Wednesday, April 13, 2016

Wealthy Americans Are Beginning To Flee
High Tax U.S. States
Robert Wenzel describes the exodus from New Jersey - "Taxes matter, despite what the New Jersey Policy Perspective says. The exodus will accelerate. NJ is becoming one of the least attractive states for wealthy families and retirees." .. Hedge fund manager David Tepper is leaving New Jersey for Florida - "If a very wealthy individual — potentially a significant taxpayer to the state — relocates and relocates not only as we've been reading about it but really relocates for tax purposes ... beyond our reach, then that's something to be aware of." .. The Chicago Tribune reports that roughly 3,000 millionaires have left the city over the past year alone, which amounts to about 2% of their wealthy population - "This is the largest exodus of wealthy people in the United States, and one of the largest in the world. Paris and Rome are the only cities that lost more millionaires than Chicago in the same time period. According to research, many of these elites are relocating to other cities in the United States such as Seattle and San Francisco, which saw a net inflow of millionaires over the past year."
LINK HERE to the article
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1 comment:

Anonymous said...

I have to laugh ...

As a Canadian living in Ontario I was thinking of moving to the USA especially after the mindless display of Canadian democracy that elected the heir apparent to the Canadian throne. Approximately (I have not gone into as throughly as I might) the marginal rate of income tax in Ontario is about 50 per cent. In Washington which has no State tax I am told the top rate marginal tax rate is 30 per cent . Eh ..... in the USA I am told mortgage interest is a deductible expense for Federal income tax purposes.

Now Washing (or Florida for that matter) are not out in the "boon doggles" such as Bahamas etc were no income tax is paid. USA has still got it good relative to Canada. Canadians have to have a pretty strong reason to stick around with TrudeDo out to even out THE wealth.