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?
Phil’s a wimp.... a mush... He should have double downed..
He was right.... He’s getting MUGGED... i.e. a coward..
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.
“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.
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.
Hey,it worked for the East Germans...and it's *still* working for the North Koreans.
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.
My sales tax is a flat 7%, with most food, medical goods and such exempted, what are yours?
Maybe in La Raza country but up in the Hill Country, that wouldn't cover a pup tent.
high property taxes and there is a business income tax... er... franchise tax
Doesnt Texas have property and other taxes to compensate, though?
The money doesn’t grow on trees and has to be obtained in some form.
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.
“...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...”
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%.
You are welcome in my foxhole, anytime.
That is also why the very wealthy are parking their money in South Dakota trusts where they not subject to confiscatory taxes
.......but, LOL, it’s too damn cold!
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.
.......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.
Rent or buy, you pay property taxes one way or the other.
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.
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.
Hey now, those high school football stadiums just don't build themselves.
It’s also been raised $500/yr for the past several years.
The facility was build with bonds, not tax dollars.
......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!
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?
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.
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.
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.