Are Rich People Fleeing Places With High Taxes?
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- Опубликовано: 25 апр 2021
- To balance their budgets during the coronavirus pandemic, states including New Jersey and New York have raised taxes on the wealthy. Conservatives warn that it will cause many of those who left at the onset of the pandemic make those moves permanent since they’re no longer bound to the physical locations of their offices or their children’s schools. But available data from 2020 show that the so-called exodus wasn’t as pronounced as initially projected, and the urban exit that did happen, was to suburbs rather than low tax states.
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Are Rich People Fleeing Places With High Taxes?
I don't mind being taxed. What i do mind is when my tax money i paid is being misused and mishandled every time and the only solution to fix the issues is to pile on more taxes as if I, and many others, are made of money because some people can't do their job properly or won't do it properly.
Yep, you can tax the rich all you want, but the government's priority and handling of the money will still be in play. I'm betting that the moment you tax the rich higher, the military budget of America will finally reach and soon surpass the 1 trillion mark.
@Treavor Martin 😂
It's not just taxes, it is Marxist anti-business politics.
Governments agencies are rewarded by expending all budget, if you do this you keep your budget or get even more , that's why when a consultants comes in they get pay probably 60% of a project, drive around your governments buildings before budget is do a lot of them will buying buying new furniture so they dump this money your tax money.
Or their stealing it for themselves and their buddies
Texas property is through the roof. People are calling me to sell my house 2-3 times a week. It's not a myth.
Do you have a price max you’re willing to sell? That is insane! Just tell them you want an insane amount like 25 million. That should shoo them away
Should sell once it reaches close to sf
Californians moving in to buy homes at dirt cheap price (relative to California prices)
Same with Florida, houses are under contract within hours of going up.
@@James-mw7zv A lot of people in the Bay Area and LA are moving to Central California. Remember California is basically 3 states in one.
"It's not what you make. It's what you keep."
The biggest problem is that people who pay into the system don't feel like they're getting what they paid.
And people who pay the minimum get all the government subsidies.
800 for housing
700 for food
Free healthcare
And a big fat return for dependents in tax season.
@@2trillMODELco and they are still poor.
@@HardmoreGamer i mean those safety nets are a great incentive to stay there.
@@2trillMODELco So should I assume you've quit your job to take advantage of those riches. Somehow I suspect you sit above and critique those below you as lazy.
@@2trillMODELco don't be dumb. If there's something that is the basis for existing taxes and government is to take care of its people. Spending for people not die from hunger is just a moral obligation the elite has.
It's just ridiculous and blatantly not christian to be so evil to get mad at people getting scraps from the government to just not die! Do you even know how insignificant the cost of letting people not die from hunger is compared with the US' budget? The US has this christian facade but in reality, it's society is anything but that.
This felt like I was watching the same two minutes of footage five times to fill a video.
The person that was supposed to make this video was too busy on Zillow looking for a place to move to for lower taxes to make a good video
To make it worse, it's an old video only re apploaded.
RUclips doesn't allow multiple ads unless the video is over 10 min.
Thank you. *clicks on new video*
Correct observation. It's because there is no conclusive evidence that wealthy people move because of tax. That's because wealthy people tend to make their wealth locally, for example the skyrocketing housing prices. Tax is only imposed after you make money. What's the point of moving to a low growth state/country and pay little tax for less income?
I move from Los Angeles to Houston 4 years ago. My stress and my wallet are a lot happier
Better not be voting blue
i bet you vote democrat also.
You'll probably have to move again when people like you who move vote for same politics they escaped from.
LOL the myth that people moving from California to Texas are native Californians is hilarious. Someone could be from a red state, moved to Cali for work or school then moved out years later. Many counties in Cali are red. Most NATIVE Californians are split between red and blue while most who moved there take their voting mindset from their home state. Texas changing to blue isn't just due to Cali... businesses project red in attitude and often vote blue. Don't believe it? Review how many businesses that left Cali, moved to Texas and shifted blue. 🤣
@@AskMiko lol!! What’s in your coolaid?
Imagine thinking your tax money is being used efficiently
This comment needs to be pinned 📍
There's never such thing as perfectly efficient. Think about most corporate jobs, you really think most people deserve the money they get? Its a inefficiency. Theres always a sunk cost with any services or products.
When the governments involved, it’s absolutely not used efficiently... ever
@@Self-kn4ez It can, however, be used effectively. Government doesn't need to spend on advertising or bribes, for example. And it can spend for things that benefit the economy longterm, but have high up-front costs, such as infrastructure, research, education, meeting people's basic needs to help keep them healthy, off the streets, and well-off & hopeful enough to not fall into a spiral of crime, for example. Corporations are only good on consumer goods.
@@Yutani_Crayven It certainly is effective. Just look at how rich people involved in politics get. Good ROI. More taxes, plz.
It's not just the rich who are escaping from high taxes! Many middle class people, like my self, are fleaing places that have high taxes.
@Killer Miser not true. If we raise it to 70% or so they’ll leave. Also look what happened to California and how Nevada and Texas surged in population.
You don't matter, and you don't know what you're doing.
@@good-tn9sr That disproportionately-poor people are moving to those states?
@@spacetoast7783 not true. For example software engineers by droves are moving there. All my uncles (Software engineers) and their friends and there was data that showed engineers moving out of California. Maybe there are broke people as well, but there’s a lot of rich people leaving. You also have all those rich celebrities moving out as well.
@@good-tn9sr "If we raise it to 70% or so they’ll leave." It could be raised to 90% and not a single rich person would have to pay that because most, if not all, rich people do not draw "salary" like worker bees. Gates, Buffet, Bezos, Musk pay lower tax rate than avg joes.
“If it’s between A or B I’d always choose the other.” 😂😂😂
What were the menu choices?
Chicken or fish.
I remember. I had the lasagne.
😋🛫
@@user-nf9xc7ww7m severe chicken shortage.
@Jaques Studly The black man is always good at dancing!
It's very good and flexible way to think and to act under that kind of pressure
"Tax the rich more or watch people die I'll always take the other"....wait he didn't say which other
That was poorly phrased, wasn't it! ;-)
I guess he means tax the rich more plus you also have the federal deficit to think of that's why I think the top personal income tax rate should stay at 50% like it was when bill Clinton was president and you notice how good the economy was then
It is "preventing someone from dying on the street..."
I have no problem with the rich paying more in taxes but the ''eat the rich'' message is flat out cringe
He said the other after he said tax the rich. Pretty obvious he meant
My parents moved from CT to FL for 6 months and 1 day each year. Tax savings paid for their second home and they avoid the winter. It's a Win Win!
Genius
Yeah CT is just a horrible place. I can't wait to leave.
How is that a Win Win? Surely only your parents win. The State still has costs to cover yet it won't be getting more income.
It appears that many people take what they want from their State then leave when the State needs something back.
Your parents aren't extremely wealthy then. Greenwich is keeping all of their homes. They are so rich that they have other ways to manage the cost of property taxes.
@@grantadamson3478 yeah, when the state stops paying six figure pensions to government workers then you can talk. The waste and corruption by the state forces people to leave.
Being rich allow flexibility in where one CLAIMS to reside.
I live in NM where the Hollywood actors claimed to live while there kids were enrolled in Ca schools. Some people can find the loopholes.
My vacation community in the Pocono mountains has been over-run with people from NY and NJ who are buying houses the day they're listed for sale, and building houses on empty lots. These are not retirees. These are people who are younger and working from home.
Covid finally broke the industry love of centralized offices. Just wait.. once it is over they will yank the leash again. HP's CEO was infamous for forcing all remote workers to work in an office a few years ago.
(I work remotely, but in my case they don't even have an office big enough for my crew - we were always intended to be remote) I already like where I live so other than wishing it was a bigger place... probably not going anywhere.
My sister lives up there and said the same thing. I'm on the west coast and a friend in Reno told me that the little towns around Lake Tahoe filled up off season with people from the bay area.
Craig Tiano , so you should be happy with fresh meat coming to town
@@gavnonadoroge3092 They drive up housing prices, push people out of homes and vote for the stupid policies they escaped from. They're not a positive.
@@redwolfexr They will yank the chain again. A few companies in NYC are already talking about pulling their people back into offices.
I live in NYC, near the top of a residential skyscraper. Literally all of my neighbors on my floor have left for lower tax states. Once my 2 year lease expires, which I signed just before the pandemic started, I plan to join them.
Good, don’t come back ✌️
Unless you have children, you will be bored out of your skull in two years when NYC is thriving again.
PEACE, WISDOM, FREE THINKING, KINDNESS, LOVE ONE ANOTHER, HUMANITY UNITED, HAPPINESS, PROSPERITY, BONANZA, HONESTY, GOOD HEALTH, OPTIMISM
please pay the taxes and NYC and NY want you to pay.
Bye
people would not get so upset over paying taxes if they knew how they were spent and obtained easily verifiable benefits from them, if they paid huge taxes, but their cities were crisp, clean, well lit and maintained, they would be happy living there, but when you pay high taxes and your city has places that pretty much are abandoned and derelict with garbage piling up on every corner, its no wonder people are not willing to pay more if they dont see the results.
That's what is happening in NYC, this is garbage disgrace; extremely expensive and what for? Where that money is going?
Deblasio's wife took $1 billion that still hasnt been accounted for.
THIS. I want to help my country and the citizens that need a hand up - I’m an independent contractor. I pay taxes 5 times a year - and I have no idea what stupid thing they’re funding with it
Overheard this at the barbershop yesterday: "I could sell my house for hundreds of thousands more than I paid two years ago. But, where would I go? There are very few houses for sale..." Guess what? That supply and demand thing works every time.
Go to Mexico or another country to stretch your money. Duh! Think outside the box!
That person needs to think outside of the box. There are so many cities with great quality of life where they could buy a great house for less. Just have to shed the "I need to live in ____ city" mentality.
There are beachfront properties in Portugal that cost HALF that much or LESS!
Don't want to be so far away?
Panama has 4 million people, but did you know that over 1 million of them are from North America, a large number from the USA?
@@samjordan8800 Alot of expats in Panama
Ya leave the USA and retire... Plenty of places to go
I used to not like the thought of rich people not wanting to pay taxes then I got into business for myself and my ENTIRE perspective changed! Now I understand why the rich pay little to no taxes
The rich will find a way to avoid taxes. They always do.
You can be stupid or you can be wealthy but you can't be both.
That’s all you got from this?
until u actually have laws that prevent them from doing so in every state
As they should. The waste fraud and abuse you encourage by paying more taxes than necessary is borderline immoral.
@@michaelmyers5782why LOL and that would be stupid and infringement of freedom.
Paying State Income taxes has always seemed too much (unfair) to me. States already receive revenue from many other taxes. Income Taxes should only be Federal.
One day people will realize it's not rich vs poor, its the government vs the people
the rich make up the government and buy politicians
@@Jurmyhyle12 a small number, the one with the power is the corrupt one
The government and the rich are best buddies so it still is the rich vs the poor
@@enticingmay435 yea no, the government is who takes money from the rich willingly or not, if you think the rich are telling presidents to raise taxes on them youre delusional
@@Supertoddy96 .... what do you think constitutes "rich"? Do you really think people are angry with millionaires? Or rich doctors and lawyers? That's cute...
Take a look at the wealth gap between the top 1% and look at how much Jeff Bezos earns...
is this question for real?!?! I might be an exception, but if I don't have to be in a high tax location for work and I'm there at that moment, I would move to the less expensive state in a second
Dat's wat I'm sayin'.
It depends. They talk about businesses and people moving to Florida but if these businesses and businesses are looking for skilled workers they will have a hard time finding it in Florida. I live in Florida and the state has been trying for 10 years to bring tech companies here but they they won’t come here because we don’t have skilled tech workers. Moving is only a success if you can still find the same skills in your prior state. Also wages in Florida are low.. 70% of Florida workers make $15 an hour or less so finding high paying jobs here is another hurdle.
Well, I don't know how wealthy you are, but assuming you are not rich, the thought process of a rich person is not exactly the same as someone who is poor or middle class. For you and me, a 10% tax increase could be crippling, but for the ultra wealthy it is not. I'm not saying they don't give it a thought, but paying, $1 million more for the premium of living in, say, the Upper East Side seems minor for someone whose net worth is over a billion. There is social value in saying you live in the Upper East Side, or in Silicon Valley. You can call it glamour or prestige if you want, but that is something the rich can afford to seek (different from many poor and middle class people who seek that without being able to afford it lol).
Now, if one wants to increase taxes on the rich, I think that should be a national policy instead of a state one. If California increased taxes, there is always the possibility of moving to Texas, even if most don't. There are no borders or tariffs between states, no controls on flows of people, goods and capital. But between nations, the situation is different. A poorer nation could well drive out their wealthy with tax hikes. And the state-to-state problem could also happen easily within a single market such as Europe (a tax hike in France and rich people can easily move to the Netherlands, just like between US states). But the US is in a better position to increase taxes on the rich nationwide. What are they going to do? Leave the largest consumer market in the world? Lose preferencial access to that market?
Now, people can disagree on of increasing taxes on the rich should be done but if it were to be done, the right way to do it is nationally, not on a state to state basis.
Even if I was in the exact same situation (which I actually am) I still wouldn't move in a second. So yes, this is a question. This is where my entire family is, born and raised, is where I met my spouse, where I went to college, where I found many positives and passions in my life, despite living in Illinois, land of the crooks and criminals.
To me it's just life as I know it and the grass may be greener but it'll never be greener for me, or anyone in my immediate family/friend group. I never understood why people would call me a fool for that, even though I know I could be paying less in taxes almost anywhere else.
@@blitzballrusher4993
I stopped readang @ il
On a micro scale, a few years ago Amazon relocated a warehouse from Lyon County NV to Washoe County NV, despite having a much higher property tax burden, because Washoe had a better workforce for them and they wanted faster access to the airport for visiting management. Taxes are definitely a factor, but they are far from the only factor, and sometimes not even the primary factor. You can raise taxes so long as you can justify what someone is getting in return for those higher taxes.
In economics, that factor is called the Ease of doing Business Index.
For businesses (which are non living entities), corporate tax is not too much of an issue since the tax burden is simply shifted onto the workers. If corporate tax increases, wages are decreased to balance the budget.
Individuals on the other hand can't do this. So for wealthy individuals tax is a very big factor.
This reminds me of an interview with a German billionaire. His statement was:
I like to pay high taxes because I do not like to live in a poor country.
is his name Bayer?
When people call for the rich to pay their fair share, can anyone define what "fair" means? Is it same tax rate as everyone else, or same proportion of their income? By almost every measure the rich ARE paying their share (unless you want to count their unrealized gain as income). Seem like "pay fair share" just means "pay more, more more more, always more"
Yes but No is most likely the answer for every CNBC video
More like yes, but we’ll lie to you and tell you to not believe your lying eyes
Lol a pattern I’m noticing lately
it's because life is so much more complicated than simple answers.
They actually lost senate seats soooo...unless they want to say that is our imagination too I would say this isn't even a question anymore just a fact.
Me a German: meanwhile paying 45% taxes lol
Tax payment greater than the income of the citizens
It could have been good if you into investment and save your money in your Bitcoin wallet
Some people in California and New York are paying over 50% tax and getting no services for it. Total waste.
Don’t get my wrong. I like paying 45% taxes. I get a lot from it. Even though I must say it hurts to pay 40.000€ taxes per year. But on the other hand 80%+ of my taxes are used for good things such as infrastructure and good schools
Your a socialist troll: if you are a single person earning more then 54000€ the formula for your tax rate is 42% - 10000€/x , x beeing rouphly the taxable gross income. If you pay ( as a single) 40000€ would imply that you earn 120000€ ++. And no, its exactly the other way around: 80% of your taxes is spend for senseless, insane socialist filth
@@joachimbuschle3912 Not my opinion
Illinois is having the opposite effect and people can’t move out fast enough lol
They were always crazy though. I was born and raised in St. Louis and I remember even back as a kid Illinois had a problem with people crossing the bridge to buy cheaper cigarettes to sell on the black market, lol.
@@katrinamillings3651 We're making menthol cigarettes illegal.
I live in Chicago and that’s not my experience at all. I don’t know anyone who recently moved. My future in laws are going to spend half the year in Florida due to the weather though and half the year in Illinois. Illinois doesn’t tax retirement so they definitely want that.
@@euenfheiejrj many many folks in chciago are moving to suburbs thanks to Local DA and BLM protest and riots plus the crime in chciago is through the roof but the woke newspaper like Tribune wont admit that fact
The main problem in Illinois is that the State believes if a decision is good for Chicago that the decision is good for ALL of Illinois......which is a HUGE lie.
Am retired,Currently living in Florida earning six digits from my investment portfolio....The additional state taxes has nothing to do with the way most rich people live there life,all that should be considered is the streamline of income.....It has to be enormous
I’m earning six digits as well.
If you include what comes after the decimal point. 😆
Absolutely true 💯..
Retired but still earn that much?
That's awesome,what do you invest in?
How do you earn that much?
@@kathyehlinger4228 I trade on stocks,have about 25% of my portfolio in Dow Jones stocks,15% on GEVO,10% on NIO and the rest on TESLA...I was advised by my coach to buy and hold onto my shares as long as possible before trading out.
City taxes are ridiculous
Same with my mountain town of Catskills, the vacation rentals are going for crazy amounts and there is extremely limited options for those who want to rent or buy up here for the summer. Also, last summer we were overrun by people from the city to the point that restaurants sold out and previously empty small lakes like North/South or Colgate were packed. All the restaurants during the ski season were pretty much full and the traffic during the winter time too doubled than last year. It’s nuts!
Absolutely. Leaving NY after 10 years. Heading south. So long Cuomo!
GOP leadership knows that fear mongering has always worked on manipulating their voters because sheep just do as their told without checking the facts.
I am willing to bet New York will be fine without you.
@@vivalarazausarmyvet4453you leftists are so sheltered.
Same here. Most employees have left too.
@@HarryPujols Very well. Prepare to open your wallet even wider.
After years of laughing at Florida memes.... I am now a (state tax free) Florida man.
Florida memes are da best
Just don't rob any fast food drive throughs with your pet alligator.
Yeah, but you pay HIGH Real Estate taxes and High Homeowners insurance
Remember why it has no state tax and keep it that way
@@garnetrose6162 my real estate taxes dropped $8k for similar sized home in Florida... so not sure about that one. You do have a point with high homeowners insurance though.
They should have added the "rent is to damn high" guy at the beginning of the video
Big facts 🤧💯😂
Yep. I live in Reno.
Its not a joke. 1000 for a studio in a sketch neighborhood
Wealthy don't rent, they might have rental properties though.
@@DigitalYojimbo how can you say they don't rent? Typically, renting and investing as much as you can in the stock market will get you further than buying a house. Some exceptions though for current times of rapidly inflating home prices. That is not typical, though. But neither was the stock market in 2020 which blew even home appreciation out of the water.
Luckily I don’t intend to leave TX, so I’ll be ok when I’m finally rich.
LOL same. Getting that cs degree and building my startup
I give it 10-20 years when texas unfortunately goes blue and then you know what happens after that......taxes
@@AdmiralFroggy even if Texas goes blue, I don't think people would vote on party lines when it comes to taxes. Plus if a Democrat wants to be a competitive candidate, they better not increase taxes else they get the boot
People don't understand how communities, cities, states etc are funded, but are quick to talk about taxes. Many new developed places get an incentive to build a new area with houses, buildings etc. the problem is that they were gifted that money from the federal government, after the new development is created, it is up to the community, county or whatever to raise the funds to maintain the new development, this works great for about 30 years, after that when roads, bridges, electricity, water, etc need to be fixed, the community hasn't risen enough in taxes to fix all those expensive things, so either they borrow the money that eventually needs to be repaid with interest, or they raise taxes. Look at your community and see how old it is, if it is new you have about 30 years, most likely less to take advantage of those low taxes, if it is old most likely your taxes will be raised. New York city is old that's why taxes are high, many city in Texas are new that's why taxes low, but they will have to raised eventually because neither Reps, nor Dems want to cut services, some might try to sell public things to make up the deficit, others may try to raise taxes or do a combination of those things. Either way that money has to come from somewhere.
@@AdmiralFroggy TEXIT will happen before that.
The question is if Florida can run a good state and society without income tax why can't New York on the other states get their act together and do the same! Bottom line is just mismanagement and no control over the budget. Doesn't matter how much money you make you can always spend more than you make.
Florida has higher property tax
This CNBC piece misses the point: The issue is NOT the imputation of people's motives why they move from high-tax to low-tax domiciles, as one may only divine what the reasons are. But the empirical evidence is clear: High-asset individuals do NOT move to higher-tax domiciles compared to where they move from; they invariably move to lower-tax places, and that alone is splendid evidence that 'tax-and-spend' profligate states (with their misguided, foolish policies) have run their course. Last person to leave, turn the lights off so the crickets can sleep.
If 1 person leaving can screw up your budget, you are taxing him too much
If you’re make $1M+ there’s a problem
@@KRYMauL the problem is that you want to use that 1M$ to pay for your life expenses.
@@KRYMauL Why? If a doctor starts a clinic and hires 5 doctors, they could probably make 1 million+. Are they evil?
Your kidding right ?? God I hope so... cause if KRY MauL is that stupid, we are in trouble
@@cbdoil4082 I will not say KRY MauL is that stupid without ever having met him. He might be trolling.
But I will say these two things:
1. There are people that truly are that stupid;
2. Those people vote;
These, ladies are gentlemen, are the two reasons for Western countries' decadence. The "give me freebies" crowd.
People who demand higher taxes are insane. Yes I mind paying higher taxes. I think you can spend your money better than the government.
Most definitely not a myth
Yeah largely is people just don’t know it you’re going to pay one way or the other
Take a drink everytime the narrator says "Anecdote".
Doge?
I'm in Nevada and yes ... people are buying 10x as much out here vs California. 🤣
ill stay in California, Nevada is very eh :)
Not to mention Nevada is run by democrats yet the housing market are far more affordable compared to Cali lol
@Killer Miser what a dumb comment lol
@Killer Miser that’s not what he said though...
@EIon Musk ꪜ Bro elon musk is also a liberal but ok simp
It's not just the wealthy, I'm ensconced in the middle class and I just escaped CA and part of it is the tax rate.
Until CA falls into the ocean, there will be someone wanting to live there who will take your former living space (definitely) and job (if it hasn't become totally mobile)
Now time to talk about corporate tax flight and all these companies like Google who are "based in Ireland"
@@scottfree6479 so true! But no, sleepy joe wants to raise corporate tax rate. Gonna have lots of "irish" companies here soon...
Well take into consideration, people always have a place they may rather live, but they're waiting for the right time. Sometimes a change in tax laws will be the event that makes the move worth it. Maybe they have family in another state or simply like it there, but it isn't their home state or businesses home state. If you raise taxes to the point where they'll save millions simply by moving, it's alot more incentive. It's usually a cumulative decision based on many things. My dad is planning to leave CA, and current taxes and future taxes are one of the main reasons. He loves it there, but the politics have drove him away.
elected politicians can't move like that so we can't either.
@@SamSitar makes no sense what you said
Same here in Illinois
If each state had their own currency and central banks, as the federal govt currently has, then funding wouldn't be an issue.
Does the US, Canada, South Korea, etc run a balanced budget? Are they not able to "print" their own money? But, are they not wealthy nations?
Regardless of one's economic belief system, no one would argue that the nations mentioned above are not wealthy and prosperous.
If states had the same power of their own currency and central banks, they too could be prosperous. As long as the "minimum payments" were kept per month, it would not lead to hyperinflation or disbelief in the currency (belief is part of the fiat currency system).
Further, by having multiple state currencies, wealth could be developed by having a DOMEX (currency exchange within the country) or even put on the FOREX. It would also lead to less centralized control.
The euro was an experiment. "Merging" currencies into one creates issues with member-states not able to fully control their local economies. Perhaps what we need is not a single or oligopoly of currencies, but much more.
Lastly, having state central banks would mean less reliance on the federal govt and less cronyism. It's easier to sack a state legislator than a federal legislator (congressman or senator). States could have reacted quicker and each state could give the stimulus they thought was needed.
By all measured the Euro was a giant success
Rich people never had to pay taxes. There have always been tax loopholes.
Talk to your rich politicians about that.
The rich pay the vast majority of taxes. Top 10% pay over 70% of federal income taxes. Corporations use loopholes to pay a lot less taxes. Less corporate taxes means higher salaries, which means more personal income tax paid. The rich won’t stay in the US much longer which will cause the entire country to collapse. Political polarization and growing crime will push the rich to places that are more stable even if the tax rates roughly the same.
@@TCsHouse doesn’t work. We need to try other measures.
If you use WEALTHY and RICH differently, then you are incorrect...although we definitely understand what you meant.
Many people say RICH when they really mean WEALTHY. When we talk about massive Wealth, we often mean Generational Wealth. These people have tremendous tax loopholes / reduced their tax burden. Elon Musk and Jeff Bezos have tremendous wealth...but it is MOSTLY unrealized gains on the value of their ownership in their companies (NOT taxed).
Often when people say RICH...it is often High Income Earners...who DO pay a lot in taxes. Highly paid Financial Traders, Doctors, Lawyers, Athletes, Tech, CEOs (who did NOT found the company), Top Sales People, Consultants, Stock Brokers, Highly Paid Employees, etc. They often EARN a LOT of money...although they often PAY a lot in taxes. Especially in the middle of their careers.
As these "Rich High Income Earners" grow their Wealth, they start to seek out places to put their money / capital that are tax free or deferred, so that they keep more and more of their money / wealth.
Cheers!
@@ryanlazarus3381 this country survives on the middle class, not the rich. The middle class carries the whole country. The rich definitely don’t pay the most taxes. Prime example: Trump paid $700 in federal taxes in one year. If people like him left, the country would only get better.
Don’t throw money down a infinite pit and maybe we will want to pay taxes
so if given the chance to choose between taxing the rich more over someone dying on the streets you always choose to tax the rich, but when over 50% of taxes come from the rich what will you do when they all move on out???
tax their businesses
@@St3v3NWL not a smart move... the customers will end up paying for that, thats the poor ppl... you see when you tax a business the cost goes directly to the customers and don't really affect the business itself or the rich owners...
lets say that you pay $1 for a pack of Ramen, if the govt was to tax the business more than they already do you can be expected to pay $2 for a pack of Ramen.. (this is just an example)
@@dunhillsupramk3 Nope, just make different tax brackets that promote small-medium business. Companies like amazon, with mutli million revenie falls under the highest bracket. Add strict labour laws as well and they have to pay up
@@St3v3NWL small to med business can't move their HQ (due to being to small and not having the money to do it), but what is stopping big multi million/ billion dollar companies like Amazon, Walmart, Costco, CVS, Home Depot, Target, Lowe's from moving their HQ to another country with lower taxes??? (when they do that we can't tax them)
@@dunhillsupramk3 You can tax the revenue they make in a country
I lived in a small Ohio city that had mostly retired people with low incomes. They passed a law to dramatically drop property taxes and exchange it with high income taxes. As a younger, higher income worker, I put my house up for sale immediately. It also made me consider that maybe I should move out of state and save even more money. I decided on a move to Texas due to zero income tax. As for the city in Ohio, most of the working class moved out causing a severe budget shortage. Restaurants and retail stores went out of business because the people with income left town. I returned later to visit family and it is now a shell of a town. Productivity should not be taxed. If someone tries to make a better life for their family, they are taxed more. Sales taxes are much more fair. The rich will pay a substantial amount more like people want, but at least there is a choice... with sales tax we have some freedom.
you are an antidote and not necessarily representative of broader trends as the video states, net outflow fears from high tax regions were incredibly overblown. Besides, is Ohio even a high tax state? By the way, Texas property taxes are actually worse than California, they are great at hiding it. Texas property's get reassessed often so as more rich Californian's move to Texas, price will rise, and people who can't afford it get pushed out. People leave Cali because they don't have enough money, not because of taxes, and they are replaced by people with more money.
@@h1inc816 Well said and you are exactly right! I may not represent the broader trends. However, it's NOT about the amount of taxation... it's the method of taxation. The amount of property taxes and sales taxes are mostly voluntary. For example, some may prefer a smaller house. You could also grow/cook your own food rather than eat at restaurants. However, income taxes are fundamentally immoral because they tax productivity. I think this is why income tax was unconstitutional until 1913. The more you try to provide for your family or help others, the more you are taxed. I work 4 months of every year just to pay federal income taxes. Those income taxes create a lot of the division in this country. If you pay income taxes, you feel like it's theft.
@@bravedog1974 where in Ohio were you? I was doing a roadtrip from DC to Detroit to Toronto and Ohio..... Man, the US is a different world outside of cities. I was amazed when the people I was hanging with told me their rent was $500 for a one bedroom, I told them you might not even get a parking spot with that money on the east coast, and rent in DC starts at $2100-2700 for a one bedroom. Ohio coming from DC seemed affordable but then again I don't live there.
@@h1inc816 Yeah, Ohio housing is cheap. When I moved on 2007, housing in TX was cheaper than OH. Now that everyone moved here to TX, housing is too expensive. Definitely a factor unless you move out to the country.
Can't say I blame them. It's not just rich people. I only make $20k a year right now and I'd love to flee Taxachussetts but I can't afford to...I'm more or less trapped here.
I don’t think you need to file taxes earning so little. Do you mean 200k?
I'm planning to leave MA also , Philadelphia looks great , still east coast can still work for my company remotely and can buy houses for $100-120K also can buy investment properties to rent out.
@@Csilva857 you can buy houses for just 100K in Philadelphia? i thought that was only possible in some rural areas in connecticut
@@kushal4956 Yes you can for sure - I would share the links but RUclips just deleted my comment showing real estate links - Go to website name "Trulia" and search for Philly , keep in mind some are going to be run down but many are recently updated - They are called "Row homes" they are 2-4 bedrooms brick houses all connected in a straight line usually with full size basement and small backyard (enough for a dog or a patio set 6-10 person BBQ maximum) - they are close to the train as well easy to get to downtown in 20 minutes. Some areas are improving more than others "Brewerytown" , "Strawberry Mansion" and "Manayunk" are coming up the most right now (lots of development) - However if you can afford it , "Fishtown" and "Spring Garden" are already up. Not sure if you're from MA but if you can remember Lynn, Chelsea , Dorchester and Somerville were really bad 10 years ago and you could not even walk into Charlestown . Now all of those places are really nice. I am trying to find areas that are "up and coming" Save my money , and travel.
@@iconsumedmt1350 Income bracket in the US starts at 0$. There's no point in the states where you make too little to be taxed.
*laughs in California companies moving to Texas*
They're all incorporated in Delaware, not Texas or California.
Every state has serious problems if you look close enough. The Ogallala aquifer (which provides the great plains with water for agriculture and northern Texas also draws water from) is predicted to last only another 20-30 years, sever weather is only going to get more frequent and intense as climate changes progresses leading to more catastrophic flooding like in Huston in 2019, and winter weather like back in Feb is going to become more frequent as well. From the looks of it, not many state representative are addressing these issues that could bring the state to it's knees. Texas wants to grow their economy, so they're pulling back regulation as a way to make the bar to entry lower. Deregulation eventually leads to things like the Feb power outage. Texas was told back in 2011 that they needed to winterize their power infrastructure to prevent it from happening. Texas government gave that report to the power companies who then looked at the cost and decided that saving the money on that out weights the potential losses from having the power go out. They all prioritized profits over the safety/wellbeing of the public just like any company would. In the short term Texas will see serious growth, but they're going to encounter some serious issues if they don't start to address them now.
Laughs in California when companies complain they don't have the same safety net on their public infrastructure when they do move to Texas
Actually that’s just the corporate headquarters which does nothing because every company in incorporated in Delaware.
@@KRYMauL There's also only like two household names that have even moved HQs.
I own two companies. I assure you - this is NOT a myth. Just ask California. And if they haven't left for one reason or another, I assure you again, they have explored the option of fleeing.
Am I the only one that realizes that the rich are moving into a state that will sink in 20 to 30 years
stupid or just trolling?
@@andrewlayton6728 kind of the same reason why oil companies are still drilling. Gotta strike while the iron’s still hot.
I think this every time FL comes up in these types of discussions. My wife and I are trying to leave.
In a perfect world I'd love to settle in Brickell but the flooding is only getting worse there.
That's why i don't wanna invest a dime in Miami, i rather invest in San Antonio and have my money safe
@@andrewlayton6728
Just like the stock market. Buy while low and sell as high as you can go before your corporate stock advisors say the stock will tank. Profit$$
Who is moving to Alaska just to avoid taxes? The cost of living will take out any gains
Just move to the other 7 states with no income tax...
Everyone is moving to Florida.
@@Guerrilla727 Or TX or NV or NC or TN. Lots of people moving now that we've seen through the looking glass and know that you can operate MANY businesses from anywhere you want, as the Owner / Founder / CEO.
There's more that goes into choosing a place to live than cost of living -- of which taxes is one component.
Califirnia and new York taxes are so high that you'll likely have a lower tax rate in Sweden and Denmark, which are full blown social democracies. Lot of wastage, inefficient bureaucracy, and crushing regulation in the us!
Sweden and Denmark are homogenous societies.
In Europe where taxes for the wealthy are often extravagant, rich people move a lot. For example a lot of French people move to Belgium or Switzerland (also Monaco if they are very rich) and it's an additional reason for some jews to move to Israel
and all that does is harm the big countries where they actually make the bulk of their money, doesn't it?
Indeed, it is also Europe where almost every big country has a small lower tax country close by. I moved to Malta for the much lower taxes for example and the extreme example of Monaco wouldn't even exist in the way it does today if not for people moving for the taxes.
People may not move immediately but it is absurd to believe that they don't have a plan b when the time is right. Monaco, for most wealthy business owners opposed to high-salary sport stars for instance is particularly interesting for the big liquidity event and not so much while building wealth which also explains why the migration effects are hard to pinpoint to specific tax changes.
so? it's up to the big countries to respond by lowering their own taxes. that's on them...if people have a choice, why are you criticizing what they do with that choice? Competition is A GOOD THING, makes us all richer.
@@D.A.OhK. monaco is nice, so are luxembourg and lichtenstein but they're boring except monaco ig but i'd rather pay the taxes and live in Paris or London than in Monaco
I’m not wealthy. But I hate the 12% MA short term capital gains tax. I hate it.
Imagine workin hard to become rich all to just give it away in taxes
Most people today who are wealthy aren't rich because of hard work, but because of compounded wealth inherited over many generations. So this is more like a tax on compound interest rather than a punishment for working hard... you really can't argue that the CEO of a major bank actually works harder than someone in construction or farming.
@@anthonydelfino6171 I agree. But harder work does not equal more pay. You would think it do but it don't unfortunately.
lol no. The vast majority of wealth are held in capital and compounded for simply owning it.
I think you missed the part where the rich got RICHER during this Pandemic while a sizable chunk of Americans don't even have $400 in their "rainy day" funds!
@@anthonydelfino6171 and yet 88% of all millionaires are self-made? Most of today's millionaires weren't born into their wealth, research shows. A study by Fidelity Investments found that 88% of millionaires are self-made millionaires. Overall, the research revealed that current millionaires are, on average, 61 years old with $3.05 million in assets.
Simple search and found this. Biggest indicator of it is age and frugalness if I'm not mistaken. So that is wrong wrong that it is inherited.
It's not just taxes, it's safety, who want to risk their life to live in NYC or Chicago or LA??
Give me a break. NYC is the safest big city in the country and the crime in Chicago, my current home is wildly exaggerated. If you’re not in certain areas, you’ll be fine. When was the last time you’ve been to any of those cities? Chicago isn’t even in the top 20 most dangerous in the country.
When you have all these massive companies that make billions literally uprooting out of Cali and NY to come to Texas, it makes sense that people would relocate as well.
What about all the ones that choose NY or CA because it's better for their business or they have better access to talent there? Look at the whole picture.
@@ericfranke1637 the landscape is changing because of COVID
@@ericfranke1637 That's irrelevant now. Most jobs in the fields you are referring to are remote.
@@ericfranke1637 doesn't apply anymore....that's very old stats, like 40 years old. You need a new rumor.
Wonder why it cost twice as much to rent a U-Haul to move from California to Texas than it does to rent one in Texas to go to California or NY,NJ areas ? Also you can live in Texas, Nevada or other states for around 188 days and be a resident. You can spend the rest of the year in another state and NOT be a resident..
says it all. Good response
Well, no matter what state you live in, you are subject to the same federal income taxes. Saw a recent report that claimed that federal income taxes were 64 percent of the total tax burden. And that state and local taxes were only 36 percent of the tax burden. So every state and local has to have taxes to pay for the services they provide. If they do not get it from income tax, then they probably get a similar revenue raise from other taxes such as property tax, sales tax, or other sources. And the amount and quality of state and local government services is a factor as well. Education, road quality, and many others differ considerably from state to state. Some considerably better than others.
@@coreyham3753 yes and no. Although I pay a lot in taxes in Florida, it's still much cheaper than what I used to pay in New England. Road quality isn't an issue here, however education is. I'd say for most wealthy individuals it's not a problem to buy a house in an area with good school systems. There are also plenty of great magnet and private schools.
@@brois841 OK, fair comment. Thanks for information. Certainly if you are wealthy, you can buy whatever you want wherever you happen to live. The real issue for the very wealthy becomes quality of life and access to what your primary interests are. As mentioned, federal taxes will be the same wherever you are (about 64 percent of tax burden) with state and local taxes naturally different (bout 34 percent) depending upon state. But even if your state and local tax burden was say a full 10 percent total less (only 24 percent) is that really that important?. If say you are a 10 million dollar a year taxable income entity then money is really not much of object to you doing essentially whatever you want to do. Suppose your total tax bill is 5 million out of your 10 million annual taxable. How much more do you need to do whatever you really want in life? Keep in mind that the average american will work 40 years at say 50K per year which is only 2 million gross over a lifetime. Net, they are probably at 1.5 million lifetime at best. Whereas you are at 5 x 40 years or 200 million net lifetime even at a 50 percent overall tax rate. How much is enough? And could you have done that without the system and opportunity that the US provides? Sure you are smart, and you worked hard, and maybe you were lucky and in the right place at the right time with the right idea. Great, but many elements and factors in the country and society contributed significantly to your success. I do not claim to have all the answers to the taxation issue. But I am pretty sure that at least the federal income tax could be made made much more rationale, fair, and efficient. At the state and local level, the variability in the level and quality of services is so much different that it is probably next to impossible to really compare them. But the other thought that comes to mind is that if somehow 99.9 percent of the american population was magically at the 10 million per year of taxable income, one doubts that even a tiny fraction of them would be concerned with an overall tax rate of 50 percent. The lottery winners come to mind on their mega million wins and yet most take their mega million payout lump sum with the high tax rates, and have never heard of one of them bemoaning the high taxes they had to pay. Just some ramblings while watching a show. Cheers, and congrats on your successes. Not easy to do for very many.
@@coreyham3753 woah, that's a lot to unpack. I don't make $10m/year or anywhere near it, so I can't answer your question, however one thing I can tell you is that when you make more your expenses, expectations, etc all go up.
I came from absolutely nothing so I appreciate everything I have. I remember when I was younger and thought to myself... if only I make $120k/year, it'll be enough to have everything I want (and it was when I finally got there). Then like all things, your world view changes, the things you own change, etc. To put it in perspective, I've spent well over $120k (after being taxed!) on my house alone in the past year. You see, when you make more, you also spend more... MUCH more. Guess what? That money goes back into the local economy.
Would I rather spend that money to support the local economy or send it to the bureaucrats who waste money like it grows on trees? Who look at tens of millions of dollars the same way as you and I look at a 20-dollar bill? One of the guys I used to work with was on the town council and mentioned to me that the town had a one-time monetary injection of the aforementioned amount and instead of thinking about how they might use that to balance the budget, pay off debt or build an emergency fund (something I'd look to do in my personal life), they just looked at it as a windfall and literally spent it all in one fell swoop. It represented about 5% of their annual budget. The problem is that politicians don't cares about what's the right thing to do... it's not their money, they didn't earn it, they're just in charge of spending it and the more they get the more they spend. They don't have to live with their decisions as they move on - it's the next person's problem.
I can give you many such stories, but they're anecdotes based on my experience. I personally have no problem with paying more, as I'm sure you'll hear from many. I have a problem with WASTING more. The whole "taxation without representation" bit. I feel like certain things cost more in Florida because those things aren't subsidized by the state, but I'm willing to pay more because I use those services (and probably disproportionately as well). We can probably both write books, but I'll stop myself here.
Tax rates are just one of the factors when considering relocating, albeit an important one. This video is silent on the most important factor in my opinion, the lockdowns. Wealth people value their freedom and flexibility. The way California and NY handled the lockdown was the tipping point for many.
100% agree and if anything, those shutdowns proved that you don't need to be in a local office setting to get the job done, a double whammy.
OMG...how many times have we heard this? Outside of the tri-state: The private schools are not as good. The public schools are a joke. Colleges? LOL! The arts? Broadway? The Met? The biggest impact on staying or leaving is the treatment of SALT and mortgages. We moved from the DMV to Orlando and my kids HATE it! Considered south Florida but they are dead set against it... We're moving back.
No wonder you hate it lol you moved from a real city to a tourist trap city
Yes, please don't move to South Florida. Stay far from us lol.
Florida is a great place to visit. Living in Florida sucks if you have to actually work for a living.
The fun part is seeing all the people moving to PA right now. Old cabins on lakes have turned into full time homes starting with COVID and now are the primary homes for the people. Then the new building permits. They have defiantly departed. Just my observations as a local elected official from the planning commission, the county's COG, talking with relators , school board members and a few other people.
Since the pandemic I work remotely the business I work for is reducing office space by 75% to meeting and hot desk space only upgrading everyone's laptops and allowing work from home as a permeant option, they've also integrated an office from across the other side of the country into our team. I could work from anywhere there's a decent broadband and a nearby airport for the odd time I'm needed to do face to face.
Its not just one thing its a whole confluence of different circumstances I see here people saying house prices are going up because of demand portfolio managers for the super rich who've made buckets of cash over the last few years are diversifying into property to avoid current and future capital gains.
Government squanders the money that wealthy people and hard working people work to attain
The only fair tax is a flat tax. I don't care if you make $1 a year or 1 trillion dollars a year everyone should pay the exact same percentage and stop dividing people by income levels or class.
UAE and the Caribbean it's your time to shine
Nah I use puerto rico for no capital gains taxes, best place for it given that it's still a US territory
@@godogs89 The one country that doesn't comply will be flush with millionaires and billionaires.
@@Jebusmike3 Monaco did that and they surrendered when they saw French cruisers on their beaches. Now people in Monaco got to pay French and Monaco taxes
@@a-10wartaboo77 They need to call their bluff next time. If a country starts killing people because of tax evasion and we think that's ok; we need to start re-weighing our moral compasses.
Malta? Malaysia? RUclips "Capitalist Nomad" for more
Maybe if taxes actually paid for healthcare people wouldn’t mind paying them
No, these rich guys don''t want to pay for your healthcare. That's what he was trying to say. He'll pay taxes if it benefits him not other people.
totally correct...there are no walk in free and sliding scale clinics like the 70's in my town. Insurance companies and Pharmaceuticals make billions
I'm not wealthy I'm middle class and I don't want to pay for a bunch of fat people healthcare that can't put the fork down
@@Shearsboy15 preach
@@Shearsboy15 I want you to find a study that shows overweight and obese people make up even 30% of all healthcare cost. Please, ill be waiting
Idk about other people but with my high income family we moved out of New York to Connecticut because the taxes are just so much better here and there's still a train to NYC if needed. Also CT is really nice which helped.
We were looking at Westport, Norwalk, or possibly somewhere in Westchester, prices higher in the latter due to proximity to the city. Great areas.
@@pkal244 I'd recommend Greenwich. Westchester is nice too, I've had experience living in Dobbs Ferry. Everything is closer like home depot the train etc. But I like the people in Greenwich more.
Welcome!! 😃 I hope our state will eventually decrease its spending so we can lower taxes and become even more attractive for folks like you!
Anyone is welcome to move to Texas - just leave your previous state's failed policies there. That's how your former state got into the mess it's in.
“Failed policies” dude my state could buy yours lmao
I moved in with my grandparents down in Florida since I’m work from home. However I still need to pay New York State taxes because of the convenience rule. I report to a New York client at a New York based company, I am not getting the tax benefit, but I am paying just a small amount of rent.
Long time ago, when I left the Navy, I looked first at where employment is located, then at the area cost of living. I made the decision to take a lower paying job because of the much lower cost of living. Instead of renting a tiny apartment, My wife and I bought a 3 bedroom house, then upgraded to 6 bedroom, 3 bath, with shop, greenhouse, hot tub, RV parking and enjoyed a higher quality of life on a much smaller budget. Some things like investing can be done from anywhere. I am not eligable for the last stimulus check because my income and capitol gains in the market exceeded the limit. Istead of getting a check from the government, I sent them a check for the taxes on the capital gains. Live in a state with sales tax, but no income tax, so this is not a sale of stock I would have done living in California. Yes cost matters. Cost of living is a factor in location and employment. Low cost of living is not good if there is no good jobs.
Yup. I rent in an expensive city and my rent for my small townhouse could pay the mortgage for a sprawling home on a few acres somewhere else. But there are always trade offs.
The issue is the value they get for those taxes. In the past being physically located in a major city like NY was essential for business, no longer. Now they gain nothing except expense, physical danger and obnoxious preaching.
@Killer Miser not once you factor cost of living and taxes
@Killer Miser because they have the money and it's amazing to live on a coast when you're rich. It's why there are so many rich old people in florida
@@mae8646 "rich old people in Florida" sounds like retirees
@@portlaindokoreive5800 most of them own their own business but don't work there directly, that's where the money comes from. So they're "retired" in a sense, but I've been all over the really nice parts of Florida and the thing is the oldest people have most of the money nowdays, there are no rich people in Florida who are young, it's all people 50+ because of how the economy has been trashed for young people. Go to a nice part there and there's almost only old people, but if you drive through the dilapidated parts there's plenty of children and 20-30 year olds living in campers that resemble shanties more than anything else. Plenty of young people living in tent cities there too. Less older people are poor there, though it still happens. Plus I'm not talking about old people retired in a little house, I'm talking about owning more than 5 vacation houses, multiple boats, jet skis, apartment complexes, etc. These people pretty much run florida
You gain access to shops on every corner, public transit, access to the entire NE corridor, and more culture/attraction in a square mile than an entire county in the backwoods. I know it's hard to believe, but some people would rather rent a studio apartment with 10 bars and cafes within walking distance than an estate with a single strip mall 5 miles away.
Yet some of high tax states never seem to learn their lesson from high taxes when residents do leave.
You didn't watch this video. The truly wealthy really aren't worried about taxes. Not in NY, not in CA. And not in NJ. It is the middle class, and poor people, that leave. They don't have access to ways to avoid taxation. The really rich are not too worried. Their financial team takes care of things quite nicely.
@@Cathy-xi8cb Can you plesae tell me the definition of wealthy? By some standards I am wealthy as I bought a house in 1968 for just over $35,000 and it is now valued at over $1.5 million but I am still living on a small pension and drive a 2004 car and my Wife has a 2006 car. If I sell the house I have to move somewhere and at 80 try and start all over again. If they tax income that is one thing but if they are taxing virtual wealth is quire another.
@@sparky16261 Each person interviewed for this piece had a net worth over 10M.
@@Cathy-xi8cb My point Cathy was that net worth is only one factor. If that worth is simply in their home which has escalated big time in value, should they be taxed out of it like some are trying to do here. If on the other hand the net worth is from investments and income I see that as an entirely different issue.
One big problem about taxing the Rich is that it makes Government budgets much more exposed to the fortunes of the Rich and whatever their sources of revenues are. This is a problem because the Wealth of the Rich is fluctuates massively. And given that the Rich are much more exposed to the Stock Markets, then so will Government Budgets.
The "regular" rich people won't flee, but the huge multi billionaires will do whatever they need to to avoid paying taxes.
@Cole S bro in europe even the the working and middle class pay more in taxes compared to the American working and middle class
Yes. They make their money in our states with good education and infrastructure investments and pay us back by retiring and taking their money elsewhere. Such a sad state of affairs.
Yeah but then they come to our little southern states and price us out of everything ... terrible cycle for all involved . Let’s eat the rich !
I'm a Realtor in Greenville, SC. We are being absolutely flooded with people from the northeast and CA. The fact that Greenville is amazing and has low taxes is a factor.....but the housing here is incredibly affordable.
It's not the filthy rich that care. It's the large business owner that are taxed to death. The guy that already takes a pay cut to keep the business aflot. These are the people moving.
This happens with middle class people fleeing the big cities to live in the suburbs/townships, either to pay lower taxes or to have more control over who and what those taxes get spent on. The solution is just to get the federal government to even the playing field by taxing and distributing the money, but states, cities, and school districts need to balance their budgets which the Fed government does not. And giving the Feds too much tax money usually means that some will be used for other projects or programs.
Somehow looking at spending is never even considered...just...raise those taxes. The people who you are raising taxes on understand and have lived a balance sheet. Either the value of the location, outweighs the taxation or it does not.
Years ago cutting spending was actually an option although no one ever really did it. Now they just don't even talk about it let's just take and spend more. And there's no shortage of lower class people that think that the rich don't pay anything when the rich pay most of the taxes.
Income, investment and business taxes have been nothing but lowered for the past generation or two. The top marginal tax rates were like 70% before Reagan.
@@evanb4189 Yea, Carter was known for his booming economy. Can't wait for the good old days of stagflation and gas rationing ...man Democrats are good at bad ideas.
@@johndallara3257 To be honest though, Carter was handed some s*** on a plate.
@@evanb4189 Who cares what it was before? In the old days we used to burn people to death if we thought they were witches, so we go back to that just because the economy was good? It is never, under any circumstances, okay to steal 70% of someone's income.
My Midwestern city imposed a relatively small, 1% income tax.
The city died, and the surrounding townships boomed.
Wow, you left out quite a lot of details! You almost strain something trying to reach that point.
Kansas City Missouri did that many years ago and it ended a building boom immediately.
Or it could be a mix of issues that had that effect. Devils in the details
High taxes, uncontrolled crime, civil unrest, and no amenities. Why stay where youre not wanted.
9:21 You gotta love when a rich person straight up admits that they have no morals hahaha
Changing your residence is immoral?
It’s immoral until you have money. Give someone $1 million and see if they’d choose to pay taxes.
With all the videos on RUclips it seemed like all of California's wealthy left the state.
Interesting to see that that might not be the case.
Hollywood is still a thing, so clearly there's a good amount of wealthy people still in California.
@@MrJames1471 Haha true - we don't know how they are structuring their finances though
@@LifeofKairo Seeing as Hollywood is made up by a bunch of wealthy actors, they probably have some sort of trick up their sleeve when it comes to taxes. Otherwise, they probably wouldn't be in California.
Elon Musk and Larry Ellison BOTH DID leave Cali and between just the TWO of them California lost over a QUARTER of a TRILLION Dollars ($265 BILLION) in Net Worth. #2 and #10 on the "Most Wealthy People in the World."
Both basically made comments about the Government overstepping their authority during the CV19 crisis.
Most Ultra Wealthy people already have multiple homes in various locations...very easy to switch to another home for "residency" purposes, if they choose to do so.
There are a LOT of people who currently stay in NYC or SF or LA or Chicago or wherever because they love the city for whatever reason. Although there are MANY that are getting ready to leave (or have already left) and definitely take taxes and (lack of) government regulations into account.
Cheers!
There's more that goes into choosing a place to live than just the cost of living.
Should think that it is a lot easier to analyze the flight of retirees, and every retiree I have ever talked to was looking for low taxes (Tenn, TX, FL), and low housing costs
The cost of living is sky rocketing in Florida so I expect retirees will start to second guess Florida as a location.
@@xxxxMonkeyGirlxxxx You're just playing wrong.
There's a reason why people pay millions of dollars for properties that will be under water in 12 years. The Florida climate makes your arthritis disappear. Young people just don't understand this.
Cost of living in the south is increasing also. Plus half of FL is going to be underwater in the future anyway. Houses aren't cheap anywhere right now.
Lower taxes are actually a myth generally in Florida you’re going to pay it in property taxes. Yeah there’s no state income tax you actually get to deduct State income tax for most of your federal. Taxes are not really the issue what’s the cost of living in general and correct Florida housing prices are crazy
@@blitzballrusher4993 If half of Florida is going to be under water why are all these assholes who are pushing climate change buying Florida property? Why are banks and insurance companies bankrolling investment properties that'll be underwater in a few years?
Once you answer these questions you'll realize that it's all f****** b*******.
That tax affects everybody inside and outside of America. They will have to either
1) Cut Jobs
2) Lower Wages
3) Migrate and take their business
4) Close the company and live off the rest of the money
An employee is very expensive to a business than a independent contractor hence why businesses subcontract instead of hiring because laws make it stupidly hard to fire incompetent people
6 month + 1 day. Your living in Florida and spending the summer up north.
TEXAS GANG no state income tax bois.
The property taxes tho 🥲 that’s why Florida is better 😛😛😛 overall we pay less taxes than texas
@@dotheroar2524 But you got old people and humidity
even washington has no income tax
@@dotheroar2524 traffic in my Florida town makes it a pain to go anywhere. I'm also bound to see at least 1 accident in the road now. Wasn't like this 3 years ago
Tennessee low property tax, lower housing prices, no state income tax.
most of the wealthy persons rather will pay a little bit more in taxes than trying to move their businesses into other states.
Its difficult to find qualified personal while settling in a new area and the cost for new offices/factories etc. are way higher then possible income gains.
I might have agreed with this logic pre COVID but I’m not so sure as a businessman, I would see much benefit in starting my company in Cali or NYC. You csn get much of the same talent in Washington, Texas, and even Tennessee. This is why we should just have a federal tax (at a higher rate) that is then distributed among states to spend. All we are doing right now is competing against each other as states. Not productive at all.
@@littlerockdoc3183 I agree, there should be 50% tax on every $1M.
Really the biggest hedge fund in NJ, pick up and moved. Everyone (all employees) to Boca Raton. No kidding
In Britain, we have the situation where Billionaires happily tell the media that they pay less tax than their cleaning Lady. This has to change.
50%?! I thought the rich didn’t pay taxes.
Not to be mean, but weary and wary are different words.
Didn't learn anything after watching this video. Save your 11 mins and go take a walk or something
I think the best solution is a flat income tax rate with the first $20k or so untaxed. That way low-income earners get a bit of a push to save more, while the tax rate is the same for everyone else, eliminating the feeling of the rich being unfairly taxed.
I agree except for the first 20K being untaxed. Everyone should pay taxes.
@@jakemarty5464 It doesn't have to be no tax, but at least a lower rate.
People have very short memories. I remember the flight of corporate headquarters, (along with all of their employees,) out of NYC to NJ and CT. in the 70s and early 80s. Every one of them cited tax advantages for both the company and employees as the primary motivation for the move. This is real!
NY seems to be doing fine, if that was the full effect
@@seandmello3793 Again short memories. You don't remember that the city almost went bankrupt in the 70s.
LMAO. Remember Chris Christie personally visiting billionaires and begging them not to leave after NJ raised taxes on the wealthy? And that was only what, two or three years ago.
@@Hosz688 And your point is?
@@ERPRocks I thought it was clear. NJ raised taxes. The billionaires fled. Christie realized he needed the billionaires tax revenue and begged them to stay. Will probably play out the same way in NY. The fact it was only a few years ago further shows how short people's memories are.
"Taxing the rich or watching someone die, I would choose to tax the rich" Straw man argument much?
In 2014 a group of investors looked at buying RE anywhere in the USA. NY and Texas was the final choice due to the rapid recovery after 2009. NY was expensive for no good reason and had no natural resources to sustain itself. We went with Texas. Best choice ever.
No natural resources in all of NY state, got it
@@pkal244 Yeah, just money. Which is currently flowing out of state. We tripled our money in 3 years. Good luck in doing that in a state with mass exodus. People that don't need to be there are leaving.
cblwomen.org/only-7-percent-of-counties-have-recovered-from-2009-recession-study/
@@Todd.T you must have hit page 32 on Google before finally finding that random link.
Of course growth will be higher in crappy areas because there's nowhere to go but up. That's like saying your little family deli tripled in sales last quarter but Amazon, Google, Apple did not. Therefore your deli is more successful than all of tech!!
It wouldn't make sense to invest in real estate in an already rich state like NY unless you're a mega-millionaire developer, glad you figured that out.
@@pkal244 Like Buffet, we buy value. NY isn't value. I wasn't going to scan our analysis and make a web page for you, but there was an analysis as with many of the other investment properties.
Any place that doesn't have a good reason to be expensive is unpredictable and can go south fast unless they have resources that people want.
We make more money and have more security buying more RE on the fringe and capturing people moving away from major city centers.
Texas had and still has the highest number of recovered counties in the country.
@@mike-uw6wt Labor,, materials, real estate and taxes are cheap in Texas. What we paid management to take care of a 125 unit property wouldn't cover a support desk job in Canada.
Come here and taste the 13% sales tax on everything. Forget writing off your mortgage payments here too. Enjoy paying $50k for a $32k car.
Texas is filthy cheap. We paid $48k for 125 units with 12 structures, pool, clubhouse insurance.
I cannot do that there...
it isn't the ultra-wealthy, its the middle/upper-middle class that are leaving - people that owned a house and had a lot of equity coupled with job location flexibility or easily transferable career that are flooding into Florida - NYC hires someone and let's them work for 20 years and allows them to retire on full pension while they are in their 40s - guess what, they aren't staying and can live very well on that NYC wage in the south
It’s not a myth, if taxes aren’t the reason then it could be cost of living/ operating a business, either way it’s guaranteed to be financially motivated.