation law. At 5.10%, it's not worth gaming your legal address to avoid state income taxes. They tried to adopt a millionaire tax but the ballot initiative was rejected by the State Supreme court. It's a middle of the road tax burden state unless you own a house in a leafy inner Boston suburb that has appreciated to a couple million dollars. The property tax bill gets ugly even with Prop 2 1/2. Taxes won't go up because everybody pays the same rate.



New Jersey has an 8.97% bracket. They routinely audit the billionaires who own property in New Jersey and declare Florida as their tax address. David Tepper, the billionaire hedge fund guy, bailed out to Florida two years ago and that was all over the news since one guy moving caused a budget crisis in New Jersey. When the #1 taxpayer leaves, it creates a big hole.



Look at all the entertainment industry people who declare their plantation mansion in Williamson County outside of Nashville as their tax address. Just the savings from a year's income taxes in California pays for it.

[GeoffD]

Originally Posted by 7 Wishes

I wonder how much of this has to do with only $10K of property taxes per year now being tax deductible....

Zero. If you're making that kind of money as your AGI, you would have hit the Schedule A phase-out or been subject to the Alternative Minimum Tax dual tax system. The change to Schedule A deductions mostly nails the upper middle class and the high side of middle class in blue states, not rich people.

[JayCT]

Originally Posted by BobNJ1960

https://www.nationalreview.com/news/...leaving-state/

NJ saw this same pattern.

The National Review and the Cato Institute are hardly the most objective of organizations so I take anything they say or conclude with a BIG grain of salt. I find it highly suspicious that they release this "study" less than a week before the election. Makes me wonder what their agenda really is?

As has been discussed and shown here based on more objective sources (like the US Census), the number of people making more than $100,000 per year has gone up in our state. Also, Forbes has listed our state as now having 9 billionaires on their list of the 400 richest people in America, up from 7 last year. Given we are a very small state with less than 1% of the US population, that is a significant number. As others noted, this is not the big deal that some here seem to want to make it. Jay

[JayCT]

Originally Posted by GeoffD

Massachusetts has a flat state income tax and the Prop 2 1/2 property tax limitation law. At 5.10%, it's not worth gaming your legal address to avoid state income taxes. They tried to adopt a millionaire tax but the ballot initiative was rejected by the State Supreme court. It's a middle of the road tax burden state unless you own a house in a leafy inner Boston suburb that has appreciated to a couple million dollars. The property tax bill gets ugly even with Prop 2 1/2. Taxes won't go up because everybody pays the same rate.



New Jersey has an 8.97% bracket. They routinely audit the billionaires who own property in New Jersey and declare Florida as their tax address. David Tepper, the billionaire hedge fund guy, bailed out to Florida two years ago and that was all over the news since one guy moving caused a budget crisis in New Jersey. When the #1 taxpayer leaves, it creates a big hole.



Look at all the entertainment industry people who declare their plantation mansion in Williamson County outside of Nashville as their tax address. Just the savings from a year's income taxes in California pays for it.

I am sorry but even outside those leafy inner Boston suburbs, I just don't see much of a property tax difference. If you look at the comparison homes below in Massachusetts towns like Tewksbury, East Longmeadow and Somerset, you can see their taxes are comparable to Rocky Hill which is actually a higher tax community. A town like Farmington would have lower taxes (I did not use Farmington because I have been criticized for using it because it is known for lower taxes verses other towns). Jay

https://www.zillow.com/homes/for_sal...13_rect/11_zm/

https://www.zillow.com/homes/for_sal...65_rect/12_zm/

https://www.zillow.com/homes/for_sal...65_rect/11_zm/

https://www.zillow.com/homes/for_sal...68_rect/12_zm/