Where The Rich Live: Here

By On February 12, 2013 · 8 Comments

Despite the constant talk about wealthy folks leaving, U.S. Census Bureau researchers point out that we have among the highest incomes in the land. Forbes notes that among the states with the highest percentages of upper income residents, Connecticut has the lowest income tax rate. The Census Bureau defines upper income as those earning at least $191,000 and above. The report covers the period from 2007 to 2011. Read it here.

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8 Responses to Where The Rich Live: Here

  1. richard says:
    February 12, 2013 at 10:34 pm

    Somewhat misleading. Virginia is one of the states mentioned and is lower than CT. NY State? Have to consider the full tax burden. Upstate NY homes sell at least 25% less than CT with property taxes 60% less when comparing Litchfield County and Onondaga County. More meaningful might be looking at the tax burden for honeowners earning 60,000 to 191,000. That’s when CT starts talking about their bottom 20% ranking for business relocation and formation.

  2. Connecticut is Dying Too says:
    February 13, 2013 at 9:47 am

    A few points:

    1. No one doubts the wealth concentration in this state.

    2. This survey says nothing of the home domicile of individuals. If a wealthy hedge fund manager lives in Greenwich but is domiciled in Florida, is he/she counted twice in the survey? How many of these folks pay no state income tax in CT?

    3. Wealth in northern Virginia is telling. The Federal Government has made many people wealthy sucking from the Federal teat.

    4. Richard’s point above is valid in that there’s no consideration of “middle or upper middle class” who may be exiting Connectitax for points south.

    5. Look at all the “wealth” in Florida, a state with no state income tax. Interesting.

    6. Continued liberal tax and economic policy will undoubtedly cause people to rethink their personal situation and consider moving to other lower cost of living states. I know I am.

    • Connecticut is Dying Too says:
      February 13, 2013 at 10:09 am

      7. Do you think the whole class warfare thing is helping to strengthen or weaken this country? To me it has the odor of socialism.

  3. Mike Robinson says:
    February 15, 2013 at 2:25 pm

    The Alluring Myth of the Tax-Fleeing Millionaire

    The notion of tax flight “is almost entirely bogus — it’s a myth,” said Jon Shure, director of state fiscal studies at the Center on Budget and Policy Priorities, a nonprofit research group in Washington. “The anecdotal coverage makes it seem like people are leaving in droves because of high taxes. They’re not. There are a lot of low-tax states, and you don’t see millionaires flocking there.”

    http://www.nytimes.com/2013/02/16/business/high-taxes-are-not-a-prime-reason-for-relocation-studies-say.html

    • Connecticut is Dying Too says:
      February 15, 2013 at 2:57 pm

      I have heard or have personally talked to people who have or are actively looking to move out of Connecticut. Reasons given are the high taxes, high cost of living, and liberal politics.

      Be a good liberal and keep telling yourself there isn’t a problem. Its kinda like saying we don’t have a spending problem in Washington.

      • Mike Robinson says:
        February 17, 2013 at 12:48 pm

        You talked to a few people and that is the basis for your opinion. Seems kind of sketchy to me. Reminds me of how McCommas was in a single crowded store in another state and drew the conclusion that things were wonderful there. Such assertions are not credible.

        Maybe we do not have a spending problem:

        “The budget deficit isn’t our biggest problem. Furthermore, it’s a problem that is already solved.”

        http://www.nytimes.com/2013/01/18/opinion/krugman-the-dwindling-deficit.html

        • Connecticut is Dying Too says:
          February 17, 2013 at 7:21 pm

          Try again Mike. You cite the Keynesian Krugman and the NYT as your source? So spending $1T more than we take in each year is not a problem? Buying bonds to the tune of $45B each month with printed money is not a problem?

          You libtards will deny our mammoth economic problems until the day our dollar collapses.