WSJ says L.A. people selling homes, flocking to Phoenix and Vegas as tax realities set it (Los Angeles: schools, wages)

[sean1the1]

Originally Posted by curiousgeorge5

I wonder what California will do if they substantially lose tax revenues.

Figure it out. There have been many states that have been loosing people for Yeats and have survived. There's no way the third fastest growing state can't survive with a booming population.

[Movn-on]

Originally Posted by BGS91762

Home is paid off and property taxes set via Prop 13. Wont be leaving anytime soon.

This was me but I still got the heck out. Lived in a paid off home for the last 20+ years but my property taxes went up every year. I couldn’t stand to hand over 13.3% of everything we made to fund the state workers’ retirement, among other things, while having to fend for ourselves with regard to our own. Glad you’re happy to stay. I’m much happier in AZ where my property taxes are half of what they were in my paid off Cali home, and without any prop 13! My lifestyle is much better here as well. To each his own. Obviously many are staying there, but tons are leaving who don’t want to get stuck paying the rest of the bills coming due.

[MuscleCar]

Obviously many are staying there, but tons are leaving who don’t want to pay the rest of the bills coming due

This is a major sticking point I am worried about as well. California has written a lot of checks it cant cash. Guess who ends up footing that bill? Higher taxes and less wage increases.

[2sleepy]

Originally Posted by Movn-on

This was me but I still got the heck out. Lived in a paid off home for the last 20+ years but my property taxes went up every year. I couldn’t stand to hand over 13.3% of everything we made to fund the state workers’ retirement, among other things, while having to fend for ourselves with regard to our own. Glad you’re happy to stay. I’m much happier in AZ where my property taxes are half of what they were in my paid off Cali home, and without any prop 13! My lifestyle is much better here as well. To each his own. Obviously many are staying there, but tons are leaving who don’t want to get stuck paying the rest of the bills coming due.

No one in California pays 13.3% on "everything they made" because only income over $1,074,996.00 is taxed at that rate.

[Taksan]

Originally Posted by 2sleepy

No one in California pays 13.3% on "everything they made" because only income over $1,074,996.00 is taxed at that rate.

Plenty pay 13.3% on over 90% of their adjusted taxable income.... over six thousand thousand taxpayers had over $1 million in Californian state income tax liabilities in 2017. Now the new SALT rules are in place watch these folks move their domicile in droves.
California is lovely but it’s not worth 13.3% of my income to live there full time verses zero % to visit frequently.
Florida is lovely too ...
These tax laws were DESIGNED to bleed California, NY, NJ, MA and other high taxing liberal states.
I hope they bleed deep and profusely...

[sean1the1]

Originally Posted by Taksan

Plenty pay 13.3% on over 90% of their adjusted taxable income.... over six thousand thousand taxpayers had over $1 million in Californian state income tax liabilities in 2017. Now the new SALT rules are in place watch these folks move their domicile in droves.
California is lovely but it’s not worth 13.3% of my income to live there full time verses zero % to visit frequently.
Florida is lovely too ...
These tax laws were DESIGNED to bleed California, NY, NJ, MA and other high taxing liberal states.
I hope they bleed deep and profusely...

Chances are these folks have careers that can only be found in California so I wouldn't hold my breath on them leaving.

[MuscleCar]

Originally Posted by Taksan

Plenty pay 13.3% on over 90% of their adjusted taxable income.... over six thousand thousand taxpayers had over $1 million in Californian state income tax liabilities in 2017. Now the new SALT rules are in place watch these folks move their domicile in droves.
California is lovely but it’s not worth 13.3% of my income to live there full time verses zero % to visit frequently.
Florida is lovely too ...
These tax laws were DESIGNED to bleed California, NY, NJ, MA and other high taxing liberal states.
I hope they bleed deep and profusely...

I cant cheer Florida, you have humidity and hurricanes. If one cant afford L.A., then Phoenix is the next best alternative.

[RJ312]

This has been going on since at least the 1990s. Why are we talking about it now?

Arizona and Nevada have been overdeveloped in part due to Californians leaving California. It has had both detrimental economic and social effects in those areas.

[(901)]

The problem with people leaving liberal states are that they bring the same stupid ideas with them. Florida will be blue soon

[RJ312]

Originally Posted by (901)

The problem with people leaving liberal states are that they bring the same stupid ideas with them. Florida will be blue soon

People of all political ideologies leave states for lower cost areas.