3 ms·

> when your richest citizens are leaving But the article says "a majority" of those leaving were middle- or low-income people.

rsj_hn 4y ago
A "majority" of any sizeable group is not going to be rich. What is important for fiscal impact is that the rich are leaving, not that other people are also leaving. If you want to see data, we can look at IRS data: "New York’s tax base shrank by $19.5 billion while California lost $17.8 billion as a result of workers fleeing those states during a time when lockdown measures allowed employees to work remotely, according to the Wall Street Journal. Other high-tax jurisdictions such as Illinois ($8.5 billion); Massachusetts ($2.6 billion); New Jersey ($2.3 billion); and Maryland ($1.9 billion) also saw an exodus of workers during 2020. The states that reaped the benefits of the “wealth migration” include Florida, which gained an additional $23.7 billion in gross income; Texas, which gained $6.3 billion; Arizona, which took in $4.8 billion more; North Carolina ($3.8 billion); South Carolina ($3.6 billion); and Tennessee ($2.6 billion)."[1] [1] https://nypost.com/2022/06/06/ny-cali-biggest-losers-as-wealthy-fled-to-low-tax-states-irs/ https://nypost.com/2022/06/06/ny-cali-biggest-losers-as-weal...
- mempko 4y ago
  Not that California is better, but all those places are stupid places to move to for global warming reasons. At least in the long term.
  - STM32F030R8 4y ago
    TX, NC, SC, and TN are bad states for global warming? Please explain.
    - mempko 4y ago
      This report goes into detail why. https://nca2014.globalchange.gov/report https://nca2014.globalchange.gov/report Essentially the south and south west have the worst impacts, with PNW least in the lower 48.
BurningFrog 4y ago
That's entirely consistent with 100 billionaires moving out.

3 ms·

> when your richest citizens are leaving But the article says "a majority" of those leaving were middle- or low-income people.

by lovelearning 4y ago

rsj_hn 4y ago
A "majority" of any sizeable group is not going to be rich. What is important for fiscal impact is that the rich are leaving, not that other people are also leaving. If you want to see data, we can look at IRS data: "New York’s tax base shrank by $19.5 billion while California lost $17.8 billion as a result of workers fleeing those states during a time when lockdown measures allowed employees to work remotely, according to the Wall Street Journal. Other high-tax jurisdictions such as Illinois ($8.5 billion); Massachusetts ($2.6 billion); New Jersey ($2.3 billion); and Maryland ($1.9 billion) also saw an exodus of workers during 2020. The states that reaped the benefits of the “wealth migration” include Florida, which gained an additional $23.7 billion in gross income; Texas, which gained $6.3 billion; Arizona, which took in $4.8 billion more; North Carolina ($3.8 billion); South Carolina ($3.6 billion); and Tennessee ($2.6 billion)."[1] [1] https://nypost.com/2022/06/06/ny-cali-biggest-losers-as-wealthy-fled-to-low-tax-states-irs/ https://nypost.com/2022/06/06/ny-cali-biggest-losers-as-weal...
- mempko 4y ago
  Not that California is better, but all those places are stupid places to move to for global warming reasons. At least in the long term.
  - STM32F030R8 4y ago
    TX, NC, SC, and TN are bad states for global warming? Please explain.
    - mempko 4y ago
      This report goes into detail why. https://nca2014.globalchange.gov/report https://nca2014.globalchange.gov/report Essentially the south and south west have the worst impacts, with PNW least in the lower 48.
BurningFrog 4y ago
That's entirely consistent with 100 billionaires moving out.