
file photo by Boyd Loving
November 6,2017
by Kevin Ryan
It’s a simple concept that has eluded many politicians and ideologues, especially on the left. When you raise taxes, people and businesses will leave, bringing with them those taxable incomes your government depends on. One look at the migration patterns within the United States verifies just that.
A book on the subject, How Money Walks, uses official statistics from the Census and the IRS to explore the subject. It found that, between 1995 and 2010:
• The nine states with no personal income taxes gained $146.2 billion in working wealth
• The nine states with the highest personal income tax rates lost $107.4 billion
• The 10 states with the lowest per capita state-local tax burdens gained $69.9 billion
• The 10 states with the highest per capita state-local tax burdens lost $139 billion
According to the authors, “The states that gained working wealth are growing and thriving. The states that lost working wealth lost their most precious cargo—their tax base—and the consequences are dire: stagnation, deterioration, an economic death spiral as they continue to raise taxes and lose people, businesses, and working wealth. The numbers don’t lie.”
Its website includes a fascinating interactive map that shows where people and their money moved to, on a state and even county basis, here: https://www.howmoneywalks.com/irs-tax-migration/
(Note: the interactive map doesn’t work on the Safari browser, so iOS users should view it on the Puffin app instead).
Another website by the authors includes a calculator that will tell you the tax implications of moving from your current state to a different one, here: https://www.savetaxesbymoving.com/
SOURCES: https://www.howmoneywalks.com
SPENDING is the cause of high taxation.
Once they eliminate or limit the RE Tax and SALT deductions, property values will fall and people who can will leave the state…
Those left behind will shoulder the burden created by 50 years of NJ political corruption and union giveaways.
It’s not a pretty picture.
The village of Ridgewood is so overpriced and taxes what’s going to happen another five years we cannot keep on paying police and fire these wages . Even though they do the good things we’re gonna have to get some money from the federal government because as a taxpayer we just cannot afford this anymore the tax burden it’s killing the state that’s why pretty much any given time of the year you will see 152/200 homes for sale in the village people are moving out there moving down south it’s cheaper sorry to say
Police are overpaid, unless you like living under Police State
What is the average income in Ridgewood? What is the mean? Ridgewood always seems to rate highly. But there are a huge number of us who can’t even think about being near the mean. Our government employees are paid according to what the town can supposedly bear–due to it’s number of highly paid people. You also have to admit that there are a great number of wealthy people here who really do not even want to think of the possibility that Ridgewood might also harbor lower income residents. How often have you heard “It’s Ridgewood, we can afford it.”?