Not necessarily so: An paper by Cristobal Young and Charles Varner found that while some $500,000-plus earners left the state, their rates of out-migration were broadly in line with the rates for the rest of the population, who were not subject to the tax. http://blogs.wsj.com/wealth/2011/04/20/millionaire-tax-didnt-chase-the-rich-from-new-jersey-study-says/
Young and Varner, estimated the migration effect of New Jerseys 2004 tax increase on filers with incomes exceeding $500,000. They found that while the net out-migration rate of this income group accelerated after the tax increase went into effect, so did the net outmigration rate of filers with incomes between $200,000 and $500,000, and by virtually the same amount. At most, the authors estimated, 70 filers earning more than $500,000 might have left New Jersey between 2004 and 2007 because of the tax increase, costing the state an estimated $16.4 million in tax revenue. The revenue gain from the tax increase over those years was an estimated $3.77 billion, meaning that out-migration if there was any at all reduced the estimated revenue gain by a mere 0.4 percent. http://www.cbpp.org/files/8-4-11sfp.pdf On Tue, Mar 6, 2012 at 11:36 AM, Sam <sammyc...@gmail.com> wrote: > > And then they leave. > > But if we are going to demand taxes lets start with GE and then move > to Warren Buffet, he's begging to be taxed more but won't pay what he > owes. > Sounds like a liberal. > > . > > On Tue, Mar 6, 2012 at 11:17 AM, Medic <hofme...@gmail.com> wrote: >> >> Exactly. >> The solution isn't to just raise taxes. >> It's to also put rules in place to safe-guard and penalize against hiding >> your money to avoid paying the taxes. >> >> >> >> On Tue, Mar 6, 2012 at 9:41 AM, Sam <sammyc...@gmail.com> wrote: >> >>> >>> He's saying raising taxes on the wealthy is counterproductive, they >>> will find ways to hide it. They don't mind paying a fair share but if >>> the gov tries to take too much they will find ways to prevent them. >>> >>> . >>> > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:348076 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
