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The number of GenXers in my age range, say 40's, who left recently or are planning to leave in the next few years from the part of NY I hail from is staggering, judging by social media posts I've seen and other on-the-ground assessments. People at or near their peak incomes are leaving blue states in droves, same for a lot of retirees of means.
The punishing taxes and in some cases costs of living in parts of blue states will keep pushing productive people out of them.
I'm sure most didn't read the zerohedge article, but I read part of it. It's not based on fact. It's the author just talking that he's heard this and that, and states things as if they are fact, but doesn't cite any reason for him stating those things. People are leaving CA? Where did he read that? People leave every state every year, and people move to those states every year. Where did he read that there's a sum total loss of people moving? And where did he read that a percentage of those people moved because of taxes?
It's click bait for Trumpers is all that article is. Once again, facts are anathema to Trump. He just says sh*t, lying with every word every time he speaks. And some of his followers follow suit, as they follow him in other ways. He is their leader. Their Jim Jones.
Because why should you pay federal taxes on money you spent in state taxes? That is getting taxed on taxes you paid.
Also, when people bought their homes, their budget was based on having that federal deduction for state taxes. Now the deduction... or a good chunk of it... is gone. So monthly cost of living in that house are much higher. They can't afford it anymore.
Why should the federal government subsidize states that overtax their residents?
Why pay state taxes on money you spent in federal taxes? That is getting taxed on taxes you paid.
That's a fine sentiment, only when the federal government fully funds every state requirement. Of course, they don't do that by even a stretch. And before people start saying, "Yeah, but Florida." one must bear in mind that Florida taxes the s**t out of tourists, boaters and urban drivers alike and is no prize with property tax. Not every state has that luxury. And, without snowbirds and tourism from northern states, all of FL would be the 3rd world-esque cesspool that much of central FL is.
It's more that the Trump Tax plan has these people with high property taxes paying more income tax. And Trump's grab on American's hard-earned money is not a good solution in the long run.
Weren't some complaining about the trump tax cuts not grabbing enough of "American's hard-earned money" - make up your minds please.
We are leaving CA for NV because of taxes but that was in progress before the trump tax plan - this is just more incentive. Without the federal changes, our taxes and other costs in CA were already way more than in NV.
1. Better in the political forum.
2. The CA. dream and the lure of the sunbelt has been going on for 2 generations.
3. ZeroHedge is a questionable site
4. All available information shows most people who leave a northern state do so for weather (that is, people are not leaving MA. or NH. for "lower taxes"/
5. I can affirm that as the owner of multiple houses and a relatively high income family...that I've run the numbers and although I own property in FL, it would be foolish for me to move for economic reasons.
That is, the type of person who has that type of mobility and no family, friends or job or heritage/tradition is generally not "everyman".
Oh:
6. The new inter web allows for work and other things from places that people would have not wanted to be before.
Each place is different. People have been "escaping from New York" almost forever - Edison and Ford both had places in Florida a century ago.
California is one of those places like London or Tokyo or Hong Kong - a place where you have to be if you want to work in that sector, etc.
But the CA. "dream" was over when I visited there 50 years back. In it's place is an economic miracle the likes of which the world has never seen...but that's not the same as a place where the average person might want to be.
Thanks for busting the bubble of the complainers. The New Yorkers, Californians and their fellow travelers, have been flooding into Oregon for three generations now.
You do realize that as states took more and more money via taxes the Fed got less via write-offs.
Now there is a cap.
I realize that. The money stayed close the people paying them by going to local cities and the states rather than the federal government. This is how it should be. I know the pro-big-government people want the fed to collect more taxes... as this tax plan does.
The cap is ridiculous. SALT deductions should be eliminated across the board.
That's hysterical. The effect here isn't Trump grabbing money it's instead shining a very bright light on the astonishing free-loading that high tax states have effectively shifted onto other states. And before you tell me I'm wrong think it through.
What' hysterical is your lack of knowledge on this. These high tax states pay more in federal taxes than the other states. I understand eliminating the SALT deduction altogether and lowering federal tax rates across the board. But the cap is progressive. The end result is the federal government collecting additional tax from hard-working Americans. You may be pro-high-tax, but we conservatives are not. Trump simply increased tax revenue so he can increase spending. It's partly what is propping up the economy.
I'm not sure why you quoted me in this response. I never said that the new tax plan wasn't grabbing enough money. Can you point out where I did?
You might be pro-tax, but us conservatives are not.
I think you misunderstood, I am far from pro-tax. I was just pointing out that some were complaining about tax cuts and others pointing to the same as tax increases. Any increase seen was due to the reduction in federal subsidy for the taxes collected in high tax states. The high tax states should be faulted, not the federal tax SALT limit.
That's a fine sentiment, only when the federal government fully funds every state requirement. Of course, they don't do that by even a stretch. And before people start saying, "Yeah, but Florida." one must bear in mind that Florida taxes the s**t out of tourists, boaters and urban drivers alike and is no prize with property tax. Not every state has that luxury. And, without snowbirds and tourism from northern states, all of FL would be the 3rd world-esque cesspool that much of central FL is.
Yep. The affluent blue states pay 50% of the Medicaid bill. In Massachusetts, that’s 25% of the state budget and rising. Some hell hole like Mississippi, the Feds pay 77% using income tax collected from blue states and Mississippi hospitals are going bankrupt.
The right wing dialog is pretty humorous. Where I live, the vocal people bailing out are the High School C students who don’t have the 21st century job skills to handle the high cost of living. It has nothing to do with Federal income taxes since they’re hardly paying any. They can’t compete in the housing market game against the people who move in who got As in High School, got admitted to a selective college, took a hard major, and established a career.
Married and taking the standard deduction, you’re in the 12% bracket at $103k household income. These people don’t make that. Any schedule A write off they’re no longer getting is only 12% of the taxes they’re paying. Inconsequential.
The people getting nailed are in the higher tax brackets right below where AMT used to kick in. That’s $300k-ish with the $100k Schedule A. The pickup truck crowd with the NRA sticker doesn’t make that and doesn’t spend that.
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