Posted on 04/27/2018 7:43:36 AM PDT by Responsibility2nd
Conservative economists Arthur Laffer and Stephen Moore are predicting a new mass exodus of wealth from New York and California because of the new tax law. But academics who have studied taxes and migration call the forecast "pure nonsense."
In an op-ed in the Wall Street Journal headlined "So Long, California. Sayonara, New York," Laffer and Moore (who have both advised President Donald Trump) say the new tax bill will cause a net 800,000 people to move out of California and New York over the next three years.
The tax changes limit the deduction of state and local taxes to $10,000, so many high-earning taxpayers in high-tax states will actually face a tax increase under the new tax code.
Laffer and Moore say that the effective income-tax rate (what people actually pay) for high earners in California will jump from 8.5 percent to 13 percent. Wealthy Manhattanites would face a similar increase, they say. Those who make $10 million or more will see a potential tax hike of 50 percent or more, according to their analysis.
Those hikes, they say, will cause an exodus of residents to move to lower or no-income tax states.
"In years to come, millions of people, thousands of businesses and tens of billions of dollars of net income will flee high-tax blue states for low-tax red states," they said. They say 800,000 people will move from California and New York over the next three years. Connecticut, New Jersey and Minnesota will lose a combined 500,000 people over the same period.
(Excerpt) Read more at msn.com ...
Yet a good number of them will likely bring their idiotic values and voting habits to those states. Maybe a few Red Staters ought to think about doing the same to New York and California (in irony, of course).
Things also suck here the South with all the banjo players, rickets, and cross burnings. They should find another close liberal state like NJ or Washington.
I’m from NJ. I love NJ because it is suburbia. I will never move, unless if circumstances change. I may move to PA. I want access to NYC.
Hopefully, they bypass Kansas!
That works for me...
I have a rural horse property for sale near Reno NV. Private mail me for more info. This year’s property taxes==less than $700.
This is bad. They carry social diseases to their new home states. We need to do the Berlin thing and wall them in.
We always tell our young snowflake relatives in California how hideously hot and humid North Texas is, and how backward and unenlightened the people are. Hee hee.
The scary thing is, these people are infected with liberalitis, and the cure rate seems pretty low. Plus, many of the people who will be exposed to them have no natural defenses. So the infection rate is also high.
A huge number of wealthy Californians have been considering a move out of the state if they can for many years
California’s quality of life, even for wealthy people, is taking a nose dive
This new tax law could be the straw that breaks the camels back for many
Same for Oklahoma.
They should find another close liberal state like NJ or Washington.
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Washington would be fine except for the city-states of Seattle, Vancouver, and Spokane. Flyover country still has the morals that this country was founded upon. Unfortunately the high income earners congregate near large cities, so send them to Chicago, instead.
The first to go are Conservatives who want out of Liberal hell holes like CA and NY.
If they’re the Conservatives fine.....otherwise, the virus is leaving the dying host just to infect a healthy host.
So, did Pelosi lie or is she just plain ignorant?
The presented evidence is that the rich are being taxed more, not less. Something is bad wrong with the Pelosi statement that the tax bill was to give breaks to the rich
not good!
Who will pay for the Cuomo NY socialist welfare state? These Lefties must be stupid OR intent on bankrupting their states.
Yeah...They’re already here in Arizona. They call themselves Red for Ed, and their on strike for more money and more lifetime pensions.
Unfortunately, they Californicate every where they go.
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