04/19/2017

I’m One Of The Million People Who’s Left New York Since 2010 — And I Couldn’t Be Happier

Kerry Lutz, Financial Survival Network

A recent article in the New York Post showed that people are fleeing the New York State at an alarming rate. “More than 1 million people moved out of the New York area to other parts of the country since 2010, a rate of 4.4 percent — the highest negative net migration rate among the nation’s large population centers, US Census records show.” I am proud to be one of those people. I moved down to Florida in 2012 and haven’t looked back. Leaving New York was one of the happiest moments of my life. The Post continues, “Americans have been increasingly relocating from the eastern US and the Rust Belt to cities in Florida, Texas and the Northwest.”

But this only tells half the story. New York State’s top personal income tax rate is a whopping 8.82%. If you’re unfortunate enough to live in New York City, you could be forking over another 4% of your income, just for the privilege. And what do you get in return, rotten roads – among the country’s worst, one of the most generous welfare systems of almost any state, a medicaid system that’s out of control and systemic corruption to the core.

Florida is by no means a panacea. While it has among the best weather and highways in the nation, its schools are abysmal, corruption is rampant and governmental incompetence is staggering. The difference is that New York has a $153 billion annual budget versus Florida’s $83.5 billion. As humor writer Dave Barry says, “We’re only paying half for the same incompetence and corruption.” What a bargain.

Thanks to half a century’s unbridled socialism, New York is on the brink of insolvency. It’s pension funds are seriously underfunded. It’s union pandering ways means that everything costs twice as much than elsewhere in the nation. It’s pandering politicians are never at a loss to create new money draining programs that will help further sink the state’s finances. It’s in complete denial over this sorry state of affairs. Governor Andrew Cuomo is trying to outdo his father Mario’s socialist legacy. He’s going to out Bernie, Bernie Sanders.

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Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

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