This Breaking News Article Is About States Attracting New Taxpayers Due To Low Taxes And Cost Of Living
2020 is finally over and we are off to a new start in 2021. Americans faced many challenges in 2020. Americans have been able to endure 2020 with the health, economic, and political impact on us as individuals and our families.
- The U.S. economy was booming prior to the coronavirus outbreak in February 2020
- After President Donald Trump won the 2016 Presidential election, Americans were thriving with a stellar economy, higher wages, low taxes, and historic unemployment rates
- Never in history has the unemployment rate of African Americans, Hispanic Americans, Asian Americans, and other non-white Americans have been as low as it was during President Trump’s Presidential tenure
- President Trump has pushed Federal Reserve Board Chairman Jerome Powell to lower interest rates
- In the Spring of 2020, Fed Chairman Jerome Powell announced the Central Bank will lower the Fed interest rate to zero percent
- The Federal Reserve Board lowering the Fed interest rate to zero percent, mortgage rates started to plummet to historic lows
- President Donald Trump had many obstacles during his tenure
- Democrats were ruthless in trying to destroy him
Surprisingly, Joe Biden won the 2020 Presidential election. President Trump alleged voter and election fraud. However, over 60 courts ruled against President Trump’s voter allegations. This holds true with the thousands of pieces of evidence including eyewitness reports and sworn statements.
Concerns With A New President Versus The Housing And Mortgage Market
Over 80 million Americans voted for President Donald Trump in the 2020 Presidential election. President Trump has campaigned hard. Joe Biden, on the other hand, was couped up in the basement of his Delaware home most of the year. It shocked many Americans President Trump did not get re-elected.
- Nancy Pelosi, Chuck Schumer, Adam Schiff, Barack Obama, Michelle Obama, and dozens if not hundreds of jealous Democrats from U.S. Senators, Congressmen, governors, state and local politicians, judges, corporate CEOs, and city mayors tried everything in their will to take out a duly elected sitting U.S. President
- Democrats have made up the Russian hoax and launched a $50 million dollar two year Special Counsel investigation to impeach President Trump as well as hundreds of Trump’s allies
- After two years and $50 million dollars to U.S. taxpayers, Special Counsel Robert Mueller’s Russian meddling into the U.S. elections investigation turned out there was no wrongdoing from President Donald Trump in the 2016 U.S. elections
- We will discuss more how both major U.S. political parties literally had a civil war during President Trump’s presidency
Time is running out and it seems like the nation will have a new president come January 20th, 2021.
What Will A Joe Biden Presidency Mean For Americans
Many Americans wonder what a Joe Biden presidency will mean to the housing and mortgage market:
- Homebuyers are smarter and sharper today than ever before
- The coronavirus pandemic has opened doors for homebuyers
- More and more companies are offering their employees to work remotely
- Remote workers are no longer tied to a specific state
- Remote workers can purchase homes in any city and/or state they like
- Financially mismanaged states like Illinois and New York with high taxes can no longer keep on increasing taxes and not expect a mass exodus of its taxpayers and small business owner
- Many states led by Democrat governors, mayors, lawmakers are seeing a mass exodus of taxpayers to other lower-taxed states with affordable housing and low cost of living
In this breaking news article, we will discuss and cover States Attracting New Taxpayers Due To Low Taxes And Cost Of Living.
How Are States Attracting New Taxpayers
The coronavirus pandemic has changed the way we work and live.
- Many businesses no longer require all employees to report to a brick and mortar location
- A large percentage of workers can now work remotely
- Remote workers are no longer tied to live in a particular geographical area because they no longer have to commute to work
- It is a win-win situation for remote workers where they can pick and choose which state they want to relocate to
- Many remote workers are fleeing high taxed states and moving to lower-taxed states with affordable housing and low cost of living
- Illinois, New York, California, Connecticut, Vermont, West Virginia are seeing a mass exodus of not just individual taxpayers but small businesses as well
- Many low-taxed Sun Belt states are attracting new individual taxpayers and businesses
- Low-taxed states are raking in billions in revenues while states like Illinois and New York keep on increasing new taxes and are sinking deeper into a hole due to the mass exodus of taxpayers and businesses
- The coronavirus pandemic has accelerated the mass exodus of people in major cities like Chicago, New York City, Los Angeles, San Francisco to other states with less restrictive measures
Incompetent governors and politicians have tried to politized the coronavirus outbreak and kept restrictive stay-at-home orders which ended up backfiring on them.
States With High Mass Exodus Of Taxpayers
State governors need to wake up and start paying attention to the consequences of raising taxes. For example, Chicago is the highest taxed city out of any other major city in the nation. Freshman rookie mayor Lori Lightfoot seems absolutely clueless in managing Chicago. She keeps on increasing and creating new taxes where she is forcing many individual taxpayers and businesses out of Chicago to other lower-taxed cities and/or states. No matter how much taxes you increase, if you lose your tax base, you have nobody to tax. It is useless. This also holds true with rookie Illinois Governor JB Pritzker. Pritzker’s solution to fix the state’s financial crisis is to keep on increasing and creating new taxes. Taxpayers had enough and you can see the mass exodus of Illinoisans to other low taxed states. Michelle McCue of Gustan Cho Associates has been following the mass out-migration of taxpayers from high-taxed states. Michelle McCue said the following:
Other Democratic states that have taken their high earners for granted face a similar reckoning, only worse since they have older populations and are also losing more retirees. Over the last decade, Illinois has lost 243,102 in population, about the size of Peoria and Naperville combined. Only West Virginia (-3.7%) has lost a larger share of its population than Illinois (-2%). Other states in the Midwest including Indiana (4.1%), Iowa (3.7%), Kentucky (3%), Missouri (2.6%), Wisconsin (2.5%), and Michigan (0.9%) have added population since 2010, according to research outfit Wirepoints, so Democrats in Illinois can’t blame cold weather. One culprit: Exorbitant property taxes. The average annual property tax bill of $30,201 on the Winnetka house featured in the movie “Home Alone,” which was recently valued at $1.26 million. That’s about 2.5 times more than a similarly valued home in California. The elimination of the state-and-local tax (SALT) deduction in the 2017 GOP tax reform has magnified the pain of living and working in high-tax states. So it’s not surprising that most Democratic states in the Northeast last year lost population, led by New York (-126,355), Connecticut (-9,016), and New Jersey (-8,887). New Hampshire gained (+5,492) and doesn’t tax wage income. By raising taxes, again and again, to pay for generous collective-bargained benefits, public unions are making Democratic states less competitive, much as private unions do to businesses. Note that states with the fastest-growing populations also tend to have right-to-work laws, which give workers a choice of whether to join a union.
Tesla CEO Elon Musk is the richest man in the world and a savvy businessman. Elon Musk has complained about the high taxes in California. He decided to relocate Tesla’s Fremont, California to low-tax Texas. Other foreign automakers are relocating to tax-friendly states such as Indiana, Florida, Texas, North Carolina, Tennessee, South Carolina, and Alabama.
List Of States Attracting New Taxpayers Due To Low Taxes And Cost Of Living
Here is a list of low-taxed states where it gained population:
- Texas (373,965)
- Florida (241,256)
- Arizona (129,558)
- North Carolina (99,439)
- Georgia (981,997)
- Texas (4.2 million new residents)
- Florida (2.9 million new residents)
- Arizona (989,000)
- Tennessee (879,000)
- Idaho (1.25 million new residents)
In general, Democrat-led states are generally higher taxed and are losing population. Republican-led states are lower-taxed and are raking in billions in revenue due to being tax friendly.