[LMPA]

Originally Posted by CTartist

Oh boy I don't no where to begin. I numbered your comments so it would be easier to keep track of.

1) Just like residents of CT you probably made a VERY GOOD LIVING. Just like most people I know who grouse about the taxes they never leave until retirement because they make a VERY GOOD LIVING. CT's high standard of living afford one's children (if you have them) great schools and they most likely got in to very good colleges. Because of your high salary you probably were able to save very well for retirement. Because of the high cost of living here people who retire most likely pull substantial equity on their home most likely to take to a lower cost state.

When most people go to those states with low tax states it seems many could care less about that states children's education or that states overall society as long as they pay low taxes.

2) Yes I believe it does change things. CT's income actually went UP in the last 5/6 years (I have been on this site) I have been tracking CT income. Much of the information I am looking up on the other low cost states show that they have the lowest incomes, worst schools and healthcare etc. while CT' is still in the top 5 or 10 for all of those metrics. CT might be better of if the people who want the lowest taxes go to other states and those who don't mind paying a bit more for a better society stay here. As a FFC resident who made more income I had no problem with paying a little more to make our CT society a better place.

3) We have talked about this ad nauseam in this thread and others. The baby boomers are retiring en masse. Many do move out of CT (and this has been going on for decades, nothing new) and all of my neighbors are snow birds. The snow birds even though they are not technically residents of CT any more now pay for 100% of taxes on their homes. They don't get those tax breaks from the state or each town any more. That probably contributes to the good schools in FFC and even CT.

Even though people are moving out, CT still has some of the best schools in the country (always in the top 5 or 10) while the low cost/tax states are in the bottom 20......Superior healthcare, highest incomes, most millionaires per capita etc. If people are "fleeing" (def: To run away, as from trouble or danger) maybe CT is better of for it.


2016 Median Income
(this is the first 2016 listing I have seen I think) CT has gone up. I think I remember 5/6 years ago CT might have gone down to #5 or #6 even in income.
https://www.washingtonpost.com/news/...=.945cbdd6e37d

#1 NH....$76,260
#2 CT.....$75,923
#3 AK.....$75,723

Millionaires Per Capita
https://www.cnbc.com/2016/01/20/thes...lionaires.html
#1 MD
#2 CT

What kidyankee764 said.. but ...

1) Everyone I know that left was NOT retirement age including ourselves. They/we all found new employment or transferred.

2) IRS statistics show otherwise, CT lost money. I'll go by those numbers.

3) See response 1 again, everyone I know that left was NOT retirement age.

[Stylo]

I'm in the camp that wouldn't move due to taxes. The opportunities in NYC are too great, I just wish there were more in CT. Saving a few percent a year is just not worth moving over. If I moved, it would likely to be to another higher tax area with equal levels of opportunity like LA or the Bay Area.

However, the state budget crisis has me far more concerned, as well as the state's abilities to attract more companies and jobs, as well as build up world class transportation infrastructure and build up our cities. That's my concern. But I'm still staying.

[CTartist]

Originally Posted by LMPA

What kidyankee764 said.. but ...

1) Everyone I know that left was NOT retirement age including ourselves. They/we all found new employment or transferred.

2) IRS statistics show otherwise, CT lost money. I'll go by those numbers.

3) See response 1 again, everyone I know that left was NOT retirement age.

1) Good Luck in TN, you might need it. My mom and dad had a FFC business and still live in FFC. They will probably never be able to collect any kind of social assistance because of the income in their lifetime. Her brother however moved to FL in his working years and then TN. He simply does not have enough money in retirement and my mother and some siblings in FFC send him money now.

States most dependent on the federal government.
https://taxfoundation.org/states-rely-most-federal-aid

TN #3 MOST dependent on federal aid.
CT #48 LEAST dependent on federal aid.


Like I said in my last post, even though some are leaving enough people with high incomes are coming in as evidence by my last post with CT being #2 in HH income and per capita millionaires. Just look at the other threads on this site. Most of the people posting moving threads start "We are looking at (add FFC town(s) here) and have $800,000...1 million....1.2 million etc. for a house. I am flabbergasted at these threads with the amount of money that people have to buy homes here in FFC.

2) Where is the info?

3) You most likely do not live in FFC. I did say in a previous post I can understand how people in lower income towns and cities outside of FFC can feel like they need to leave.

[LMPA]

For those that want to review the IRS migration data for any state.

https://www.irs.gov/statistics/soi-t...data-2015-2016

[chris410]

Originally Posted by BPt111

New Hampshire is boring but atleast you have Boston.

Yup, very boring, steer clear of it...

Originally Posted by CTartist

I have a question for some people on here. Why would you want to live in town/area where the property taxes are so low the residents can't possibly care about the quality of education? Let's face it....if the residents of those towns don't care about education for their children they probably don't have a high level of educational attainment either and that in turn goes into the quality of a town.

Food for thought, not everyone has children and educating other peoples children is not a priority for them.

[kidyankee764]

Originally Posted by Stylo

I'm in the camp that wouldn't move due to taxes. The opportunities in NYC are too great, I just wish there were more in CT. Saving a few percent a year is just not worth moving over. If I moved, it would likely to be to another higher tax area with equal levels of opportunity like LA or the Bay Area.

However, the state budget crisis has me far more concerned, as well as the state's abilities to attract more companies and jobs, as well as build up world class transportation infrastructure and build up our cities. That's my concern. But I'm still staying.

Eh, never say you wouldn’t.

Comparing life in a FFC suburb to life in a northern VA suburb (nearly equivalent HHI, price per square foot, school quality), a family can save 4K in income taxes, 12k in property taxes and utilities almost half. And, you’re 15 minutes from a major airport ($12 uber) and 25 minutes to a world class city, vs an hour to a major airport and a world class city.

So many people in CT are of the mindset that more taxes automatically equals better resources. While taxes are a necessary evil within reason, there are so many places where taxes are far less and quality of life just as good (and, in some cases, better!). Some people who have never left CT just don’t realize how good they can actually have it.

[hvexpatinct]

The people who are making the amount of money necessary to save $4K on state income taxes in VA over CT probably aren't the ones living in Loudoun County in $500K houses. I get that people need to justify their decisions but let's be realistic.

[kidyankee764]

Originally Posted by hvexpatinct

The people who are making the amount of money necessary to save $4K on state income taxes in VA over CT probably aren't the ones living in Loudoun County in $500K houses. I get that people need to justify their decisions but let's be realistic.

Not too sure what you mean because of the vagueness of your post - but it doesn’t take a ridiculously high income for a household to save 4k in VA over CT. “Justification” or not, property taxes are a fraction of what they are in most CT burbs. A home in Vienna that yields a property tax bill of $6-8k would be about $18k in Ridgefield. Of course it depends on House A and House B, but in general, the 600-800 range has a huge property tax difference. Huge.

[MrGompers]

Originally Posted by LMPA

I was thinking the same thing, and in reference to the comment because they got theirs already, and forget about any one else

Connecticut got theirs for years, I was a law abiding tax paying citizen. I owned a home for over 25 years and paid a pretty penny in taxes. I also paid a pretty penny in every other tax Connecticut could think of. I even paid a final excise tax when I sold my home because they have their hand in that too.

Residents are still moving out at a clip of 10,000 per year, with a net loss $ to the state.

CT doesn't have an "excise tax" when selling real estate there is a "real estate conveyance tax" which the buyer pays.

No one cares about 10,000 people leaving per year. That's statically insignificant when the population is 3.5 million.

That would equate to a change of only .00285 %. If you assume only half of the 3.5 million work that would only raise it to .0057% At least a quarter of that migration is probably to bordering states which are not exactly cheaper.

IF so many people are leaving CT we wouldn't need to expand public transportation, expand highways, build new schools, and real estate prices would be dropping. Nothing of the kind is happening here.

[kidyankee764]

Originally Posted by MrGompers

CT doesn't have an "excise tax" when selling real estate there is a "real estate conveyance tax" which the buyer pays.

No one cares about 10,000 people leaving per year. That's statically insignificant when the population is 3.5 million.

That would equate to a change of only .00285 %. If you assume only half of the 3.5 million work that would only raise it to .0057% At least a quarter of that migration is probably to bordering states which are not exactly cheaper.

IF so many people are leaving CT we wouldn't need to expand public transportation, expand highways, build new schools, and real estate prices would be dropping. Nothing of the kind is happening here.

RE prices in most areas of CT outside of Metro North’s reaches are stagnant at best.