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by acdha
859 days ago
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I don’t know your source. None of the ones I’ve seen support that ranking: https://taxfoundation.org/data/all/state/tax-burden-by-state... Ah, I see that was copied from the list of top tax rates rather than what most people actually pay: https://turbotax.intuit.com/tax-tips/fun-facts/states-with-t... So, yes, if you’re making millions per year in taxable income, California’s top rate is higher. That is not a concern for anyone outside of the 99.5th percentile, which is uncommon even in FAANG circles. Tax burden is also the best metric to use because the money has to come from somewhere. If you’re trying to decide where to live, looking at state income tax only is as foolish as only looking at housing purchase prices without also considering your commute, utility, and maintenance expenses. |
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But isn't that what "top rate" meant in the first place? It doesn't mean "median".
Seems like you're moving the goal posts over a few percentage points. Whether it's 12% or 14.4%[0], it's very high.
And at some point those very wealthy and highly mobile people start thinking, "maybe we should crunch the data and do what other wealthy people are doing: find a state with a more reasonable tax bite."
0. https://www.wsj.com/articles/gavin-newsoms-stealth-tax-incre...