New York and California lost over $90B in income to low-tax states

New York and California lost over $90B in income to low-tax states(cnbc.com)

23 points by throwawayacc5 3 years ago | 8 comments

desi_ninja 3 years ago |

City's so-called charm can't save it if it doesn't provide affordable and crime free urban housing. City officials should be held accountable for this on every election. Other topics can wait, this is most urgent

seanmcdirmid 3 years ago | |

Yes, the housing being too expensive because too many people have too much money is a major problem to solve. You’d think people fleeing to Texas would lead to lower housing prices, but that isn’t really occurring. I guess that’s the difference between fleeing due to “it’s too crowded, so everyone is leaving” (ie San Francisco) in contrast to fleeing due to a lack of economic opportunities (ie Detroit).

questime 3 years ago |

The value proposition for living in those places isn't very good for high earners, if you make enough money the taxes alone are enough to live in TX, FL and get your fix of NY, CA from traveling.

nobody9999 3 years ago | |

>The value proposition for living in those places isn't very good for high earners, if you make enough money the taxes alone are enough to live in TX, FL and get your fix of NY, CA from traveling.

The downside being you have to spend at least half the year in TX or FL. I had such a choice and rejected it for that reason.

questime 3 years ago | | |

Sure, but clearly a lot of people are taking it. For me personally it means 25k in more discretionary spend, a lot of which I'm using to travel the world w/ my remote job. Also if this exodus continues taxes are just going to go up (they already are on the payroll side in NYC to fund the MTA) to make up the deficit.

Scoundreller 3 years ago | | |

How’s it work if you don’t spend half the year anywhere but spend the most time in FL or TX?

Most U.S. states require residents to pay income taxes to the state as well as to the federal government. The factors that determine residency vary by state, but usually involve a person having established their domicile in that state or having spent more than half the year there.