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Our internet went down before my response to your last post. From what I see, to be paying $12,000 a year in taxes, the house would be over $500,000. That is more upper middle class. A West Hartford home just under $300,000 would have taxes under $8,000. Here are a couple of examples. Jay
West Hartford taxes are all over the map it seems? I put up houses with the median house price and the taxes are pretty high. Looks like some residents in West Hartford need to challenge their tax amount.
the Sikorsky Plant in Stratford announced layoff earlier this summer.
All I can find is new reports from last year, but my ears to the ground have told me they're on a hiring tear right now for all sorts of positions due to a few big projects that finally got inked. Loads of positions on their site last I checked a few weeks ago, many in systems and control.
greatly from an influx of movers – enjoying everything from increased tax
Opens a New Window.
revenues to new business activity.
Recently, changes to the U.S. tax code have encouraged an increasing number of people to move – taking their cash to lower-tax states like Florida.
FINANCIAL FIRMS FLEEING HIGH-TAX NORTHEAST FOR BILLIONAIRE-PACKED FLORIDA COUNTY
NEW YORK, CALIFORNIA HIGH-TAX STATE EXODUS JUST BEGINNING, EXPERT WARNS
As it turns out, however, Florida has been banking on moving trends even prior to the implementation of the new tax law.
According to a new study from LendingTree, which analyzed IRS data from 2016, Florida is the number one largest beneficiary from relocations out of all 50 states – by a landslide.
The Sunshine State drew in a net influx of about $17.7 billion in adjusted gross income (AGI) – most of which (72 percent) came from those aged 55 and older. It is consistently one of the most popular destinations for retirees due to affordability and low taxes.
Florida's $17.7 billion in net AGI dwarves the remaining 19 states that saw a positive net influx of income – which combined for a total of $19.4 billion.
South Carolina and another no-income tax state – Texas – trailed Florida, with net adjusted income totals around $2.25 billion apiece.
Florida is unique in that it also draws a large proportion of higher net-worth individuals – more than 85 percent of its net inflow of income came from people earning at least six-figures.
On the flip side, New York lost the largest amount of adjusted gross income from migration, about $8.8 billion. Another high-tax state, Connecticut, had the largest income loss relative to its overall economy – at $2.6 billion. Connecticut, Pennsylvania, New Jersey, Illinois and New York lost about half of their income from people earning more than $200,000 – indicating the wealthy were picking up and leaving.
While the study analyzed data from 2016, this trend has likely only intensified thanks to recent changes to the U.S. tax code. A $10,000 cap on state and local tax deductions has caused an exodus from states like New York, Connecticut and California – where tax burdens were already onerous – to low-tax states like Florida, Texas and Nevada.
Data from the U.S. Census Bureau showed that while Florida received more movers than any other state last year, New York's outflows to the Sunshine State were the highest – 63,772 people. New York had the third-largest outflows of any state, with 452,580 people moving out within the past year.
Individuals earning $650,000 can save more than $69,700 in taxes per year by moving from New York to Florida.
greatly from an influx of movers – enjoying everything from increased tax
Opens a New Window.
revenues to new business activity.
Recently, changes to the U.S. tax code have encouraged an increasing number of people to move – taking their cash to lower-tax states like Florida.
FINANCIAL FIRMS FLEEING HIGH-TAX NORTHEAST FOR BILLIONAIRE-PACKED FLORIDA COUNTY
NEW YORK, CALIFORNIA HIGH-TAX STATE EXODUS JUST BEGINNING, EXPERT WARNS
As it turns out, however, Florida has been banking on moving trends even prior to the implementation of the new tax law.
According to a new study from LendingTree, which analyzed IRS data from 2016, Florida is the number one largest beneficiary from relocations out of all 50 states – by a landslide.
The Sunshine State drew in a net influx of about $17.7 billion in adjusted gross income (AGI) – most of which (72 percent) came from those aged 55 and older. It is consistently one of the most popular destinations for retirees due to affordability and low taxes.
Florida's $17.7 billion in net AGI dwarves the remaining 19 states that saw a positive net influx of income – which combined for a total of $19.4 billion.
South Carolina and another no-income tax state – Texas – trailed Florida, with net adjusted income totals around $2.25 billion apiece.
Florida is unique in that it also draws a large proportion of higher net-worth individuals – more than 85 percent of its net inflow of income came from people earning at least six-figures.
On the flip side, New York lost the largest amount of adjusted gross income from migration, about $8.8 billion. Another high-tax state, Connecticut, had the largest income loss relative to its overall economy – at $2.6 billion. Connecticut, Pennsylvania, New Jersey, Illinois and New York lost about half of their income from people earning more than $200,000 – indicating the wealthy were picking up and leaving.
While the study analyzed data from 2016, this trend has likely only intensified thanks to recent changes to the U.S. tax code. A $10,000 cap on state and local tax deductions has caused an exodus from states like New York, Connecticut and California – where tax burdens were already onerous – to low-tax states like Florida, Texas and Nevada.
Data from the U.S. Census Bureau showed that while Florida received more movers than any other state last year, New York's outflows to the Sunshine State were the highest – 63,772 people. New York had the third-largest outflows of any state, with 452,580 people moving out within the past year.
Individuals earning $650,000 can save more than $69,700 in taxes per year by moving from New York to Florida.
Fox News is hardly the most objective of news sources. A lot of what they say in this is conjecture and a bit biased. Once again, this is nothing new. Wealthy northern's have been retiring to the warmer weather of the south for decades now. That is the bulk of the people leaving. I highly doubt there are many people that leave $200,000+ jobs up north because their taxes are no longer tax deductible. Jay
Fox News is hardly the most objective of news sources. A lot of what they say in this is conjecture and a bit biased. Once again, this is nothing new. Wealthy northern's have been retiring to the warmer weather of the south for decades now. That is the bulk of the people leaving. I highly doubt there are many people that leave $200,000+ jobs up north because their taxes are no longer tax deductible. Jay
We make 250K+ here in the North East and live in one of the high tax states - that are supposedly impacted heavily by the 10K deduction cap. Yet, I looked at my latest tax returns - most of what we lost out on 10K cap was made up by not having to pay the AMT. At the most we might have paid an extra 2-3K in taxes. Which is a drop in the bucket and would not be a reason to move to a place like Nevada where I wouldn’t get a job paying 200-300K and will be leaving behind access to the biggest city(and job market) in the world.
Are there rich people leaving to avoid income/property taxes? Yes. Is there a reason for an exodus of 200K+ earners? No, There is no logical reason for that. I wish these journalists run the numbers instead of over generalizing to fit their narrative/politics.
greatly from an influx of movers – enjoying everything from increased tax
Opens a New Window.
revenues to new business activity.
Recently, changes to the U.S. tax code have encouraged an increasing number of people to move – taking their cash to lower-tax states like Florida.
FINANCIAL FIRMS FLEEING HIGH-TAX NORTHEAST FOR BILLIONAIRE-PACKED FLORIDA COUNTY
NEW YORK, CALIFORNIA HIGH-TAX STATE EXODUS JUST BEGINNING, EXPERT WARNS
As it turns out, however, Florida has been banking on moving trends even prior to the implementation of the new tax law.
According to a new study from LendingTree, which analyzed IRS data from 2016, Florida is the number one largest beneficiary from relocations out of all 50 states – by a landslide.
The Sunshine State drew in a net influx of about $17.7 billion in adjusted gross income (AGI) – most of which (72 percent) came from those aged 55 and older. It is consistently one of the most popular destinations for retirees due to affordability and low taxes.
Florida's $17.7 billion in net AGI dwarves the remaining 19 states that saw a positive net influx of income – which combined for a total of $19.4 billion.
South Carolina and another no-income tax state – Texas – trailed Florida, with net adjusted income totals around $2.25 billion apiece.
Florida is unique in that it also draws a large proportion of higher net-worth individuals – more than 85 percent of its net inflow of income came from people earning at least six-figures.
On the flip side, New York lost the largest amount of adjusted gross income from migration, about $8.8 billion. Another high-tax state, Connecticut, had the largest income loss relative to its overall economy – at $2.6 billion. Connecticut, Pennsylvania, New Jersey, Illinois and New York lost about half of their income from people earning more than $200,000 – indicating the wealthy were picking up and leaving.
While the study analyzed data from 2016, this trend has likely only intensified thanks to recent changes to the U.S. tax code. A $10,000 cap on state and local tax deductions has caused an exodus from states like New York, Connecticut and California – where tax burdens were already onerous – to low-tax states like Florida, Texas and Nevada.
Data from the U.S. Census Bureau showed that while Florida received more movers than any other state last year, New York's outflows to the Sunshine State were the highest – 63,772 people. New York had the third-largest outflows of any state, with 452,580 people moving out within the past year.
Individuals earning $650,000 can save more than $69,700 in taxes per year by moving from New York to Florida.
"The Sunshine State drew in a net influx of about $17.7 billion in adjusted gross income (AGI) – most of which (72 percent) came from those aged 55 and older."
The above proves the point I have been making on here for it seems almost the entire time I have been on this site.
The hysteria of "people fleeing" the northern states is all about the baby boomers retiring. I should know my husband and I are baby boomers. My husband and older brother are a few years away from retiring. Many of their contemporaries are talking about retiring RIGHT NOW and moving. Where are they going? Mostly to FL and some to NC/SC. For me to reach full retirement is quite some time. I had my HS reunion last weekend so I had the opportunity to talk to my classmates and none are retired yet. Only a handful of people are retiring early and they are indeed headed to FL. I am one of the last years of the baby boom. This "people fleeing" hysteria is going to be going on until my age group is fully retired. All this "fleeing" talk will not be over until about 2030 when the last of the baby boomers retire.
If we are all here in 2030 I bet there is a drop off of residents from the northern states "fleeing" down south.
We make 250K+ here in the North East and live in one of the high tax states - that are supposedly impacted heavily by the 10K deduction cap. Yet, I looked at my latest tax returns - most of what we lost out on 10K cap was made up by not having to pay the AMT. At the most we might have paid an extra 2-3K in taxes. Which is a drop in the bucket and would not be a reason to move to a place like Nevada where I wouldn’t get a job paying 200-300K and will be leaving behind access to the biggest city(and job market) in the world.
Are there rich people leaving to avoid income/property taxes? Yes. Is there a reason for an exodus of 200K+ earners? No, There is no logical reason for that. I wish these journalists run the numbers instead of over generalizing to fit their narrative/politics.
I doubt that wealthy people are leaving our state to avoid taxes either. I will point out to you that we currently have nine billionaires on the Forbes 400 List where last year we had seven. Since our state has less than 1% of the US population, statistically we should only have three on the list. If the wealthy were leaving because of taxes I doubt our standing on the list would be increasing or that we would have three times the average number a state our size should have. Jay
Connecticut is a bedroom community for the richest city in the history of the world. Y’all will have rich people. Trends still matter.
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