Not so much. I live in a "high tax state" I live here because it's where I want to live, full stop. I'm fortunate to have done well as an entrepreneur and a trader, which has provided me enough money that I don't have to consider the tax rate when deciding where to live. I simply feel sorry for those, many far wealthier than I, who have lost sight of that concept.
As I recall, a legendary real-name ETer moved from the NY metro to Palm Beach several years ago. Ahead of the crowd!
Right, but you don't know the complete motivations of those who choose to move to a income tax free state.
these people if they should even bother tothink about it would consider you to be a sucker. just maybe the wealthy people who move contribute more to private charities. you in previous posst have shown yourself to be of a leftist bent. you live the life. at least you are not being a hypocrite.
So if your state upped your total tax rate to say 60% you still would not move? What about 70 or 80 or 99%?
Why stop there, if you're making up ridiculous shit why not 150%, 5,000,000%? At the point the state tax rate impacted me such that I no longer had the wealth to live where I wanted, I would have to move. If I couldn't buy food because taxes were too high, then I'd no longer be wealthy enough to have the choice of where I lived. No state has a tax rate that impacts the 1% in that manner, not even close! NONE of the people we're talking about here are "fleeing" for that reason and we're not talking about that absurd extremist example. We're talking about "fleeing" a place you'd otherwise want to live so that you can die with $20M or $200M instead of $2M. If you don't think that's a loss of perspective, then your loss really.
one thing is certain about the tax act. the limited simplicationtion did not put CPAs and theIRS out of business
I am not making up ridiculous shit.The top rate of tax in Sweden is currently 62%. I bet you would not be happy paying over 40% tax on the first $100K you earn and then say over 60% on the rest. You would move state in a heart beat.
I'm sorry, I thought we were talking about United States "states" here, not countries. If you want to have a different conversation I'm happy to do that too. If it wasn't so damn cold and dark in the winter I would in fact be quite happy paying a marginal rate of 62% to live in a country as nice as Sweden and with as many benefits as come with it. In fact I've been there several times and considered getting a cabin to live there in the summer when I retire, so I may very well put my money where my mouth in in that respect. If I thought up a good business I could start in Sweden I'd be happy to move there and do so. My goal in life is to make enough money that I can live where I want without worrying about tax rates. I tend to think that makes me a lot happier than folks who force themselves to "flee" a place they would otherwise like to live for somewhere else just to save money on their taxes so they'll die with more money. But again, that's just me, could be that makes perfect sense in some opposite world somewhere.
There are quite a few taxpayers in the USA that pay well over 50% marginal tax rate, some approach 62%. For example, a single, high-income, self-employed person who lives in Manhattan, pays 37% max IRS rate, 9% max NY state rate, 3.8% max NY City rate, plus both sides of FICA Social Security and Medicare = 15.3% on the first $127,000.