modernhomeowner

modernhomeowner t1_itxiauh wrote

It's the push. You stick with your employer for $20 an hour, even if you can get $25 elsewhere. But, the employee tells you that you now have to come in Sundays too and now that's the push you need to apply elsewhere. It's not about what the rate is, it's the push for more that drives people away. Right now, yes, you can go to other states for less, but we are about the same as all our neighbors, so it doesn't seem bad. Now, raising taxes makes them rethink things. People will leave. It's how many is the question and what income level. One $10m earner leaving is the same loss as the new earnings on 125 people making $1.1M.

Where I used to live, all 4 billionaires in my area left after the state raised taxes, one moved his whole headquarters to Florida and took all their senior managers with him. One of them just hired a CEO and moved to Florida, it was cheaper than paying the taxes and he didn't have to work. One guy making $50M a year and moving to Florida costs MA $2.5M a year in lost revenue.

I'm more concerned about MA having the greatest revenue than the highest tax rate. Higher tax rates do not always create the highest tax revenue. I doubt we'll ever get the real data on how many people left, how many use a different state for investment income, or how many businesses were considering expanding to Boston from NYC to cut taxes and instead now choose FL or TX.

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modernhomeowner t1_itxbyl6 wrote

Someone earning 1.1, may not leave. 2, maybe, 5, likely, 10 or 20, it would be on top of mind for sure. If I'm making $10M a year, paying $500,000 to MA, plus everything I pay to the US (and if US raises, you'll see even more leave MA), I'd feel like it was a smack in the face that you now want $860,000, a 72% increase. Rich people aren't dumb, and they are generous to the causes they want to be.. if they don't think the State of Massachusetts, who had a surplus last year, is a cause they want to be 72% more generous to, they will leave. They don't need to sell their home, they can just spend 183 days outside the state, something they may vary well be close to anyway. People think it is so hard to move states, it's super easy when you have people to pack for you.. and if you already have that ski cabin in NH, and by spending a few extra weeks in the summer takes your taxes back down to 5% for investments, or $0 for earned income, why not just spend that extra time there, and give a middle finger to the ungrateful people of MA who sent out postcards calling you greedy.

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modernhomeowner t1_itwr69j wrote

All people who would like to save themselves the trouble of leaving the state. If it passes, they will leave and take their tax payments with them, we'd get 0% rather than the 5% we are getting now, or the 6,7,8,9% we are told we will get if this passes. Rich people don't give up their money easily. They will move just a state away to keep their 5% rate or move to TN, TX, NV, FL or somewhere else with 0%.

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modernhomeowner t1_itpftuf wrote

Wages are up in the US 8.57%, so this 11% isn't some huge miracle, the law may have contributed to the above average performance, or just locality made the difference; Colorado is going to have a greater increase naturally than states with more farming and more government-heavy states like Virginia, where government salaries, set by union contracts, only increased 2.1%.

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modernhomeowner t1_ispciw8 wrote

Too much liability for a company to take it and resell it.

How much was in there when you moved in? Can you just chalk it up to leaving it as you found it; like a rental car?

If you really want to get it out, find some friends and some 5 gallon containers, pump it out and filter it, because unless the tank is new, you won't want whatever is in the bottom of the tank to come out in the fuel. Is there overlap with your new place. In a day you can make a bunch of runs in between your old and new house, lol.

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