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Huan Yi
Member Ascendant

since 2004-10-12

Posts 6688
Waukegan

0 posted 2012-11-01 07:16 PM

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Let’s say you’re Governor Jerry Brown of California.  You have a huge
deficit and state employee pension problem.  One of your fixes is to charge
a millionaire’s tax on any household earning $250,000 or more.  Problem is
those people are leaving by the thousands every week for other states like
Texas.   Now Jerry doesn’t care so long as he gets their money so what can
he do?   One idea I had was have a state exit tax and more aggressively
seek state alimony in the form of a percentage on any future earnings.
What prevents that legally?  What are other possibilities, (think liberally)?

I was thinking about this because my Illinois is ranked 48th just above New York
and California as a state attractive for business.  Next door is Indiana which
is ranked 5th.   It’s not all that hard to move across the state line and thereby
avoid the taxes that will shortly and surely be necessary for Illinois to meet its costs
and obligations.

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Grinch
Member Elite

since 2005-12-31

Posts 2929
Whoville

1 posted 2012-11-02 07:30 PM

quote:
Problem is those people are leaving by the thousands every week for other states like Texas.

How many 'thousands' exactly and how many thousands are moving to California from other states like Texas? What's the migration ratio of rich versus non-rich and are all those rich folk going to states with the lowest taxes?

Those figures are important.

One last question, California has had a comparatively high level of taxes for a long time, how come the rich folk haven't migrated in the past?

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Huan Yi
Member Ascendant

since 2004-10-12

Posts 6688
Waukegan

2 posted 2012-11-02 08:52 PM

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http://ricochet.com/main-feed/The-Golden-State

Listen in starting at 37:00 minutes to Victor talk about the state of his state . . .  I can't remember if it's
2,500 or 2,000 a week . . .   And they have been
migrating in the past according to the last census.

If you would rahter read:

"California may face the nation’s largest budget deficit at $16 billion. It may struggle with the nation’s second-highest unemployment rate at 10.6 percent. It will soon vote whether to levy the nation’s highest income and sales taxes, as if to encourage others to join the 2,000-plus high earners who are leaving the state each week."

http://www.nationalreview.com/articles/329772/bankrupt-california-victor-davis-hanson

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Grinch
Member Elite

since 2005-12-31

Posts 2929
Whoville

3 posted 2012-11-02 09:48 PM

To be honest I'd rather have the true figures – folks tend to bend the truth when they're trying to prove a point.

For instance the number leaving might be as high as 2500 but the the number replacing them could be even higher – which paints a whole different picture.

Even if the rich are leaving in large numbers where they're going is important too – if they're all flocking to a state with only a marginally smaller tax rate then the argument that tax rates determine where the rich choose to live holds a lot less water.

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Huan Yi
Member Ascendant

since 2004-10-12

Posts 6688
Waukegan

4 posted 2012-11-03 01:22 AM

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I take Victor to be an honest man;
as much or more so than most . . .

Let's accept that those high earners are not
being replaced by other high earners. What then?

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moonbeam

Member Elite

since 2005-12-24

Posts 2356

5 posted 2012-11-03 09:19 AM

Victor can't be an honest man, he never ever seems to agree with ANY Democratic Party policies or opinions these days. Am I wrong about that? Humm.

Huan Yi
Member Ascendant

since 2004-10-12

Posts 6688
Waukegan

6 posted 2012-11-04 09:24 PM

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"Victor can't be an honest man, he never ever seems to agree with ANY Democratic Party policies or opinions these days"

The comment speaks for itself.

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