I guess NY and CA are looking to fix their budget shortfalls by increasing taxes on the rich.
I don't think it takes a rocket scientist to figure out that the rich didn't become that way by being stupid. The exodus from NY and CA has been going on for a while and this will just be the straw the breaks the camel's back for more of the ultra rich in these states.
I'm not even close to that category but looking at places I can live for 183 days outside of CA when I retire.
I'm just pointing out that the same old idea of "taxing the rich" is starting to become counterproductive. Even Cuomo was lamenting this in one of his press conferences after a tax increase on the rich.
Keep putting everything on that good ole credit card, no need to pay the bills when you own the printing press that prints the money.
Why we need balanced budget amendments at fed and state levels.
Every time I hear about employment or eviction laws in other states I am reminded why I chose California.
Do you like or hate that they want to heighten the taxes on the rich?
The combination of higher taxes and a culture of work from home are going to accelerate this exodus. Why live in a $2 Million 600 square foot apartment in a city with outrageous taxes, bad weather, and increasing crime when you can do the same job from a 10 acre mansion in Florida ?
To me pushing class envy is more of a political slogan than effective policy. If a state or locality thinks they can punish successful people for their success, then they soon find out that those people will just move somewhere else.
I guess I grew up in a different time. Instead of being taught to envy successful people, I was told that if I worked hard and persistently pursued my goals that I had an opportunity to be successful myself. America is not a promise of success but an opportunity for success. I, personally, wouldn't value my life if I had to rely on my happiness coming at the expense of taking from others who have more.
In these high tax states, the policies they put forward are an overreach at times. Any time government does something the private sector can do, it is less efficient and ends up costing more. Government is a necessary part of providing defense and infrastructure at both a local and national level. If it reaches beyond that, it just costs us all more.
yawn
In CA this is a MARGINAL tax rate increase of 1%, 3%, 3.5% on gross income that exceeds $1M, $2M, $5M. Tech execs will live and thrive -- I promise. Just about the only thing accomplished during the Trump administration was a huge corporate tax rate cut from 35% to 21%. That money went primarily to stock buybacks and benefited tech (and other CEOs) who are paid with company stock.
I lived in Silicon Valley for 15-years. Dudes with families and kids are not going to leave the world-class schools in N california for the bowels of Texas to escape a few percentage points on their marginal tax rate.
Also, @Mike, there are plenty of stupid rich people. Take our president (who has the attention span of a gnat, who doesn't read, and has no intellectual curiosity) and is rich by virtue of his daddy. We have inheritance taxes so that we don't drift into a plutocracy.
This is such a huge topic and I could go on and on... Am I supposed to worship private-label bankers who packaged dogshit mortgages into securities and brought down the financial system in 2008?
Deficit spending is necessary in recessions to spur demand and keep us out of depressions.
It's never too much with them. Continue to kill and run out industry.
I think it’s misplaced anger on the part of government. The government and dems specifically like to point a finger at the wealthy and say they must pay more. To be honest, if government looked internally to eliminate waste in their own policies, they probably wouldn’t need to continue to make devils out of folks who have become wealthy and successful.
The more the government gets, the more it spends, and the more it wants - b/w the often massive inefficiencies inherent in government, plus all their grand plans, there's never enough $$$ to satisfy it
The bigger earners are already paying the most taxes.
The top 1 percent of taxpayers pay 37 percent of all income taxes, while the bottom 90 percent pay 30 percent of all income taxes - if my math is correct, the top 10% pay 70% of income taxes.
Trump possibly dealt a fatal blow 😜:
"Revolutionary Communist Party Endorses Democrat Joe Biden For President"
"New York City loses hundreds of billions in wealth as rich residents skip town"
"... According to a report from New World Wealth and Webster Pacific, the combined wealth in the Big Apple fell by $336 billion in the 12 months ending June 30 ..."
At least I can pay off my house quicker with inflated dollars and a low fixed interest rate💵
OK DS, even if what you say about the debt is true, we have been in debt for a long time now. I'm beginning to think old thoughts of debt don't matter and it matters more about confidence in countries going forward.
You can say Biden is just a pimple on our ass but he has to sell out to Bernie and AOC to keep himself relevant. That means even more debt on top of what we had and any bailouts. s
Even though I'm not sure about the price of debt as you describe, I sure think that it will come home at some point. Nancy Pelosi is 80. She doesn't give a rats ass about your kids.
Just heard on TV about a restaurant owner in TX complaining he couldn't hire back his busboy b/c his busboy was making $1k/week from unemployment benefits - crazy
Randommembersaid "In CA this is a MARGINAL tax rate increase of 1%, 3%, 3.5% on gross income that exceeds $1M, $2M, $5M."
^ you are bad at math. Texas has no state income tax. Total tax savings is more than a few percent. You are an educated idiot.
@ Randommember, you sound like some of the Mexicans I have worked with that keep talking about how much better it is to live in Mexico and how the United States sucks. If the US sucks they should quit bitching and go back. Same with you. If California is so great, go back there
NY has two million less people than FL, yet its state budget is twice the size.
As I learned from many years in tax and spend states, taxpayer money is like crack to politicians. The more they get, the more they want. The temptation to use it inefficiently in order to buy votes is just too great.
@crazyjoe
Maybe it’s time that Colorado started charging an environmental impact tax to all the invading Californians for ruining Colorado with the same endless sprawl, traffic and concrete that they left behind when they fled the shit hole that they made of California. How about a thousand dollars a month per head? That sounds about right to me.
^ exactly. I have been saying for years that they should charge a $10,000 tax on Californians for moving here. That money should go for road improvement and expansion to deal with the extra traffic they cause.
For liberals, big government is a religion - highly likely higher-taxes won't stop with the rich and start trickling down to upper-middle-class (white-collar workers) then middle-class - if the Dems take power, leaving CA and NY probably won't do much good b/c high-taxes will likely become a national norm