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by netman21
2483 days ago
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So true, but as a first pass, the high marginal tax rates in California, Washington, and Wisconsin have to be accounted for as a "cost of relocating." If you are a successful professional you are probably making closer to $250K and the highest marginal rate can apply to that last $150K. So moving from low tax Michigan to high tax California can mean $10,500 more in taxes. Over 20 years that adds up. |
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So your definition of "successful professional" isn't quite the proverbial 1%, but it's close enough for government work.