Skip to comments.State leaders closely watch migrating millionaires
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 ...
Doesn’t Texas have property and other taxes to compensate, though?
No, but Texas can really, really shove it up your bunghole by way of property taxes.
Similar to the US as a whole.
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.
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.
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.
No state taxes in NV. Property taxes not excessive.
Gets cold in Reno and mega hot in Vegas.
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
“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.
We have no bottle deposit. You can hunt on Sundays too.
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 .
Or as I like to say, you can fool people, but you can't fool money.
That was a low information voter response.
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.
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.
State leaders closely watch migrating millionaires”
If you keep beating a person, why would you be shocked when they pick up and leave?