May 29, 2012

New York Loses, Again

Having just flown back from a wonderful four-day mini vacation in North Carolina yesterday, I was particularly interested in this CNS article.
New York State accounted for the biggest migration exodus of any state in the nation between 2000 and 2010, with 3.4 million residents leaving over that period, according to the Tax Foundation.
Knowing that the state had already lost two Congressional seats, this came as no surprise.
Where are they escaping to? The Tax Foundation found that more than 600,000 New York residents moved to Florida over the decade – opting perhaps for the Sunshine State’s more lenient tax system – taking nearly $20 billion in adjusted growth income with them.
Using the NYS tax rate of 6.85%, that's $1.3 billion that NYS politicians didn't get to piss away.

To see where NYS refugees have settled, go here.This is a migration calculator assembled by the Tax Foundation to show migration between the states and how much income they took when they moved. In ten years (2001-2010) North Carolina received 185,000 refugees from NY and realized $4.5 billion in additional Adjusted Gross Income (AGI).


Doom said...

Hmm, $1.3b is a bit short. Add in all of the other state and local taxes, second and third party taxes on services and when counting some purchases, and the death and inheritance taxes... that's a pretty penny gone.

My guess, if I had to guess, is that the people who moved in don't make or have what the people who moved out took with them in income and wealth. The wealthy who could, left. Those seeking riches have moved in. At least NY beat Cali at something, on the way down albeit.

Kid said...

If states were more responsible for their activities and spending, versus "the federal body" stepping in to save the diseased parasitic among them, this whole mess would straighten itself out.

Productive people would move to states like Texas, where productivity is rewarded instead of punished.

Unfortunately, I can see where the fed will be give enough power to suck the entire country down in order to support evil parasitic democrat run states like Michigan, Illinois, New York, California, and many others.

Just like Italy, Spain, Ireland, Portugal, Greece are sucking the European Union into a black hole-like abyss.

The writing was on the wall when parasitic socialists support the idea of latching on to productive countries like German, and England in order to survive without paying their rent for another decade, or day for that matter.

Now the beauty of the Constitution and the protections it afforded the individual states will be tested.

sig94 said...

Doom - some of those taxes will be based on property tax. Those properties have most likely been bought and the owners are paying taxes on them.

Those moving into NY make less $$$? Absolutely. We lost Rush Limbaugh and whatever he was making when he moved to FL as well as all the other people who probably were at the higher level of the income scale. We also lost a lot of college grads who lit out of NY in order to get a decent job. Both my neighbor's kids did that. Nothing here in NY for them anyway.

What did we get in return? Rabble. Welfare parasites and illegals.

sig94 said...

Kid - we'll see. This November will go a long way to determining that. And of course the media dreams on.

Silverfiddle said...

California is right up there with them.

You'd think people would learn from these real-life object lessons...

Like Kid, I fear a federal bailout of our most irresponsible states. Illinois, ruled by the corrupt Chicago Democrat Machine, has an $80 billion dollar pension fund shortage. Lord only knows how bad California's fiscal situation is...

Woodsterman (Odie) said...

I'll bet California is running a close second ... if you don't count illegals.

sig94 said...

California is indeed second behind NYS. And I believe that they are in worse shape financially, particularly their pension system.

banned said...

Likewise there has been a steady flow of people out of London and, while many of them will be retirees, most are the talented and productive ones with the means to do so. It is a disguised exodus since their numbers are replaced by an influx of overseas migrants but we are not allowed to name this "white-flight" even though it has become a self perpetuating cycle.