800,000 people are about to flee New York and California

[GURPS]

800,000 people are about to flee New York and California because of taxes, say economists

800,000 people will leave New York and California over the next three years due to the new tax bill, conservative economists Arthur Laffer and Stephen Moore said in an op-ed in the Wall Street Journal.
Other economists dispute this finding, say there is no connection between taxes and migration.
These economists claim high-tax states will likely generate more wealth than they lose.​

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.

 

[Rommey]

What??? Those people don't want to pay their fair share????

 

[vraiblonde]

They should build a wall around NYC and the state of CA and force those people to stay there. What happens is that they get all pissed off about the government they voted for and run off to perfectly nice places, like Austin TX for example, to vote for the same stuff they left and #### up that city.

 

[transporter]

Stephen Moore!?

GURPS posts this kind of garbage all the time...there is little to no correlation between mobility and tax rates...only the truly ignorant believe that folks will move simply due to taxes...which, of course, is why a Russian bot would post a story on this site about rich people moving solely due to taxation.

Those with only an minimally higher intelligence level who actually read the entire article...would see the piece ends up ripping Moore and Laffer's conclusion. (But "minimally higher level of intelligence" is rarely on display here)

 

[SamSpade]

I have to admit a bit of schadenfreude over this - the left has been brutal in their mischaracterization of red states as being net sponges when it comes to federal money, while blue states are net contributors.
(An argument which really doesn't work upon close scrutiny, unless you totally ignore the blue states up there, and the fact that very few states are totally blue or red - e.g. Mississippi is a reliably red state, but it has the largest black percentage of any state in the country, and it is the poorest - so as a recipient of federal funds, it is highly likely the money is going to those who vote Democrat in a red state).

That high tax blue states have been welshing on their "fair share" of federal taxes paid seems about right.

 

[vraiblonde]

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.

Yeah, those tax cuts for the rich are killer.

 

[Monello]

Might as well add New Jersey to the list. Their new governor wants to raise taxes as well. How else is he going to pay for the illegal immigrant's kids college?

 

[Gilligan]

Stephen Moore!?

)

Post links to your published pieces. I'm sure they are much better.

 

[b23hqb]

Build the wall around those states! If they go to other states, they will just try their best to make their new state just like their old state.

 

[PeoplesElbow]

Stephen Moore!?

GURPS posts this kind of garbage all the time...there is little to no correlation between mobility and tax rates...only the truly ignorant believe that folks will move simply due to taxes...which, of course, is why a Russian bot would post a story on this site about rich people moving solely due to taxation.

Those with only an minimally higher intelligence level who actually read the entire article...would see the piece ends up ripping Moore and Laffer's conclusion. (But "minimally higher level of intelligence" is rarely on display here)

I can easily see that in a small state like Maryland where PA, WV, and VA are within the same commuting distance as where they currently live.

Then the are the rich people that may have another residence that just make that one their primary residence.