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What does NC have to do with it? In any case, income tax is just one part of the total state tax burden, often overshadowed by property tax. > Over the last de

by zaroth 7y ago

What does NC have to do with it? In any case, income tax is just one part of the total state tax burden, often overshadowed by property tax. > Over the last decade New York has lost more of its population to other states (7.2%) than any other save Alaska (8%), followed by Illinois (6.8%), Connecticut (5.6%) and New Jersey (5.5%).

js2 7y ago
The piece makes the argument that state income taxes are causing people to leave. It used NC as an example of a state that’s growing. Yet NC has a state income tax higher than some of the states that are shrinking. Yes there are other taxes, but the piece focuses entirely on income tax. My point is that there are many factors in where people choose to live, of which cost of living is only a single factor, but this piece lazily focuses solely on a single component of cost of living. It’s thus easy to invalidate its argument that income taxes are what’s causing people to leave.
- zaroth 7y ago
  TFA does not focus purely on income taxes, but rather the overall tax burden. NC is ranked 26th in terms of overall tax burden. [1] Rich people aren’t paying regular income tax rates as their primary tax burden. They pay property, capital gains, and corporate tax rates. I think NC is considered very good for corporate rates, and middle of the road for personal, property, and capital gains rates. [2] [1] - https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494/ https://wallethub.com/edu/states-with-highest-lowest-tax-bur... [2] - https://taxfoundation.org/publications/state-business-tax-climate-index/ https://taxfoundation.org/publications/state-business-tax-cl...
Spooky23 7y ago
New York taxes have always been high and if anything have stabilized. There are two New Yorks... the NYC Metro and the rest. NYC has adapted, although it is not as diversified as it was. As for the rest, de-industrialization left devastation in the upstate cities, and now whole regions of upstate are depopulating as trade, agricultural and military policies change. North Carolina is relevant because you can move there and live with marginal skills for now. Taxes aren’t really that low, and will jump as the needs of the population get factored in.

by zaroth 7y ago

js2 7y ago

The piece makes the argument that state income taxes are causing people to leave. It used NC as an example of a state that’s growing. Yet NC has a state income tax higher than some of the states that are shrinking. Yes there are other taxes, but the piece focuses entirely on income tax. My point is that there are many factors in where people choose to live, of which cost of living is only a single factor, but this piece lazily focuses solely on a single component of cost of living. It’s thus easy to invalidate its argument that income taxes are what’s causing people to leave.

zaroth 7y ago
TFA does not focus purely on income taxes, but rather the overall tax burden. NC is ranked 26th in terms of overall tax burden. [1] Rich people aren’t paying regular income tax rates as their primary tax burden. They pay property, capital gains, and corporate tax rates. I think NC is considered very good for corporate rates, and middle of the road for personal, property, and capital gains rates. [2] [1] - https://wallethub.com/edu/states-with-highest-lowest-tax-burden/20494/ https://wallethub.com/edu/states-with-highest-lowest-tax-bur... [2] - https://taxfoundation.org/publications/state-business-tax-climate-index/ https://taxfoundation.org/publications/state-business-tax-cl...

Spooky23 7y ago

New York taxes have always been high and if anything have stabilized. There are two New Yorks... the NYC Metro and the rest. NYC has adapted, although it is not as diversified as it was. As for the rest, de-industrialization left devastation in the upstate cities, and now whole regions of upstate are depopulating as trade, agricultural and military policies change. North Carolina is relevant because you can move there and live with marginal skills for now. Taxes aren’t really that low, and will jump as the needs of the population get factored in.