One of the many reasons Texas is starting to fill up fast... (Dallas: low income, homes)

[EasilyAmused]

I hope we keep our character!

Great article.

Soak the Rich, Lose the Rich - WSJ.com

"Updating some research from Richard Vedder of Ohio University, we found that from 1998 to 2007, more than 1,100 people every day including Sundays and holidays moved from the nine highest income-tax states such as California, New Jersey, New York and Ohio and relocated mostly to the nine tax-haven states with no income tax, including Florida, Nevada, New Hampshire and Texas. We also found that over these same years the no-income tax states created 89% more jobs and had 32% faster personal income growth than their high-tax counterparts."

[expgc]

Originally Posted by EasilyAmused

I hope we keep our character!

Great article.

Soak the Rich, Lose the Rich - WSJ.com

"Updating some research from Richard Vedder of Ohio University, we found that from 1998 to 2007, more than 1,100 people every day including Sundays and holidays moved from the nine highest income-tax states such as California, New Jersey, New York and Ohio and relocated mostly to the nine tax-haven states with no income tax, including Florida, Nevada, New Hampshire and Texas. We also found that over these same years the no-income tax states created 89% more jobs and had 32% faster personal income growth than their high-tax counterparts."

Great post!

There was another recent WSJ article that pointed out that the socialist state of Maryland also started penalizing the wealthy last year by creating a special millionaire marginal tax bracket. However, revenues from that top tax bracket are down and many millionaires have left the state. This is no big surprise to anyone other then the leftists in government that have hijacked reason and common sense in the US. I welcome all to Texas who want to flee the tryanny of government idiots that only know how to spend hard earned tax dollars to line their own pockets and give to people who need a kick in the a$$ rather then a hand out welfare program.

[hsw]

Indeed, great to see pro-business places like TX attract more major company HQs, high-income jobs and entrepreneurs

IIRC, article didn't raise point that many of NYC's most affluent and major hedge funds are based in suburban Greenwich CT b/c of CT's 5% income tax rate (vs NYC's ~13%)

Or that allegedly corrupt Chicago has a relatively reasonable 3% income tax rate (thus many major cos. often closely compare Dallas vs Chicago when choosing HQ moves)

Hope TX keeps its 0% income tax rate; big risk for Houson and Dallas is that desirable residential land in areas like Memorial and Preston Hollow is already far more costly than comparable land in elite suburbs of Silicon Valley (Woodside) or in Greenwich

[jfre81]

High state income tax doesn't always equal negative population growth. See North Carolina.

[bkelley]

great article.

[EasilyAmused]

Originally Posted by jfre81

High state income tax doesn't always equal negative population growth. See North Carolina.

That's because NC is special. But all those owners on the golf courses in Western NC, they're only there 4 months of the year. Then they are back off to their tax haven homesteads

[ssgmun5000]

Originally Posted by expgc

Great post!

There was another recent WSJ article that pointed out that the socialist state of Maryland also started penalizing the wealthy last year by creating a special millionaire marginal tax bracket. However, revenues from that top tax bracket are down and many millionaires have left the state. This is no big surprise to anyone other then the leftists in government that have hijacked reason and common sense in the US. I welcome all to Texas who want to flee the tryanny of government idiots that only know how to spend hard earned tax dollars to line their own pockets and give to people who need a kick in the a$$ rather then a hand out welfare program.

I hate when people bring in politics.

[Maabus1999]

Originally Posted by EasilyAmused

That's because NC is special. But all those owners on the golf courses in Western NC, they're only there 4 months of the year. Then they are back off to their tax haven homesteads

Funny I live in one of those golf course havens.

Truth is, while NC is tough tax wise on the average joe (unless you own a home then it starts to balance out as the property tax is low), the business regulatory environment is very, very pro business. Just go Google best states for business and NC is in the top 5 in basically every list, no matter how they score it.

So the truth that the article misses a bit is while low income taxes helps consumption growth, pro business attitudes is actually what drives large scale growth in the long run.

[TT Dave]

Originally Posted by EasilyAmused

I hope we keep our character!

Great article.

Soak the Rich, Lose the Rich - WSJ.com

"Updating some research from Richard Vedder of Ohio University, we found that from 1998 to 2007, more than 1,100 people every day including Sundays and holidays moved from the nine highest income-tax states such as California, New Jersey, New York and Ohio and relocated mostly to the nine tax-haven states with no income tax, including Florida, Nevada, New Hampshire and Texas. We also found that over these same years the no-income tax states created 89% more jobs and had 32% faster personal income growth than their high-tax counterparts."

There may be exceptions here and there but that paragraph above sums it up pretty well and the statistics cited are hard to ignore.

[jfre81]

NC also taxes the bejeezus out of gasoline and their roads still blow chunks.