WSJ
New York is also seeing this happen. What's to stop the uber-wealthy from leaving the US altogether if 0bama and the DemonRats continue their class war upon the wealthy?
Hi,
One does not have to be a millionaire to feel the pain of state income taxes. We lived in GA when they passed their state income tax law and it was very soon before those in the middle class were paying a whole lot more taxes because property taxes, sales taxes etc never went down. It did not take me long to realize I did not want to live in a state that had any state or local income taxes because you are just having more of your money confiscated by the government. Since then I have lived in TX and FL.
We used to live less than two miles from the FL/AL border in the 1990's and our friends in AL would ask why we lived in FL when we could live in AL and pay a whole lot less in property taxes. Every time I compared them, our home in FL was probably taxed $1,000 more than a comparable home in AL, yet the income tax rates in AL (this is from memory) was something like 5%. To keep the math simple, if one had a taxable income of $100,000 which is not unusual for a family where both the husband and wife work, they would be paying $5,000 in AL income tax.......to save $1,000 in property taxes.
If anyone has the type of job where they can live anywhere they choose, as I did, they would do well to take a look at those states which have no income taxes. Best part about FL is it would take and amendment to the Constitution to have an income tax and that would get shot down by the seniors every time. For awhile TX had some pretty hefty property tax increases but I understand they have had some revolts and it is supposedly somewhat under control.
regards,
5412