Conservative economists Arthur Laffer and Stephen Moore are predicting a new mass exodus of wealth from New York and California because of the new tax law. But academics who have studied taxes and migration call the forecast "pure nonsense."

In an op-ed in the Wall Street Journal headlined "So Long, California. Sayonara, New York," Laffer and Moore (who have both advised President Donald Trump) say the new tax bill will cause a net 800,000 people to move out of California and New York over the next three years.

The tax changes limit the deduction of state and local taxes to $10,000, so many high-earning taxpayers in high-tax states will actually face a tax increase under the new tax code.

Laffer and Moore say that the effective income-tax rate (what people actually pay) for high earners in California will jump from 8.5 percent to 13 percent. Wealthy Manhattanites would face a similar increase, they say. Those who make $10 million or more will see a potential tax hike of 50 percent or more, according to their analysis.

Those hikes, they say, will cause an exodus of residents to move to lower or no-income tax states.

"In years to come, millions of people, thousands of businesses and tens of billions of dollars of net income will flee high-tax blue states for low-tax red states," they said. They say 800,000 people will move from California and New York over the next three years. Connecticut, New Jersey and Minnesota will lose a combined 500,000 people over the same period.

https://www.cnbc.com/2018/04/26/800000-people-are-about-to-flee-new-york-california-because-of-taxes.html

Libs blame the tax cuts but they should blame themselves for taxing people so much they have to flee the state. It's a sort of monetary colonic.

Quote from: The Boo Man... on April 26, 2018, 06:42:41 PM
Conservative economists Arthur Laffer and Stephen Moore are predicting a new mass exodus of wealth from New York and California because of the new tax law. But academics who have studied taxes and migration call the forecast "pure nonsense."

In an op-ed in the Wall Street Journal headlined "So Long, California. Sayonara, New York," Laffer and Moore (who have both advised President Donald Trump) say the new tax bill will cause a net 800,000 people to move out of California and New York over the next three years.

The tax changes limit the deduction of state and local taxes to $10,000, so many high-earning taxpayers in high-tax states will actually face a tax increase under the new tax code.

Laffer and Moore say that the effective income-tax rate (what people actually pay) for high earners in California will jump from 8.5 percent to 13 percent. Wealthy Manhattanites would face a similar increase, they say. Those who make $10 million or more will see a potential tax hike of 50 percent or more, according to their analysis.

Those hikes, they say, will cause an exodus of residents to move to lower or no-income tax states.

"In years to come, millions of people, thousands of businesses and tens of billions of dollars of net income will flee high-tax blue states for low-tax red states," they said. They say 800,000 people will move from California and New York over the next three years. Connecticut, New Jersey and Minnesota will lose a combined 500,000 people over the same period.

https://www.cnbc.com/2018/04/26/800000-people-are-about-to-flee-new-york-california-because-of-taxes.html

Libs blame the tax cuts but they should blame themselves for taxing people so much they have to flee the state. It's a sort of monetary colonic.

I would think there would be more.  As they book out so do the jobs. 

The problem, they will be taking the Blue way of doing thing into the Red states as they always do.

Quote from: walkstall on April 26, 2018, 06:57:46 PM
I would think there would be more.  As they book out so do the jobs. 

The problem, they will be taking the Blue way of doing thing into the Red states as they always do.

How long before California bans rich people from leaving?

On the mark and the worst of these States is New Jersey
which will loose 2 more congress critters in 2020.
Hey Jersey, can you say Vermont (3 EC votes)!

Quote from: walkstall on April 26, 2018, 06:57:46 PM
I would think there would be more.  As they book out so do the jobs. 

The problem, they will be taking the Blue way of doing thing into the Red states as they always do.

So true. It is already happening in CO and ID.

not get away from taxes

Quote from: Natalen on April 27, 2018, 12:23:10 PM
not get away from taxes

???

As Walks pointed out, they're still leftists to the core.
They may be escaping the shithole they created and no longer want to pay for it, but they're still City Rats and will create the same mess they just leftist behind, no matter where they take root.
These people always want change, good or bad, they seek attention, they call sidewalks and streetlights and mini malls, "Progress", despite the wishes of the surrounding rural community.
I witnessed it firsthand where I live, but thank God the people fought back.....For Now...

Quote from: supsalemgr on April 27, 2018, 04:28:05 AM
So true. It is already happening in CO and ID.

Look what CA did to OR!  In my worst nightmare I fear a CA liberal plot to spread its disease just like is happening in Europe with Islam.  But...I know there are many who want out for more than economic reasons.  If the rest of America could only vet them...

Quote from: nikuluss on April 27, 2018, 05:11:24 PM
Look what CA did to OR!  In my worst nightmare I fear a CA liberal plot to spread its disease just like is happening in Europe with Islam.  But...I know there are many who want out for more than economic reasons.  If the rest of America could only vet them...

QuoteLook what CA did to OR!

And Washington state. 

Quote from: nikuluss on April 27, 2018, 05:11:24 PM
Look what CA did to OR!  In my worst nightmare I fear a CA liberal plot to spread its disease just like is happening in Europe with Islam.  But...I know there are many who want out for more than economic reasons.  If the rest of America could only vet them...

It all started from the East coast invading Ca, what used to be a solid Conservative state back in the 60s.
It took the GOP 40 years to cede the state to the left, all for greed.

Quote from: Solar on April 27, 2018, 06:00:28 PM
It all started from the East coast invading Ca, what used to be a solid Conservative state back in the 60s.
It took the GOP 40 years to cede the state to the left, all for greed.

We have to find some island to just dump these people.

Quote from: taxed on April 27, 2018, 07:11:48 PM
We have to find some island to just dump these people.

There ya go again, being a big softy. Screw the island, let's just dump them halfway to Australia in the middle of the ocean. 

Quote from: Solar on April 27, 2018, 08:21:27 PM
There ya go again, being a big softy. Screw the island, let's just dump them halfway to Australia in the middle of the ocean. 

Let's at least give them some water-wings.

Quote from: taxed on April 27, 2018, 08:31:37 PM
Let's at least give them some water-wings.

I remember your water wings. Sure, let's give them false hope.