Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The limitation to my knowledge is property tax related not on state income tax through the W-2. So that would not affect much people who aren't trying to claim deductions based on state property taxes.
Secondly - Texas apparently doesn't like to approve unemployment insurance claims compared to NY. (Most conservative states they reject UE claims at a higher rate) So you need to factor that in as well. If you lose your job in TX you get $0. That extra $8k is worth having at least something in your pocket if your employer decides to kick you to the curb.
We are talking about state income taxes. Someone claimed that because they can deduct their state income tax from their federal tax return, it "evens out" to live in a no-state income tax vs a state with an income tax, due to the deduction of your federal taxes you can make from the state income taxes.
I was illustrating how that is impossible unless you are taxed at 100%......x% of y-state income taxes will never equal 100% of y-state income taxes, unless your tax rate is 100%. Or unless it somehow reduced your federal tax liability to $0, and the federal liablility would have been greater than or equal to the amount of state taxes paid...
I don't see what possible difference it makes without the context of HOW you want to become wealthy. If you want to become wealthy by working in big business, you need to go to the business centers like NYC. If you want to become wealthy by buying a cattle ranch, you need to go where cattle ranches are. If you want to start your own business, where you go depends on where the market is for that business. I guess I don't get the question, are you asking abut cost of living and getting wealthy by having a low COL and investing the money??
There are also red and blue areas even within a red or blue state. NJ is blue but the county I lived in for 20 years is as red as an apple. I don't think the people inside that county and outside that county have much difference in wealth.
It does matter. Taxes and the business environment are more favorable in red states. There are more high-paying jobs in blue states. Which you choose depends on your strategy for getting ahead.
My advice is to get a job that pays well and spend your working years in a high tax, higher income, state.
Once you retire, sell your house and buy an identical one in a red state for 1/2 the price and enjoy your higher SS check because your SS benefits are based on earnings during your working years.
If you are poor, wealthy would be about $2 million in stocks, cash and Bonds. The start would be finding a good paying job, this could be anywhere in the U.S. A job will never make you wealthy, it’s managing, planning and goal setting. It will require gaining knowledge about investing, and if married, a spouse that has the same goals. It’s actually not that difficult.
If you were a poor person, but you desire to become a wealthy person, then should you live in a:
Politically liberal, blue state or region (i.e. California, PNW, NYC metro, New England, greater DC, Chicagoland, etc.) or,
Politically conservative, red state or region (i.e. Texas, most regions in southern USA or Midwest, non-coastal western USA, etc.)
Let me know what is better no for the poor person who is satisfied staying poor, but a poor person with intelligence, education, work ethic, drive, interpersonal skills, good habits, etc. who desires to become $$$wealthy$$$ and move towards a more affluent social class.
Poor is an attitude and Broke is just a temporary place in life.
Why do so many people from California move to Texas or Arizona, or those from New York/New Jersey move to Florida?
Lots of reasons. And there are lots of reasons that people from other areas move to California and NYC, etc. People are moving in and out of areas all the time.
Are you inferring that there is a mass migration from blue to red States for some reason? Or trying to make some sort of other point about why blue States are bad or destined to become less wealthy?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
