Higher taxes may cause some residents to move away
San Francisco, CA -- (SBWIRE) -- 10/16/2013 -- California voted for the temporary tax increase last year, and subsequently reopened the debate over where tax burden should be allocated. They also reopened the discussion of the height of taxes on residents that could ultimately see those individual move away.
While there have been anecdotal evidence that Californians are looking to set roots elsewhere, there is no hard data on the effect as of yet. Simultaneously there is no real evidence to the claims that businesses actually avoid California based upon taxes for paid professionals. Both areas have individual cases or circumstantial claims, but no systematic data to back it up.
A new analysis from the Texas-based a conservative think tank is now looking to collect the data on the tax effects on the state movements that may or may not exist for areas like California.
National Center for Policy Analysis is looking to determine the economic and residential impact of the tax rises. Relocating families is no easy task, and so it would stand to reason that it would be unlikely too many would be willing to take the hit to their wallets simply due to taxes. That being said, the research may show otherwise.
Users will enter in personal economic data and will find out just how much they stand to gain or lose via a move to another state. “The tax burden in a new state can make a huge difference in your retirement plans,” NCPA fellow Pamela Villarreal said in a statement accompanying the announcement this week.
California currently holds the fifth highest stat-local tax burden on personal percentage of income. That will surely place them in poorer standing when the numbers are crunched, but the big question is whether or not the position is so bad that individuals would be willing to up and move away.
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