Goodbye, New York, California and Illinois – Hello where?
11–20 of 718 posts
Re: Goodbye, New York, California and Illinois – Hello where?
#12Would be great if their charts were showing % rather than absolute numbers (or at least would show % in addition to absolute numbers). It shouldn't be too surprising: California and New York are in top 5 by population size. ps - their use of "hemorrhaging" to describe movement of people feels inappropriate.
“Hemorrhaging” is a pretty common way to describe an exodus of people or money. It’s a common metaphor that’s also used in “stop the bleeding” or the similar “stem the tide”. Business is full of otherwise wildly inappropriate phrases, like “drink the kool-aid” in reference to the mass suicide of nearly 1000 people in the Jonestown cult. I have no idea how that’s considered an appropriate phrase for any situation but…
It was long enough ago that many people have forgotten the origin of the phrase. It's just become one of those sayings that means "buy completely into the idea".
Re: Goodbye, New York, California and Illinois – Hello where?
#13The numbers are shown in tables with Net Migration (taxpayers and dependents) and their Average Income of departing taxpayers. So 75,386 (taxpayers and dependents) moved from IL to FL and their average income was $135K. That seems to imply that they all took their high paying jobs with them somehow.
This may be slightly skewed by the effect of retirees (people earn the most before they retire). Illinois has high taxes and terrible weather. A lot of affluent people leave the state and retire to Florida. I'm not sure if the article's analysis is really concerned with these nuances.
Re: Goodbye, New York, California and Illinois – Hello where?
#14Would be great if their charts were showing % rather than absolute numbers (or at least would show % in addition to absolute numbers). It shouldn't be too surprising: California and New York are in top 5 by population size. ps - their use of "hemorrhaging" to describe movement of people feels inappropriate.
“Hemorrhaging” is a pretty common way to describe an exodus of people or money. It’s a common metaphor that’s also used in “stop the bleeding” or the similar “stem the tide”. Business is full of otherwise wildly inappropriate phrases, like “drink the kool-aid” in reference to the mass suicide of nearly 1000 people in the Jonestown cult. I have no idea how that’s considered an appropriate phrase for any situation but…
I think you're right in that it's a common phrase in conversation. It just doesn't seem appropriate for a new outlet that attempts to be more-objective than sensationalist. I do see this is an opinion rather than a regular article, but still ...
"Hemorrhaging" evokes memories of bleeding, indicating severe danger. I pay a lot of attention to metaphors after reading "Metaphors We Live By" (an excellent classic book).
Re: Goodbye, New York, California and Illinois – Hello where?
#15I live in California. An interesting thing we learned is that if we move out of the country for, say, 3 years, unless we set up our lives so we have no intention of remaining California residents, the state will continue to pursue us for income taxes even while overseas. Federal law has a different system which makes more sense -- a tax exemption while overseas. Given that we expect to spend a substantial amount of t…
This is a misunderstanding of how CA tax law works. If you move to say, Nevada, before moving to China or wherever, but you always intended to return to CA afterwards, then for state tax purposes you never stopped being a CA resident. So, for example, if you keep a storage locker with your furniture in Cupertino for when you return, you clearly never intended to permanently leave and so you're still a CA resident for…
If you own a house in California and visit it often, even if you are living in China, they might still claim you are on the hook for California taxes. I guess you really have to move out and then rent the house out or sell it to be off the hook.
The biggest issue with CA and moving abroad temporarily is that CA doesn't have a foreign earned income exclusion or foreign tax credit. So you really don't want to be a CA resident if you need to move out of the USA.
Since I moved to Switzerland (and then China, ironically enough) from CA, it was something I had to look into...I wasn't sure if they would come back and say I was a CA resident even though I really had no ties there. In particular, if I wanted to vote, I could have in CA, but that would have been a bad mistake. On the other hand, I wasn't eligible to vote in any other state, so I spent 11 years not voting. When I finally left China, it was for a job in CA...which also gave me some pause as I didn't intend to return to CA in the first place.
Re: Goodbye, New York, California and Illinois – Hello where?
#16Earlier quoted context omitted.
This is a misunderstanding of how CA tax law works. If you move to say, Nevada, before moving to China or wherever, but you always intended to return to CA afterwards, then for state tax purposes you never stopped being a CA resident. So, for example, if you keep a storage locker with your furniture in Cupertino for when you return, you clearly never intended to permanently leave and so you're still a CA resident for…
If you own a house in California and visit it often, even if you are living in China, they might still claim you are on the hook for California taxes. I guess you really have to move out and then rent the house out or sell it to be off the hook. The biggest issue with CA and moving abroad temporarily is that CA doesn't have a foreign earned income exclusion or foreign tax credit. So you really don't want to be a CA r…
Thanks. It's too bad people decided to downvote me. Probably because of my username, but who knows. In any event, do you have thoughts on solutions?
Re: Goodbye, New York, California and Illinois – Hello where?
#17Having left NYC for Texas 5 years ago, I can confirm the grass is greener on the other side.
What part of Texas, and how has it been better?
As someone from the northeast, I'm intrigued!
Re: Goodbye, New York, California and Illinois – Hello where?
#18I live in California. An interesting thing we learned is that if we move out of the country for, say, 3 years, unless we set up our lives so we have no intention of remaining California residents, the state will continue to pursue us for income taxes even while overseas. Federal law has a different system which makes more sense -- a tax exemption while overseas. Given that we expect to spend a substantial amount of t…
This is a misunderstanding of how CA tax law works. If you move to say, Nevada, before moving to China or wherever, but you always intended to return to CA afterwards, then for state tax purposes you never stopped being a CA resident. So, for example, if you keep a storage locker with your furniture in Cupertino for when you return, you clearly never intended to permanently leave and so you're still a CA resident for…
Obviously I was talking about the situation where one doesn't want to sell all property in CA and wants to be able to return to CA from time to time, maybe for months at a time.
Anyway, our current thinking is to establish residence in Nevada (probably in Tahoe) and then go to Europe from there. Thanks for the downvotes.
Re: Goodbye, New York, California and Illinois – Hello where?
#19Having left NYC for Texas 5 years ago, I can confirm the grass is greener on the other side.
What part of Texas, and how has it been better? As someone from the northeast, I'm intrigued!
Can't stand the rampant cell towers there, where they literally let people have one, give them money and only the neighbors that live there get screwed.
Re: Goodbye, New York, California and Illinois – Hello where?
#20Pittsburgh is great.