4 ms·

This is just a anecdote; here is some data: https://lao.ca.gov/laoecontax/article/detail/265 https://lao.ca.gov/laoecontax/article/detail/265 "Although Califo

This is just a anecdote; here is some data: https://lao.ca.gov/laoecontax/article/detail/265 https://lao.ca.gov/laoecontax/article/detail/265 "Although California has had net out-migration among most demographic groups, it has gained among those with higher incomes ($110,000 per year or more) and higher levels of education (graduate degrees)."

data_spy 7y ago
That data is several years old now (up to 2016). Anecdotal but most of my high-income friends left in the past 1.5 years.
- esoterica 7y ago
  3 year old data is still worth a lot more than your anecdote.
  - data_spy 7y ago
    Or is it?
    - messick 7y ago
      yes, yes it is.
      - data_spy 7y ago
        touche
refurb 7y ago
One of the biggest migrations is coming from NYC, which has a city tax on top of state and federal. So maybe moving from NYC to CA is still a net reduction in taxes? Also, the age bracket for in-migration is 25-35. So the typical story of people maximizing their career potential despite high taxes. If they had the same career/income opportunity in a lower tax state, would they take it?
- asdfasgasdgasdg 7y ago
  NYC's city tax plus the state come out to 11%-ish at the margin for someone bringing in 500k a year. CA's state taxes are in the same ballpark. Plus, NY's property taxes tend to be a bit lower. I'll be paying about $10k/y (unabated) on a $2.4M condo, whereas my house in CA was costing $24k/y on an asset price of $1.7M. So, I don't think that the reasons to move from NY to CA have much to do with taxes. Having lived in both NYC and Norcal (on the peninsula), I can say that the cost of living in both places is in the same order of magnitude. For me, the main differences are that CA has much better weather and access to the great outdoors, but NYC has a more interesting culture and better food and commuting. I think CA is probably a better place to start your career as a software engineer, but once you're established, there are plenty of opportunities in both places.

data_spy 7y ago

That data is several years old now (up to 2016). Anecdotal but most of my high-income friends left in the past 1.5 years.

esoterica 7y ago
3 year old data is still worth a lot more than your anecdote.
- data_spy 7y ago
  Or is it?
  - messick 7y ago
    yes, yes it is.
    - data_spy 7y ago
      touche

refurb 7y ago

One of the biggest migrations is coming from NYC, which has a city tax on top of state and federal. So maybe moving from NYC to CA is still a net reduction in taxes? Also, the age bracket for in-migration is 25-35. So the typical story of people maximizing their career potential despite high taxes. If they had the same career/income opportunity in a lower tax state, would they take it?

asdfasgasdgasdg 7y ago
NYC's city tax plus the state come out to 11%-ish at the margin for someone bringing in 500k a year. CA's state taxes are in the same ballpark. Plus, NY's property taxes tend to be a bit lower. I'll be paying about $10k/y (unabated) on a $2.4M condo, whereas my house in CA was costing $24k/y on an asset price of $1.7M. So, I don't think that the reasons to move from NY to CA have much to do with taxes. Having lived in both NYC and Norcal (on the peninsula), I can say that the cost of living in both places is in the same order of magnitude. For me, the main differences are that CA has much better weather and access to the great outdoors, but NYC has a more interesting culture and better food and commuting. I think CA is probably a better place to start your career as a software engineer, but once you're established, there are plenty of opportunities in both places.