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Topic: Misfits Thread

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betarhoalphadelta

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Re: 2020 Offseason Stream of Unconciousness
« Reply #4368 on: July 02, 2020, 12:22:41 PM »
Quote from: Cincydawg on July 02, 2020, 11:55:54 AM
The top state tax bracket is 13.3% on income.  It hits 8% at only $40,000 of income, which isn't enough to live in much of CA.  Housing of course is expensive near any of the major cities, and not really cheap elsewhere.  The middle class are getting squeezed.  The uber wealthy don't care.  If a lot of middle class folks move out, one might expect to see a drop in housing prices for 3 bedroom type homes in the 'burbs, but they seem to go higher still.
The top marginal rate for nearly everyone in the middle to upper middle class is either 8.0% or 9.3%. Single people would mostly be at 9.3 because that kicks in at $57K, but a lot of married couples in the state would remain at 8% because you need >$115K to hit the 9.3 bracket.

To start hitting above 9.3% you need to be at almost $300K income as an individual and almost $600K for married filing jointly. Heck, *I'm* not even in that group!
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Brutus Buckeye

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Re: 2020 Offseason Stream of Unconciousness
« Reply #4369 on: July 02, 2020, 12:24:14 PM »
Quote from: bayareabadger on July 02, 2020, 11:40:25 AM
Heh, that is one angle.

I’d be interested to see the makeup of folks leaving California. Does it match the state’s 60-35 percent left-right profile? Is it retirees? Artists? Young families?

The larger thing is even if the taxes were low, there’s probably still a decent number of departures. Perhaps it’s more intra-State than inter-State. The issue is that populated parts of the state remain absurdly desirable, for whatever reason. Economics tells us this.

I hope lots of folks in the state suddenly decide the taxes are too much, but for some reason, they just don’t.

(I also don’t have much sympathy for Nevada or Arizona. Your states have long been built on transplants. Them’s the breaks. I’d have to look closer at Idaho)

Idaho was not built off of transplants. 

I am right where Utah, Nevada and Arizona all intersect, and it is mostly retirees that sell their house in California for millions and then they move here where they can live like a king for a fraction of the price. So on the plus side they aren't going to be raising up a generation just like them, as they are already empty nesters by the time that they get here. 

We have watched them destroy their own state to the point where they can't even stand to live there anymore, but then they don't learn their lesson. Instead they try the same thing in their new home, expecting different results. They have already wrecked Colorado, and we don't want any part of it. 

In Idaho most of them move to the Sun Valley area. Most people in the state are quite friendly and will help you in anyway that they can if you ask, but they will glance at your licence plates first and if you are from that county then their cordiality goes out the window. You are on your own. 
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bayareabadger

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Re: 2020 Offseason Stream of Unconciousness
« Reply #4370 on: July 02, 2020, 01:43:51 PM »
Quote from: Brutus Buckeye on July 02, 2020, 12:24:14 PM
Idaho was not built off of transplants.

I am right where Utah, Nevada and Arizona all intersect, and it is mostly retirees that sell their house in California for millions and then they move here where they can live like a king for a fraction of the price. So on the plus side they aren't going to be raising up a generation just like them, as they are already empty nesters by the time that they get here.

We have watched them destroy their own state to the point where they can't even stand to live there anymore, but then they don't learn their lesson. Instead they try the same thing in their new home, expecting different results. They have already wrecked Colorado, and we don't want any part of it.

In Idaho most of them move to the Sun Valley area. Most people in the state are quite friendly and will help you in anyway that they can if you ask, but they will glance at your licence plates first and if you are from that county then their cordiality goes out the window. You are on your own.

California has been destroyed? That seems highly untrue.

It seems to be inflicted with all the trappings of our of control prosperity. That’s not great. But it seems unlikely that’s the result of policy. (And if the policies of where you live make it less desirable to inhabit, well that is what it is I suppose).

And if you’re friendly and helpful, but you’ll make assumptions about someone because of where they live, I don’t think you’re actually that friendly at all.
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Brutus Buckeye

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Re: 2020 Offseason Stream of Unconciousness
« Reply #4371 on: July 02, 2020, 02:06:34 PM »

I am glad that you are one of the Californians that is content to stay put. 

Unfortunately a lot of others are fleeing like rats from a sinking ship. 
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MaximumSam

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Re: 2020 Offseason Stream of Unconciousness
« Reply #4372 on: July 02, 2020, 02:11:25 PM »
Cali has about ten million more people than the next closest state. That would have to be a lot of rats.
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utee94

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Re: 2020 Offseason Stream of Unconciousness
« Reply #4373 on: July 02, 2020, 02:19:33 PM »
Quote from: MaximumSam on July 02, 2020, 02:11:25 PM
Cali has about ten million more people than the next closest state. That would have to be a lot of rats.
You said it... ;)
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FearlessF

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Re: 2020 Offseason Stream of Unconciousness
« Reply #4374 on: July 02, 2020, 02:21:23 PM »
Quote from: Cincydawg on July 02, 2020, 12:08:21 PM
High earned income people care, yes.  Wealthy people without much earned income care a lot less.

Generally, a person worth say $100 million will not have significant earned income.  I should know.
apparently their investment strategy sucks
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MrNubbz

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Re: 2020 Offseason Stream of Unconciousness
« Reply #4375 on: July 02, 2020, 02:34:55 PM »
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Cincydawg

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Re: 2020 Offseason Stream of Unconciousness
« Reply #4376 on: July 02, 2020, 03:43:25 PM »
Quote from: FearlessF on July 02, 2020, 02:21:23 PM
apparently their investment strategy sucks
Investments do not generate earned income.  This is a key difference between the wealthy and those who work for a living.
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Mdot21

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Re: 2020 Offseason Stream of Unconciousness
« Reply #4377 on: July 02, 2020, 03:52:31 PM »
Quote from: Cincydawg on July 02, 2020, 03:43:25 PM
Investments do not generate earned income.  This is a key difference between the wealthy and those who work for a living.
Yeah. It’s kinda f’d up that investment income or capital gains- are taxed at lower rates than the income of those working for a living.

Buffett talks about this all the time when he says it’s not fair his secretary pays a higher tax rate/% than he does. Her income is earned income. His income is primarily capital gains investment income.

If he feels it’s so unfair he should lobby to change tax laws. But he doesn’t. Just a PR stunt.
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Cincydawg

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Re: 2020 Offseason Stream of Unconciousness
« Reply #4378 on: July 02, 2020, 04:06:25 PM »
It is the major advantage the wealthy have.  I define wealthy somewhat amusedly as a person who doesn't need income.  They can live off their nut as high as they want for the rest of their lives.  Of course, none of them would do that.

While you suckers are on salary paying state income tax, Federal income tax, FICA, and whatever else (I used to pay 2.2% CITY income tax), I'm over here waltzing along with investment income on which I only pay some Federal income tax and very little state.  (I still have some earned income in Ohio.)

I don't pay a cent to FICA, nor to the state of Georgia, and I pay unearned income rates to the Feds that caps at 20% (I think, last I looked).

You suckers who work for yourselves get clipped pretty hard on the first $137K or so.
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betarhoalphadelta

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Re: 2020 Offseason Stream of Unconciousness
« Reply #4379 on: July 02, 2020, 04:08:37 PM »
Quote from: Cincydawg on July 02, 2020, 04:06:25 PM
You suckers who work for yourselves get clipped pretty hard on the first $137K or so.
The day each year I pass the SS cap is like a little holiday for me. :72:
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FearlessF

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Re: 2020 Offseason Stream of Unconciousness
« Reply #4380 on: July 02, 2020, 04:30:12 PM »
I must be doing it wrong

I had to pay tax on capital gain on farm land when it sold also on stock dividends
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Cincydawg

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Re: 2020 Offseason Stream of Unconciousness
« Reply #4381 on: July 02, 2020, 04:32:51 PM »
Quote from: FearlessF on July 02, 2020, 04:30:12 PM
I must be doing it wrong

I had to pay tax on capital gain on farm land when it sold also on stock dividends
Oh, there are taxes, but they are lower than earned income taxes, and in Georgia, I don't pay taxes on unearned income.

Capital gains are taxed at a lower rather than earned income.
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