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Here are the main findings of the new study: The negative economic effects of the tax hike wiped out nearly half of the expected additional tax revenue. Among top-bracket California taxpayers, outward migration and behavioral responses by stayers together eroded 45% of the additional tax revenues from the tax hike. The “temporary” income tax hike, which has now been extended through 2030, made it about 40% more likely wealthy residents would move out of California, primarily to states without income taxes.
originally posted by: dfnj2015
a reply to: JAGStorm
Socialism is why blue states are the richest states.
originally posted by: Vroomfondel
a reply to: dfnj2015
Socialism is supposed to make the people equal. If socialism made the state rich but the people are suffering either you are doing it wrong or it doesn't work.
Lol, hey what's that to say about the everyday plump, well dressed folk???
originally posted by: JAGStorm
originally posted by: Vroomfondel
a reply to: dfnj2015
Socialism is supposed to make the people equal. If socialism made the state rich but the people are suffering either you are doing it wrong or it doesn't work.
Notice at the top of every socialist country is a very plump well dressed person. So much for equality!
originally posted by: JAGStorm
www.illinoispolicy.org...
Surprise Surprise, you tax the rich they leave. Sounds too simple, because it is.
They will take their money, their businesses, their innovation with them. They will even drag along some upper middle class people.
Then where will the money come from?
It doesn't matter if we show this REAL world scenario to people 100X or 1000X some people just can't understand that people that work hard,
are smart, are financially literate would like to keep their own money. They will always figure out a way to do that. They will always be the ones with the ability to do it.
This entire article is a warning to Illinois (and other similar states), but we all know they won't listen. They will follow right in Cali's footsteps and the outcome will actually be worse.
Here are the main findings of the new study: The negative economic effects of the tax hike wiped out nearly half of the expected additional tax revenue. Among top-bracket California taxpayers, outward migration and behavioral responses by stayers together eroded 45% of the additional tax revenues from the tax hike. The “temporary” income tax hike, which has now been extended through 2030, made it about 40% more likely wealthy residents would move out of California, primarily to states without income taxes.
For those that want to bring up Bezos etc. I think we all know that is a separate issue about monopolies and businesses.
The problem is that people don't want to actually look the real problem in the face because it is hard
Homelessness can not be solved without looking at the drug problem
Consumer debt can not be solved without looking at irresponsible spending habits
College debt can not be looked at without looking at students (and their parents) and how the college experience has changed in the last 20 years. Here's a hint, it's not all about tuition cost!
originally posted by: Klassified
a reply to: JAGStorm
I live in Southern illinois. There are people here who have been trying to separate Chicago/Cooke County from Illinois for years for this very reason. It'll never happen, but I applaud them for trying. We have to rid ourselves of the scum in the state capital before anything else gets done.
originally posted by: Hypntick
a reply to: Edumakated
Incoming income tax for FL. I think the only state that is semi-safe at the moment is TN, and that's due to a lack of infrastructure and schooling for high tech businesses.
Edit: I'm moving from NC to SC, but the difference in property tax rates vs income tax rates more than makes up the difference.
originally posted by: JAGStorm
originally posted by: Hypntick
a reply to: Edumakated
Incoming income tax for FL. I think the only state that is semi-safe at the moment is TN, and that's due to a lack of infrastructure and schooling for high tech businesses.
Edit: I'm moving from NC to SC, but the difference in property tax rates vs income tax rates more than makes up the difference.
Some Florida natives are moving to TN because of the huge influx of people. There has always been migration to Fl, but it's growing to an unsustainable rate. They are already building on lot's that really shouldn't be built on.