2 ms·

The whole “rich people will pack up and leave” threat is abusive relationship nonsense. Rich people have been threatening to leave higher tax desirable locatio

by dangus 1y ago

The whole “rich people will pack up and leave” threat is abusive relationship nonsense. Rich people have been threatening to leave higher tax desirable locations for ages and they never do it. Has Trump sold his tower in NYC because he has lower tax rates in Florida? No, of course not. Why is billionaires row in Manhattan instead of Jacksonville Florida? After all, taxes are lower in Jacksonville. Billionaires need New York more than New York needs billionaires.

Dracophoenix 1y ago
David Tepper's short move to Miami in 2016 upset New Jersey's budget. Jeff Bezos permanently relocated to Miami a couple of years ago and while the move hasn't publicly affected the state of Washington in the same way, it's certainly constrained what Olympia can collect with its recently-instated excise tax on stocks holdings. In addition, the consequences aren't just short-term financial losses, but long-term political shifts. During the pandemic, California saw an exodus large enough to lose a seat in the House of Representatives where Texas saw a gain. There is an abusive relationship, but it is one perpetrated by high-tax states against their constituents. Voting with one's feet and dollars is the solution to rid oneself of the abuse.
- dangus 1y ago
  That’s really nice for Jeff Bezos and David Tepper. This point is moot because we statistically know that you’re worse off living in Miami as a bottom 90% income citizen compared to higher tax states. Just look at statistics like education, median income, and healthcare. Miami-dade is severely cost-burdened in cost of living compared to Seattle or New Jersey with worse rent to income. Miami has a higher regional price parity. New Jersey is ranked #1 in pre-k education. Miami has a higher ratio in uninsured adults. The Florida state health system is nearly bottom ranked at #44. The bachelors degree attainment rate in Miami is horrific, half the rate of Seattle. I believe it’s the lowest attainment rate of any large city. So I’m struggling to find a legitimacy to the argument that an average person would rather live with Jeff in Miami versus staying in New Jersey or Seattle. The fact of the matter is that billionaires are fine living in a dysfunctional state because they have private infrastructure to shield them from reality.

by dangus 1y ago

Dracophoenix 1y ago

David Tepper's short move to Miami in 2016 upset New Jersey's budget. Jeff Bezos permanently relocated to Miami a couple of years ago and while the move hasn't publicly affected the state of Washington in the same way, it's certainly constrained what Olympia can collect with its recently-instated excise tax on stocks holdings. In addition, the consequences aren't just short-term financial losses, but long-term political shifts. During the pandemic, California saw an exodus large enough to lose a seat in the House of Representatives where Texas saw a gain. There is an abusive relationship, but it is one perpetrated by high-tax states against their constituents. Voting with one's feet and dollars is the solution to rid oneself of the abuse.

dangus 1y ago
That’s really nice for Jeff Bezos and David Tepper. This point is moot because we statistically know that you’re worse off living in Miami as a bottom 90% income citizen compared to higher tax states. Just look at statistics like education, median income, and healthcare. Miami-dade is severely cost-burdened in cost of living compared to Seattle or New Jersey with worse rent to income. Miami has a higher regional price parity. New Jersey is ranked #1 in pre-k education. Miami has a higher ratio in uninsured adults. The Florida state health system is nearly bottom ranked at #44. The bachelors degree attainment rate in Miami is horrific, half the rate of Seattle. I believe it’s the lowest attainment rate of any large city. So I’m struggling to find a legitimacy to the argument that an average person would rather live with Jeff in Miami versus staying in New Jersey or Seattle. The fact of the matter is that billionaires are fine living in a dysfunctional state because they have private infrastructure to shield them from reality.