New York lost more people than East Germany in Cold War

IBD:
New York thinks of itself as the place to be, but its high taxes have made it a place to flee. Those who have escaped the Empire State tax man could fill a major city.
From 1949 to 1961, more than 2.6 million of East Germany's 17 million population escaped to West Berlin or West Germany, a hemorrhage of humanity that led the Communists to construct the infamous Berlin Wall in 1961.
The state of New York, with about 19.5 million people, has no known plans to erect concrete barriers or barbed wire fences. But from 2000 to 2010 it suffered an exodus of some 3.4 million New Yorkers — nearly a million more people than in Germany's post-war experience and more than that of any other state.
And the outflow hasn't stopped. The income loss for the state is $45.6 billion, the Tax Foundation says.
Granted, it's not just one-way traffic. New York has plenty of immigration from abroad; its more than 4 million foreign-born residents give it the second-biggest immigrant population in America.
So net outward migration is about 1.3 million.
Most New York refugees are in sunny, zero-income-tax Florida. The Sunshine State, along with its rays, offer big relief from New York's state tax on income, which starts at almost 6.5% and reaches nearly 9% for the overly successful.
On top of that are high sales taxes that approach 9% in New York City, but 7% in some other areas.
... 
Then there are the estate taxes on top of that which encourage older people to leave.   New York has managed to send both its old and young to more tax friendly states like Florida and Texas.  Then there is the high cost of real estate which rent controls have encouraged.  To get an idea, try watching Selling New York on HGTV sometime.  Middle income citizens will have a higher standard of living for less in places like Houston or elsewhere in Texas.

Meanwhile a shrinking population base is having to pay for high priced pensions of retiring workers, and teh unemployment numbers are masked by the outward migration.

Comments

Post a Comment

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

Washington Post: Some Democrats eye adding more justices to the Supreme Court to change its ideological bent The once-remote idea has gained the attention of liberals angered by the GOP push to remake the federal courts. Probably the easy way to defeat this court-packing scheme is for Trump to propose doing the same thing now.  It would lead to Democrat denunciations and claims that it would be wrong, thereby blowing up any attempt by them in the unfortunate event of Democrats winning a presidential election.
Read more

29 % of companies say they are unlikely to keep insurance after Obamacare

Conn Carroll: A new survey of 368 midsize to large companies found that 29% of them are considering terminating their active employee health care plans when Obamacare is full implemented in 2014. Only 71% of employers surveyed said they did not expect to drop their health coverage, while 20% said they did not know and 9% said they were planning to exit. The latest survey, conducted by Towers Watson, echoes an ealier survey by McKinsey & Co. finding that 30% of private-sector employers were planning to drop their employee health insurance coverage by 2014. When the Congressional Budget Office crunched Obamacare's spending numbers, they estimated that only 7% of employees currently covered by employer-sponsored plans would lose their plans. ... This means the cost of the health care fiasco will be hundreds of billions more than estimated by the CBO and Congressional Democrat. It is also clear that Obama's pledge that you could keep your health care plan if you wanted t
Read more