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State leaders closely watch migrating millionaires
The San Francisco Chronicle ^ | January 11, 2014 | Kathleen Pender

Posted on 01/12/2014 2:01:19 PM PST by 2ndDivisionVet

When golfer Phil Mickelson hinted last January that he might leave California because of a big jump in his federal and state tax rates, it was met with such venom that he later apologized, saying it was insensitive to state his opinion publicly when people are living paycheck to paycheck.

Mickelson still lives in California, but other wealthy people say they have moved out mainly or partly because of skyrocketing tax rates. Whether you sympathize or not, millionaires' migrating out of California has serious consequences to the state's bottom line and is something state leaders are watching closely.

In 2011, the top 1 percent of tax returns accounted for 41 percent of the state's personal income tax revenues, and that was before Proposition 30 raised rates on the rich. Meanwhile, about half of California adults paid no state income tax that year, according to an estimate from the state Finance Department.

Bryan Goldberg, who founded the Bleacher Report sports website and sold it to Turner Broadcasting for about $200 million in mid-2012, is moving his primary residence from San Francisco to New York this year. A major reason, he says, is Prop. 30 and the way it was applied retroactively.

Taxes in New York City, where he has started a new website, Bustle.com, are also high. Goldberg says his exodus "was more about creating a statement than it was about maximizing my personal income."(continued)

(Excerpt) Read more at sfgate.com ...


TOPICS: Business/Economy; Crime/Corruption; Government; US: California
KEYWORDS: california; siliconvalley; taxes; wealthy
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Texas has never had, and probably will never have, a state income tax.
1 posted on 01/12/2014 2:01:19 PM PST by 2ndDivisionVet
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To: 2ndDivisionVet

Doesn’t Texas have property and other taxes to compensate, though?


2 posted on 01/12/2014 2:03:22 PM PST by James C. Bennett (An Australian.)
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To: 2ndDivisionVet

No, but Texas can really, really shove it up your bunghole by way of property taxes.


3 posted on 01/12/2014 2:05:02 PM PST by ErnBatavia (The 0baMao Experiment: Abject Failure)
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To: ErnBatavia

Rent.


4 posted on 01/12/2014 2:05:52 PM PST by 2ndDivisionVet (Jealousy is when you count someone else's blessings instead of your own.)
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To: 2ndDivisionVet
about half of California adults paid no state income tax that year

Similar to the US as a whole.


5 posted on 01/12/2014 2:06:04 PM PST by nascarnation (I'm hiring Jack Palladino to investigate Baraq's golf scores.)
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To: James C. Bennett

Property taxes are somewhat high on the theory that all school districts should be equally funded or some such. Don’t know of any other taxes that are above normal for other states.


6 posted on 01/12/2014 2:07:49 PM PST by 2ndDivisionVet (Jealousy is when you count someone else's blessings instead of your own.)
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To: 2ndDivisionVet
There is strong lesson to all forms of government bodies be they county, town, city, state, or federal - PEOPLE WILL VOTE NO TAXES WITH THIER FEET.
7 posted on 01/12/2014 2:08:12 PM PST by SandRat (Duty - Honor - Country! What else needs said?)
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To: 2ndDivisionVet

This man sounds silly to me. I love NY and my old home town of NYC. If I ever hit mega lotto I’d love to buy a house right on 5th Avenue! But I think all this guy is going to get for his efforts is a lot of rain, sleet, snow and what he’ll this is abrasive behavior.


8 posted on 01/12/2014 2:09:40 PM PST by jocon307
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To: 2ndDivisionVet

It’s not just the tax rates. Liberal representation from the likes of Peloski is enough reason.
It more mirrors the get the h out of Detroit gig.


9 posted on 01/12/2014 2:10:42 PM PST by Recompennation (Constitutional protection for all not ju st selectively for Democrats.)
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To: 2ndDivisionVet

No state taxes in NV. Property taxes not excessive.

Gets cold in Reno and mega hot in Vegas.


10 posted on 01/12/2014 2:14:10 PM PST by umgud (2A can't survive dem majorities)
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To: 2ndDivisionVet
millionaires' migrating out of California has serious consequences to the state's bottom line and is something state leaders are watching closely.

No worries. I'm sure the tax gap will be filled by the flood of additional taxes paid by all the new "undocumented immigrants." /S

11 posted on 01/12/2014 2:15:21 PM PST by Bernard Marx
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To: ErnBatavia

“No, but Texas can really, really shove it up your bunghole by way of property taxes.”

My property taxes in Jersey was $15,000 a year. I bought the same size property in San Antonio and my property taxes are $5,000 a year.

You may have meant sales tax.


12 posted on 01/12/2014 2:17:45 PM PST by EQAndyBuzz ("The GOP fights its own base with far more vigor than it employs in fighting the Dims.")
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To: 2ndDivisionVet
Bryan Goldberg, who founded the Bleacher Report sports website and sold it to Turner Broadcasting for about $200 million in mid-2012, is moving his primary residence from San Francisco to New York this year.


13 posted on 01/12/2014 2:23:30 PM PST by COBOL2Java (I'm a Christian, pro-life, pro-gun, Reaganite. The GOP hates me. Why should I vote for them?)
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To: jocon307
No income tax in NH. No sales tax either.

We have no bottle deposit. You can hunt on Sundays too.

14 posted on 01/12/2014 2:25:18 PM PST by billorites (freepo ergo sum)
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To: SandRat

Yes people do vote with their feet .

That is why Obamacare is not portable from one state to another.

It keeps the peasants tied to their lord, just like fuedal times .


15 posted on 01/12/2014 2:28:05 PM PST by Jewbacca (The residents of Iroquois territory may not determine whether Jews may live in Jerusalem)
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To: SandRat
PEOPLE WILL VOTE NO TAXES WITH THIER FEET.

Or as I like to say, you can fool people, but you can't fool money.

16 posted on 01/12/2014 2:32:57 PM PST by henkster (Communists never negotiate.)
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To: 2ndDivisionVet

That was a low information voter response.


17 posted on 01/12/2014 2:33:14 PM PST by Repeal The 17th (We have met the enemy and he is us.)
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To: COBOL2Java

You beat me to it. I suppose the rates may be slightly lower, so maybe on a relative scale it feels less painful; nonetheless, there are better places to go.


18 posted on 01/12/2014 2:33:18 PM PST by Oceander
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To: billorites

I have a lot of family who live in NH, it’s beautiful there. They are, sadly, almost all a bunch of big libs!

Not enough people for me up there.


19 posted on 01/12/2014 2:40:40 PM PST by jocon307
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To: 2ndDivisionVet

State leaders closely watch migrating millionaires”

Why?

If you keep beating a person, why would you be shocked when they pick up and leave?


20 posted on 01/12/2014 2:43:10 PM PST by VanDeKoik
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To: 2ndDivisionVet

Phil’s a wimp.... a mush... He should have double downed..
He was right.... He’s getting MUGGED... i.e. a coward..


21 posted on 01/12/2014 2:44:31 PM PST by hosepipe (This propaganda has been edited to include some fully orbed hyperbole..)
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To: ErnBatavia
No, but Texas can really, really shove it up your bunghole by way of property taxes.

I've been saying the property taxes are going to be a miracle pulled out my butt this year. They've gone from what amounted to 2 weeks of our income to 2 months of income. Every year it's worse. Taxes go up and pay goes down. I tried protesting but it did no good. The recent not counted on new water heater and tires blew a huge hole in the year's property tax budget.

22 posted on 01/12/2014 2:47:01 PM PST by bgill
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To: umgud

“No state taxes in NV. Property taxes not excessive.

Gets cold in Reno and mega hot in Vegas.”

Yeah, but you’ve got Harry Reid and one of the highest foreclosure rates in the country. I live in Illinois which isn’t any better; possibly worse, and we are tainted by Obama having lived here during his politically formative years. Hope he doesn’t come back here after his regime comes to an end.


23 posted on 01/12/2014 2:50:53 PM PST by flaglady47 (When the gov't fears the people, liberty; When the people fear the gov't, tyranny.)
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To: Repeal The 17th

So people who rent can’t be conservatives and clearly voted for Obama? Let me go write that down. I did not know that, my lord.


24 posted on 01/12/2014 2:51:40 PM PST by 2ndDivisionVet (Jealousy is when you count someone else's blessings instead of your own.)
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To: 2ndDivisionVet

Hey,it worked for the East Germans...and it's *still* working for the North Koreans.

25 posted on 01/12/2014 2:54:28 PM PST by Gay State Conservative (Osama Obama Care: A Religion That Will Have You On Your Knees!)
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To: 2ndDivisionVet

You implied that one could avoid the impact of high property taxes
by just paying rent, while, as I’m sure you must know,
the high property taxes are factored into the rent.

The rest of your post comes from somewhere in your imagination,
not from anything that I typed.


26 posted on 01/12/2014 2:55:53 PM PST by Repeal The 17th (We have met the enemy and he is us.)
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To: EQAndyBuzz; ErnBatavia

My sales tax is a flat 7%, with most food, medical goods and such exempted, what are yours?


27 posted on 01/12/2014 2:56:10 PM PST by 2ndDivisionVet (Jealousy is when you count someone else's blessings instead of your own.)
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To: EQAndyBuzz
in San Antonio and my property taxes are $5,000 a year.

Maybe in La Raza country but up in the Hill Country, that wouldn't cover a pup tent.

28 posted on 01/12/2014 2:57:25 PM PST by bgill
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To: James C. Bennett

high property taxes and there is a business income tax... er... franchise tax


29 posted on 01/12/2014 2:57:26 PM PST by GeronL (Extra Large Cheesy Over-Stuffed Hobbit)
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To: 2ndDivisionVet
I'm *this* close to leaving the state of my birth,which proudly proclaims itself to have about the highest taxes in the country,and going 35 miles north to New Hampshire,which is one of the least heavily taxed states (no income tax *or* sales tax).If I do I'll still be within a 30 minute drive of Logan Airport,the Boston hospitals and my relatives.
30 posted on 01/12/2014 2:58:45 PM PST by Gay State Conservative (Osama Obama Care: A Religion That Will Have You On Your Knees!)
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To: James C. Bennett

Doesn’t Texas have property and other taxes to compensate, though?

-—***********

The money doesn’t grow on trees and has to be obtained in some form.


31 posted on 01/12/2014 2:59:52 PM PST by deport
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To: Repeal The 17th

Yes, I know it is baked into the cake, I used to own rental properties, but my rent here for a decent newer 3/1, including solid waste disposal, sewerage, water, maintenance, community center with a nice pool and upkeep is less than $740 a month. So it isn’t biting me too hard, is it? I apologize for the rest of my post as I took you the wrong way.


32 posted on 01/12/2014 3:01:29 PM PST by 2ndDivisionVet (Jealousy is when you count someone else's blessings instead of your own.)
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To: 2ndDivisionVet

“...it was met with such venom that he apologized...”

“Mr. Mickelson, you WILL remain in California and surrender your earnings to the lazy and worthless...”


33 posted on 01/12/2014 3:03:52 PM PST by moovova
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To: 2ndDivisionVet

The Texas state sales and use tax rate is 6.25%, but local taxing jurisdictions
(cities, counties, special purpose districts, and transit authorities) may also
impose sales and use tax up to 2% for a total maximum combined rate of 8.25%.

http://www.window.state.tx.us/taxinfo/local/


34 posted on 01/12/2014 3:06:11 PM PST by deport
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To: 2ndDivisionVet

You are welcome in my foxhole, anytime.


35 posted on 01/12/2014 3:07:05 PM PST by Repeal The 17th (We have met the enemy and he is us.)
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To: 2ndDivisionVet

That is also why the very wealthy are parking their money in South Dakota trusts where they not subject to confiscatory taxes


36 posted on 01/12/2014 3:10:06 PM PST by The Great RJ
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To: billorites

.......but, LOL, it’s too damn cold!


37 posted on 01/12/2014 3:36:34 PM PST by Cen-Tejas (it's the debt bomb stupid!)
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To: Gay State Conservative

I just bought a house near Plaistow, NH and will be moving there from Calif. Soon. that area seems very Republican - lots of American flags & anti- Obama bumperstickers. you may want to check it out. and a short drive to Logan and Boston’s great medical centers.


38 posted on 01/12/2014 3:45:34 PM PST by 4Liberty (Mr President 'If you Like your college transcripts...can we see them?')
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To: bgill

.......uh, sorry, I own a townhome, in a highly prominent Country Club with scores of 3-5 million houses in it. The property my family owns in this club is on the bottom end of that scale at round a quarter million and all taxes on it are about $3,518.00.

Breakdown for you high property tax thinkers out there is:

$558 County taxes
$105 Health Care Taxes
$2,601 School taxes
$254 ESD (Emergency Services District)

This property is square in the middle of Texas Hill Country.


39 posted on 01/12/2014 3:53:47 PM PST by Cen-Tejas (it's the debt bomb stupid!)
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To: 2ndDivisionVet

Rent or buy, you pay property taxes one way or the other.


40 posted on 01/12/2014 3:55:24 PM PST by MediaMole
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To: jocon307

No way I’d live in the people’s republic of New York. And no way I’d live within new Moscow aka New York City. Especially with the new Stalin there.


41 posted on 01/12/2014 4:08:12 PM PST by ealgeone (obama, border)
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To: Cen-Tejas

You’re lucky. I’m in a small older house in a mid to lower income neighborhood and am paying more than your grand total in school taxes alone.


42 posted on 01/12/2014 4:09:03 PM PST by bgill
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To: ErnBatavia
No, but Texas can really, really shove it up your bunghole by way of property taxes.

Hey now, those high school football stadiums just don't build themselves.


43 posted on 01/12/2014 4:10:17 PM PST by dfwgator
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To: Cen-Tejas

It’s also been raised $500/yr for the past several years.


44 posted on 01/12/2014 4:10:50 PM PST by bgill
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To: dfwgator

The facility was build with bonds, not tax dollars.


45 posted on 01/12/2014 4:14:44 PM PST by A_Tradition_Continues (formerly known as Politicalwit ...05/28/98 Class of '98)
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To: bgill

......I do fight em every year. Hopefully, this might help you some. Your Tax Appraisal comes to you in regular mail. I “think” by law they have to be to you by April 1 of each year. Then you have a very short time to file a protest with EVERYTHING being at the State’s convenience, not yours. Last year I was able to reduce my taxes about 800 bucks due to their “way too high” appraisal.

So, along with myself, be on the lookout for your appraisal in a few weeks!


46 posted on 01/12/2014 4:19:51 PM PST by Cen-Tejas (it's the debt bomb stupid!)
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To: dfwgator

Neither do HS baseball fields. The brand new million dollar one underconstruction was nearly completed but one day they decided to tear it down and started over. How complicated are a few stands and grass? Never did get an explaination for that and don’t know how much the final cost was but hey! it’s free money, right?


47 posted on 01/12/2014 4:22:23 PM PST by bgill
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To: bgill

I’ve paid taxes on hundreds of living units in my entire life (past 4 decades). Your situation “sounds” like they are over-appraising you.

If I were you, I would check comps in that neighborhood. I would bet the recent sales are down and you are being over-charged. If I am right, it is easy to get them reduced. You just show documents proving lower sales to an admin person and they will reduce your taxes without even a hearing, in most cases.


48 posted on 01/12/2014 4:24:05 PM PST by Cen-Tejas (it's the debt bomb stupid!)
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To: ErnBatavia; James C. Bennett

Texans “enjoy” an exemption for having a homestead and then if you are over 65 you receive another exemption and most of your tax rates are frozen. But the assessors have come up with another ploy - simply raise the assessed value of the property. In my case it has been almost $15,000 the last two years. There was sufficient money in the rainy day fund to reimburse property owners this past year but like true politicians, our Republican majority decided to spend the money elsewhere. A lot of it went to public schools. Just pure B.S.


49 posted on 01/12/2014 4:24:10 PM PST by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
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To: A_Tradition_Continues

The facility was build with bonds, not tax dollars.

*************

True, but how do those entities secure the money to pay the interest and bond maturity? True some may come from a service provide such as water, sewage, etc.


50 posted on 01/12/2014 4:24:15 PM PST by deport
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