I'm sure its been beaten to death, but my lease is coming up in SF, I'm thinking about moving to Austin. CA tax for me is $90k this year, and I don't see any reason to suspect that bill will be lower next year. I also feel at home where I am now and don't want to be a slave to my money. Very conflicted. Anyone ever thought about moving to a low income tax state?
In the past when my business was running on all cylinders I was routinely paying close to 6 figures in NY state income tax. Now that my business has been in decline its funny how motivations change. I don't really mind living in a nanny state as I get closer to retirement.
I went from Chicago to West Texas long ago, Texas has no state income tax. Do have higher real estate taxes, have to get somehow. Austin has extra tax for living in the city I believe, traffic is so bad around Austin. But many moving into new silicon valley.
Markets are pretty much efficient. Schwab relocated much of its senior staff to Austin from San Francisco and the attrition was a multiple of what they expected. Dimensional Fund did the same move- actually from Santa Monica - and saved millions and almost all of the staff joined the move, with the exception of many the most senior executives. Money means a lot less the more you have.
After I moved from NC to FL, I remember wondering why anyone would live in a state with income tax if they could move to a state with better weather and no income tax. Needless to say, it was one of the best decisions I ever made.
Couldn't agree more. We moved 13 yr ago to a zero income tax state, BUT only after making sure we had the 'people and policy' match as well. Double Eagle. Best to live where your mind and money fits in ... urban or exurban.
About 3 years ago, I moved from San Ramon, CA to Plano, TX. I wish I had made the moved decades ago. Life doesn't need to be so hard (as in California). I like to hike, so the only negative is missing the natural beauty of California. I am planning a move to TN. No taxes and natural beauty.