Are High Taxes the Real Reason Why Wealthy People Move?

moving-truck-converted

 

Despite several reports that many of the wealthiest people in America are fleeing to other more tax-friendly states, a new report suggests that might not be the case. Of course, there have been some recent cases where these exact circumstances have occurred so there is precedence in this matter. However, it appears that not nearly as many wealthy are moving, as it seems, at least not just to escape those taxes.

That’s because a new study shows that in actuality most wealthy individuals don’t move from one state to another simply because of high taxes. According to the study, which was based on tax data collected over 13 years and reported in the American Sociological Review, wealthy taxpayers do move because of taxes, but those moves account for only 2.2 percent of the total.

The study also showed that those moves don’t greatly affect the state being left behind. What’s more, the study indicated that if a state decides to raise taxes by 10 percent on the top earners it only risks losing 1 percent of its millionaires. The reasons millionaires aren’t leaving for greener pastures with lower taxes are essentially the same reasons that most people don’t move. They have jobs, own companies and/or they’re married and have kids, all of which makes moving more difficult.

So, it turns out that although some millionaires are fleeing to other states with lower taxes, in reality most of them are just simply like everyone else when it comes to moving. It’s always easier to just stay where you are.

http://www.bloomberg.com/news/articles/2016-05-26/higher-taxes-don-t-scare-millionaires-into-fleeing-their-homes-after-all

Posted in
Becca Switzer

How Becca Switzer is Transforming the Roofing Sales Industry

This week on American Dreams: Becca Switzer, the visionary behind Roof Sales Mastery, is redefining success in the roofing sales industry. With a unique blend of education, authenticity, and proven strategies, Becca has empowered countless sales reps to thrive in a competitive market. Her innovative training programs provide a step-by-step roadmap for mastering roofing sales,…

Jason Borbay on Building an Incredible Art Market Outside the Traditional Path

Jason Borbay on Building an Incredible Art Market Outside the Traditional Path

Jason Borbay’s Unique Journey as a Self-Represented Artist In the world of fine arts, where galleries and agents traditionally play pivotal roles, independent artist Jason Borbay has forged his own path, challenging the conventional norms. Based in Victor, Idaho, Jason has developed a unique business model outside the traditional art infrastructure, building his career as…

3 Keys to Being a Great Girl Dad

3 Keys to Being a Great Girl Dad

Madeline Anderson on how to build strong father-daughter relationships: the story behind “Girl Dad”. Madeline Anderson, Author and Founder of The Girl Dad Network discusses the four stages to the art of successful multi-generational living on Alan Olsen‘s American Dreams Show.    A Realization and a Mission Growing up in Huntington Beach, California, Madeline Anderson enjoyed what she…

Gary Klaben four stages to successful multi-generational living

Successful Multi-Generational Living in 4 Stages

The art of multi-generational living: an interview with Gary Klaben. Gary Klaben: Principal at Coyle Financial, West Point grad, Author, and he possesses firsthand experience in multigenerational living. Gary discusses the four stages to the art of successful multi-generational living on Alan Olsen‘s American Dreams Show. In today’s fast-paced world, the concept of multi-generational living is gaining renewed interest.…