[kidyankee764]

Originally Posted by dazzleman

Many of the move-ins in California are probably illegal aliens, and not picked up in the statistics.

Very true. California, while it’s a beautiful state with amazing weather, has the same brain drain CT does. Lots of well educated leaving.

[GeoffD]

Originally Posted by kidyankee764

Very true. California, while it’s a beautiful state with amazing weather, has the same brain drain CT does. Lots of well educated leaving.

Sure, but the net in California is enormous. Tech in the Bay Area pulls in the best and the brightest from around the world. Generally, the people who leave aren't that top tier. A college degree doesn't mean you're a top performer creating valuable intellectual property that creates the high level of comp enabling you to afford to live there.


Connecticut is the same. It's largely the mediocre who are driven out of FFC since they don't have the comp to afford the high cost of living.

[kidyankee764]

Originally Posted by GeoffD

Sure, but the net in California is enormous. Tech in the Bay Area pulls in the best and the brightest from around the world. Generally, the people who leave aren't that top tier. A college degree doesn't mean you're a top performer creating valuable intellectual property that creates the high level of comp enabling you to afford to live there.


Connecticut is the same. It's largely the mediocre who are driven out of FFC since they don't have the comp to afford the high cost of living.

Actually, statistically, CT is losing those with seven figure and 50-100k incomes, and is gaining those with 100-200k incomes. So it’s actually the top tier that are leaving CT. So, CT is gaining lots of upper middle class, but at the loss of multimillionaires.

I don’t know the stats on California, but I’d guess it’s the middle class leaving as well. That’s the problem.

[CTartist]

Originally Posted by kidyankee764

So, CT is gaining lots of upper middle class, but at the loss of multimillionaires.

You think CT is losing millionaires?

States with the highest per capita of millionaires.
https://www.cnbc.com/2018/02/07/stat...er-capita.html

Maryland.......7.87% (the thieving thieves in government)
New Jersey....7.86% (the thieving thieves on Wall Street)
Connecticut...7.75% (the thieving thieves on Wall Street)

When Washington DC moves from Maryland that is when they should worry and when Wall Street moves from NYC is when we in CT can start to worry.

Until then the states with the most government and Wall Street thieves will be on top.

Item of note, only .12% is between the three top. You might as well say the top three are about the same.

[kidyankee764]

Originally Posted by CTartist

You think CT is losing millionaires?

States with the highest per capita of millionaires.
https://www.cnbc.com/2018/02/07/stat...er-capita.html

Maryland.......7.87% (the thieving thieves in government)
New Jersey....7.86% (the thieving thieves on Wall Street)
Connecticut...7.75% (the thieving thieves on Wall Street)

When Washington DC moves from Maryland that is when they should worry and when Wall Street moves from NYC is when we in CT can start to worry.

Until then the states with the most government and Wall Street thieves will be on top.

Item of note, only .12% is between the three top. You might as well say the top three are about the same.

I don’t think CT is losing millionaires - I’m just going by statistics I’ve read and analyzed. Statistically those with 7 figure incomes are relocating at a higher rate than any other income bracket. From 96 to 16, CT lost over 16 billion in federally adjusted gross income.

Here’s a very interesting article:

https://www.google.com/amp/s/ctmirro...-man-myth/amp/

[JayCT]

Originally Posted by kidyankee764

I don’t think CT is losing millionaires - I’m just going by statistics I’ve read and analyzed. Statistically those with 7 figure incomes are relocating at a higher rate than any other income bracket. From 96 to 16, CT lost over 16 billion in federally adjusted gross income.

Here’s a very interesting article:

https://www.google.com/amp/s/ctmirro...-man-myth/amp/

I was about to post that article. It is very long and very comprehensive. If you read it carefully, the conclusion is that we are not losing the wealthy because of taxes. Some are leaving for other reasons (weather likely the biggest) and while we are replacing the ones that leave with lower income people, the earnings growth of those people and those that are still here more than make up for it.

Seven of the top 10 wealthy states have the migration issue you are so concerned with but they too have not really suffered for it. That is due to what they call the "embedded elite" who do not really care that they could save a few pennies by moving to another state.

It is also interesting that with the tax cut the wealthy received in 1991 with the implementation of the income tax (they were paying higher rates on taxes on interest and dividends), made no difference in the wealth of the state either. You would think that with that cut, there would have been an increase in them. There was not.

Again, we have had increases in the number of people making more than $100,000 and the number of billionaires on the Fortune 400 has gone up from 7 to 9 so overall it is not as bad as some think it is. Jay

[kidyankee764]

Originally Posted by JayCT

I was about to post that article. It is very long and very comprehensive. If you read it carefully, the conclusion is that we are not losing the wealthy because of taxes. Some are leaving for other reasons (weather likely the biggest) and while we are replacing the ones that leave with lower income people, the earnings growth of those people and those that are still here more than make up for it.

Seven of the top 10 wealthy states have the migration issue you are so concerned with but they too have not really suffered for it. That is due to what they call the "embedded elite" who do not really care that they could save a few pennies by moving to another state.

It is also interesting that with the tax cut the wealthy received in 1991 with the implementation of the income tax (they were paying higher rates on taxes on interest and dividends), made no difference in the wealth of the state either. You would think that with that cut, there would have been an increase in them. There was not.

Again, we have had increases in the number of people making more than $100,000 and the number of billionaires on the Fortune 400 has gone up from 7 to 9 so overall it is not as bad as some think it is. Jay

The issue that CT is losing seven figure income households and is being replaced with six figure households is concerning in itself. That said, no, they aren’t leaving because of taxes. There was a great article recently (in the past year) that outlined CT is suffering due to proximity issues - major airports, widespread mass transit, etc. I’ll see if I can find it and post here.

[CTartist]

Originally Posted by kidyankee764

I don’t think CT is losing millionaires - I’m just going by statistics I’ve read and analyzed. Statistically those with 7 figure incomes are relocating at a higher rate than any other income bracket. From 96 to 16, CT lost over 16 billion in federally adjusted gross income.

Here’s a very interesting article:

https://www.google.com/amp/s/ctmirro...-man-myth/amp/

I didn't read your article yet but I will. I just got the this in my e-mail and this is concerning to me.

The median household in Connecticut earned $73,781 between 2013-17, according to the survey. That was up compared to the previous period, when households brought home $69,519. Connecticut ranked 6th highest in 2013-17, which is a slip from the 4th spot between 2008-2012.
https://patch.com/connecticut/bridge...ome-nationally

To see us go from 4th in income to 6th is worrisome. But there is this:

Connecticut remains the richest state with a per capita income of $71,033 far above the national average. No other state cracked $70,000, according to data released Tuesday from the Bureau of Economic Analysis. The per capita income is the sum of wages, investment income and government benefits divided equally for every state resident, including children.
https://www.courant.com/business/hc-...328-story.html

The 2018 per capita income info doesn't come out until September 2019 but I will keep an eye out for it.

[kidyankee764]

Originally Posted by CTartist

I didn't read your article yet but I will. I just got the this in my e-mail and this is concerning to me.

The median household in Connecticut earned $73,781 between 2013-17, according to the survey. That was up compared to the previous period, when households brought home $69,519. Connecticut ranked 6th highest in 2013-17, which is a slip from the 4th spot between 2008-2012.
https://patch.com/connecticut/bridge...ome-nationally

To see us go from 4th in income to 6th is worrisome. But there is this:

Connecticut remains the richest state with a per capita income of $71,033 far above the national average. No other state cracked $70,000, according to data released Tuesday from the Bureau of Economic Analysis. The per capita income is the sum of wages, investment income and government benefits divided equally for every state resident, including children.
https://www.courant.com/business/hc-...328-story.html

The 2018 per capita income info doesn't come out until September 2019 but I will keep an eye out for it.

You should read it, it’s long but very well written.

Yes, the slip from 4 to 6 is concerning and can be directly correlated to the loss in adjusted gross income I replied with. There’s no doubt CT is a wealthy state. As the article mentions though, the state can’t and shouldn’t rely on that nor take it for granted.

I see great things happening with Stamford’s media market and expansion of corporate offices. We won’t see those numbers factored into the stats for at least a decade though.

[LMPA]

https://www.census.gov/newsroom/pres...nal-state.html