Comments on: Myth: High Taxes Drive Rich People Out of California http://www.calbuzz.com/2009/07/myth-high-taxes-drive-rich-people-out-of-california/ Political news, analysis, cheap shots, commentary and more about California and beyond Sun, 14 Mar 2010 16:58:28 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Sac Economist http://www.calbuzz.com/2009/07/myth-high-taxes-drive-rich-people-out-of-california/comment-page-1/#comment-1056 Sac Economist Mon, 13 Jul 2009 22:51:02 +0000 http://www.calbuzz.com/?p=1579#comment-1056 The biggest drivers of California migration are housing costs and job opportunities—not taxes. Whenever the California economy is booming, people migrate for the job opportunities. This usually leads to rising home prices, which eventually put a damper on things. If the economy slows or tanks, as it did in 2001 and 2007, in-migration slows to a trickle (no jobs to be found) and people (particularly new retirees) look for lower-cost alternatives nearby (Arizona and Nevada). Outside of us working stiffs, it’s the quality of life that drives you to decide where to live—not taxes. In spite of its apparent high marginal income tax rate, California’s overall tax bite is in the middle of the pack—ranking 14th as a percent of total income. Just think for moment—how much of a tax hike would it take to get Oprah to give up Montecito for Galveston? (http://www.luxist.com/2006/04/21/oprahs-home-improvements/) The biggest drivers of California migration are housing costs and job opportunities—not taxes. Whenever the California economy is booming, people migrate for the job opportunities. This usually leads to rising home prices, which eventually put a damper on things. If the economy slows or tanks, as it did in 2001 and 2007, in-migration slows to a trickle (no jobs to be found) and people (particularly new retirees) look for lower-cost alternatives nearby (Arizona and Nevada).

Outside of us working stiffs, it’s the quality of life that drives you to decide where to live—not taxes. In spite of its apparent high marginal income tax rate, California’s overall tax bite is in the middle of the pack—ranking 14th as a percent of total income. Just think for moment—how much of a tax hike would it take to get Oprah to give up Montecito for Galveston? (http://www.luxist.com/2006/04/21/oprahs-home-improvements/)

]]> By: Andy http://www.calbuzz.com/2009/07/myth-high-taxes-drive-rich-people-out-of-california/comment-page-1/#comment-1053 Andy Mon, 13 Jul 2009 17:56:58 +0000 http://www.calbuzz.com/?p=1579#comment-1053 The "mensas" in Sacramento cannot fix the economy...part of our problem is the expectation that they can. The “mensas” in Sacramento cannot fix the economy…part of our problem is the expectation that they can.

]]> By: Reasoning Skills http://www.calbuzz.com/2009/07/myth-high-taxes-drive-rich-people-out-of-california/comment-page-1/#comment-1047 Reasoning Skills Sat, 11 Jul 2009 15:47:29 +0000 http://www.calbuzz.com/?p=1579#comment-1047 Leaving alone the PPIC's dubious conclusion, the study does indicate that the economy is in even worse shape than people imagine. If the mensas up in the Capitol decided to fix the economy, the budget would take care of itself. Leaving alone the PPIC’s dubious conclusion, the study does indicate that the economy is in even worse shape than people imagine. If the mensas up in the Capitol decided to fix the economy, the budget would take care of itself.

]]> By: fredtyg http://www.calbuzz.com/2009/07/myth-high-taxes-drive-rich-people-out-of-california/comment-page-1/#comment-1046 fredtyg Sat, 11 Jul 2009 14:24:57 +0000 http://www.calbuzz.com/?p=1579#comment-1046 The bottom line is that people, both rich and poor, are leaving California. Sure, this may or may not prove that more poor are leaving the state than the rich, but more rich people are leaving than coming to the state, regardless. The bottom line is that people, both rich and poor, are leaving California. Sure, this may or may not prove that more poor are leaving the state than the rich, but more rich people are leaving than coming to the state, regardless.

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