States fighting wealth flight: Here's what to know
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- Опубліковано 8 вер 2024
- CNBC's Robert Frank joins 'Squawk Box' with a look at how wealth is moving around the country. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/42d859g
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I escaped California with my business and family 15 years ago. It is completely different on the free side of the Iron Curtain.
So funny that states are shocked that people are trying to leave after raising taxes.
Florida has 3 million more residents than New York but our State budget is half of New York's budget.
Child mutilation is a big topic in California, it's not safe to raise a family there if you have any morals at all.
This one is huge. Also, nerfing law enforcement for petty crimes, funding people who stream in from the South with nothing, draconian expensive energy rules, the list goes on. Why should anyone with the means to leave for greener pastures not do so? I'm surprised it hasn't happened sooner, or in greater numbers.
California to Arizona or Texas is the deal right now. California is not the place to live in.
To Houston where they have no power?
@hppavilionf50 Texas has the most fossil fuels and renewables
It's the Saudi Arabia of America
Transmission lines aren't power plants
@@TheMagicJIZZ They have so much energy, yet they can't keep the lights on for their ever growing population. Sounds like their electric grid isn't as good as they say it is. 🤔
Florida and Tennessee are getting a lot of inflow of companies as well if the information I've seen is correct.
@@TheMagicJIZZ They may have tons of energy, but their infrastructure is outdated and cannot meet the needs of its citizens especially during extreme heat events.
How about cleaning up the streets, sheltering the homeless and prosecuting criminals.
They used to be called 'BUMS'.
Are you saying anti business and welfare state approach only end up hurting it hurting itself? 😂
Well it is expensive to rent Dependocrat votes to stay in office, you can't expect them to use their own money.
You get a free alligator if you move to Florida.
Noice😂😂😂
Free BBQ😊
We will take that vs homeless and illegals camped out on our steps…
I’ve lived here for 50 years and I’ve seen 3 alligators (from a distance) in person during that time. And all of those were in state parks .
Better then Homeless, drug addicts, pedo’s reading to your kids. Parents not being told about their kids being brainwashed into destroying their genitalia. Rampant crime.. I’ll take 5 alligators, a hurricane and mosquitoes before living in a Blue State🤮
North Carolina is currently FULL. We are not accepting ANY new people moving into the state.
Except illegals
Good luck with that. You are going to be flooded.
Funny how so many states diss on Florida for the same problems they have in their own state
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Victoria is a scammer. The above are bot accounts.
Pro tip, don't solicit financial advice from posters on youtube
Write this down … I’m going to type slow so everyone can get this. Ready? Capital will go where it’s treated best. NY is a toilet. The only mystery is why anyone is left.
Crazy how so many people don't understand such a simple concept.
Your mystery is failing to understand why anyone stays in the high tax rate states. There are more factors in life than money bud
@@King_Lewyy yes, virtue signaling...bud...
i was born in florida and moved to queens when i was a kid. it is awful in nyc, i finally moved back to florida and it’s a paradise . i wish i hadn’t wasted most of my life in nyc
@@King_LewyyIt’s not just about money, it’s about being able to start a business. Is it easier to own a family business in California or Texas?
To be fair, Florida offers more than just zero state income tax. A bunch of states have good weather, but Florida is on a different level.
They all for a lot of unemployed about housing a lot of crime and a lot of high property an insurance cost
What about them hurricanes bru
Plus Dengue and any other vector borne disease and the occasional hurricane
You calll that nightmare good weather?
I live here. I worked with a New York transplant who after just one summer in Central Fla. couldn't take it and moved back.
The late Mayor Koch understood that there were those who could pay for services and those who want services. His job was to give those who could pay for services reasons to stay there: a clean city, a safe city, a vibrant city, etc.
Koch was an old school Democrat. However, the Giuliani and Bloomberg administrations brought NYC back from the brink in the 70s and 80s. Bill de Blasio almost single handedly undid everything they did and is the reason it’s a sh*thole once again. Leadership matters.
So, you're discussing a parody.... RIGHT? NYC under koch was a cesspool. Crime was never higher, abandoned property was at an all time high, and everyone who could leave....did.
@@xavariusquest4603 When Koch took office in 1978 the city was a cesspool from 20+ years of mismanagement. When he was voted out in 1989 it was a “little less” of a cesspool but the framework for the revitalization we saw in the 90s was now in place. The gutting of Times Square and rebuilding into Disney World north started under Koch. That’s strictly for the tourists and is a cash cow for the services the people want. I avoided it like the plague when I lived there but the tourists seemed to think they were in New York.
Finally a SMART news reporter that understands basic economics. I am leaving California for that same reason high taxes, crime and grime. Governor Nuisance treats California taxpayers like organ donors squeezing every dollar spending carelessly. It never ceases to amaze Nuisance's IQ keeps dropping every day.
This is bad news as the people staying behind, who by the way voted for their democratic leaders, are stuck with all the programs they asked for. I also moved out of California the day after I retired and now finding out that many others have also moved out. Personally, I don't mind paying taxes as that is being part of a society. But when California decided to give my taxes to their crazy programs (sanctuary state, medical and college for ILLEGAL invaders, $25B for homeless without any metrics), moving out was the only choice I was left with.
We live in MA. We are high earners. We are retiring to NH. Our real estate tax will increase, but that is because we are moving from a small house to a medium-sized house. Our overall tax burden will go down.
Hopefully you will vote appropriately and not turn it into what you just left.
That means don’t mass up NH
CA. is very restrictive in many other ways also. High anxiety culture and low consequences for non law abiding citizens.
The gov. Insists on being in control of protecting it's citizens and does a terrible job at it.
If you got money get out of the high tax states because you are setting your money on fire
The federal government shouldn't be subsidizing states budgets by covering citizens taxes. Its like college the more money the government is willing to let students borrow the higher the tuition rates. States need to rethink what they are blowing money on. Like say, illegal immigrants hotel bills to start.
They keep raising taxes and they wonder why people move... Let's hope that those who are moving vote Republican.
doesn't matter people coming in from Europe, Asia etc to los angeles, new york buying stuff extremely cheap and they have real cash 💸 💰 🤑
Don't pay any income tax tho dope
😂😂😂😂
Spoken like someone who doesn't understand long term fiscal projections😂
Did you not hear there is a 46 billion dollar deficit. If that was the case, the state coffers would be overflowing, not being depleted.
The only people coming to California are the homeless 😅
Not true- illegal aliens & drug addicts find Kaliunicornia very welcoming.
My portfolio has strong companies but it has been stalled this year. I have about $50k sitting in my reserve that needs to be raised.
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That is impressive! my portfolio has remained stagnate. Who is guiding you please?
'Leah Foster Alderman'
You can simply search her up.
I moved to Florida from California 14 years ago and just retied with a 4M portfolio including pension. Just retired and its a jungle out their, all I can say is if you are in your late 60s early 70s and a counselor uses the phrase "long term" run because that's a sales pitch not a investment strategy. The average age length of a male in the US is 76-78 so based on the money you have, you need to preserve your money and be safe about its growth.
Not just "wealthy."
Very well-paid American tech workers are leaving CA. NY,MA. CA tech keeps pushing for more H1B because Americans won't move there.
I wouldn't take a job requiring a move to CA even for 3X my salary because i still couldn't afford a decent home within 2 hours of any office.
50 stated and topic is always about new york and California
All this people talk about income tax. household making 200k+ are not much richer than average people when apartment cost 1M+ and daycare costs 2000+ per month. It is capital gains differentiate those doing alright (and can do better) and are leaving than those making millions per year.
exactly!! perhaps however their quality of life is better though
people who want to tax rich are only asking for those making 500k+
How many voters left the states, not how much money they have is what's important.
One thing you can take to the Bank . No Leftest States such as NY and California will ever give up on trying to destroy their economies .
I not super rich but enough to escape CA. If you have a little money you get no services but you get taxed to excise. I can’t figure out why anyone stays in CA.
Portland, Oregon.........................
My dad moved to Florida because he said “ NY paid me to move to Florida.
I regret to inform you that Tennessee is full. We are no longer accepting applications. Might I suggest Alabama.
Leaving NY and CA is the good news. Let freedom ring.
Why no mention of rampant crime in NYC and the D run cities in Kali?
It's America you can live where you choose. And if your state sucks then you move
I wonder if Cal. Is not the fifth largest economy if you include the huge deficit?
California has an extra tax just for the rich. The payroll tax expansion increases the state's top income tax bracket from 13.3% to 14.4%. The new 14.4% tax rate applies to income over $1 million.
Would vacation in California, but you couldn't pay me to live there.
Why vacation somewhere that your money is worth less than almost anywhere else n the country?
Odd to see one of the NBC family speaking obvious financial truths. Maybe these speakers should visit MSNBC.
Calufornia needs to build a wall to keep people in.
In IL and have no intention to stay. Here for family reasons but making plans to GTFO asap.
They have already lost the battle if governments think they have the authority to control the movement businesses and individuals. Businesses and investors will go to or spend their money where the opportunity is greatest: lower taxes, right to work, less excess regulation, pro-growth government. less crime, pro-business climate, equal treatment under the law, etc.
What will happen is wealth moved to no state tax will cash out of stocks and then buy back in California and New York process starts over not complicated.
You can only be a resident of one state each year
@@weswest8666 lol 😂 you clearly aren’t in the bracket of people I’m talking about
Free house in Florida but your property insurance will cost you 20k plus per year.
My 4 bedroom house cost 2100 for insurance in west Palm.
No. 😅
The headline should have been “Poorly Run Democratic States Fighting Wealth Flight”.
Glad to hear
There you go...Makes sense.
When think of whether voting for the Republican or Democratic presidential race, Think of California and Texas.
Idiots: "Tax the rich"
The Rich: "how about NO?"
thank you! I'm so tired of idiots on the Internet going around saying "tax the rich" like that is a solution. this allowed for the Democrats to beef up the IRS. Do people think those extra IRS agents are ONLY going to go after the wealthy? No, you idiots, they will be going after everyone, including you and me. Don't be stupid (I was going to use the adjective "daft" here but I'm not even sure people would know what the word means - sad).
you should tax anyone making over 500k at 90% of their income over 500k
You mean steal.
@@freddyrodriguez4732And they will move and you will get nothing instead. Just like what is happening.
@@kicker6274 not true, and we don’t get anything in the US now anyway…Just like what is happening.
Get out NOW! Run !!
High mortgage rates are slowing people’s moves down.
Does the Commerce Clause of the Constitution mean anything to these idiots? It will mean something to the SCOTUS
You couldn't pay me enough to live in Florida again
Why, because they arrest you for shoplifting?
@@bogeyman7436 Nah, that state is the least friendly place I've ever lived. It was like everyone hated life there.
It is OK since this BOTH X and Space X left Cali. Everything is fine no worries.
Wealthy leave due to taxes and crime because they can.
Leaving tax and spend more maryland
Joe is California-bashing all day long, singing praise for those benefiting from the economic dynamics of the state but dodging when it comes time to pay forward. Elon Musk?
And this is because of Democrat policies
this dude's blindingly white chiclet teeth are distracting 😂
So those that can afford to leave .. are
No way....
Is there a fine if I cancel CNBC?
Laffer curve anyone?
So funny to hear liberals figuring out money goes where it's respected. Successful people aren't stupid, and they're not ATMs...they have legs.😂
Now do 2023
Retirees
Greed.
Lmao. Keeping the product of your labor is "greed".
@@Foslopac Keeping the product of someone else's labor is "greed".
Greed is thinking only about money. They made their wealth in a blue state, then tell the blue state to shove it. That is greed.
Capitalists are a$$holes.
I agree, blue states are greedy.
you mean government greed.
Don't California my Arizona! Stay there!
People want to make their money in NY and CA then take it with them when they don’t fee like putting back in.
We should get rid of all taxes and make everything an everyone for themselves free for all and see how long it lasts.
The wealth they made in NY and CA was already taxed, mate. Not a big thinker huh?
@@WillieFungo If they “already paid” then why aren’t they exempt?
CA and NY are heavily dependent on high income tax payers. They're the only ones putting back in. Virtually everyone else is freeloading and that only works for so long.
@@BTrain-is8ch Without all the education, advanced tech, infruastructure and little worker bees running around there would be no high income tax payers. I'm not rich and I pay more in taxes than I do in rent. Am I a freeloader?
Funny how wealthy people are leaving democrat cities and states. Pretty smart
The Boomers possess so much wealth.
Boomers earned it over 30+ year careers.
Kids these days want to start at salaries currently earn by folks with 20 years experience.
My daughter earned a masters in applied physics. Her first job started over $100k.
You want a 6 figure salary? Earn it.
Due to unregulated property insurance, Florida is unaffordable. Thanks D(minus)Santis.
unaffordable for who, exactly?
@evansteinman That's happening... everywhere. In California, insurers are *completely pulling out of the State* leaving many with no option but to get insurance from the State-run FAIR plan at significantly higher cost.
Our commercial property insurance in colorado is up 35-40% in a year
It’s pretty simple, just lower or cut your state income taxes. Problem solved. Oh yeah, they also have to drastically cut your state budgets. Still… Problem solved.
You can all leave Florida now. Bye-bye
Noh
Good by Progressives The Day is Over Old Hat Hippie BS is over
😂😅😆🤣
Well it really is their wealth, not yours. How dare you think it is and just think you can take it with you.
Did I accidentally click on Fox News?
A race to the bottom
Florida is facing skyrocketing insurance costs and a climate that is only getting more dangerous. Doesn’t matter what the income tax is in that scenario. Places like AZ and California will be unlivable in 20-30 years. But sure, drill baby drill…
Florida’s climate is getting more dangerous? Then why are wealthy, most of whom are democrats, moving in to waterfront property?
The answer is the climate is no more dangerous than it has ever been.
Snowflake living on the idea of global warming. Lol
As long as XOM raises the dividend life is good
And you can't GET insurance in California. We are SO tired of the left's Chicken Little routine...no one's listening mate.
Trust me. No one is moving out of California. House prices are rising and builders can’t build fast enough. The logic just does not add up.
Your assertions are unsupported... therefore I will not be trusting you.
From SIEPR (Stanford): California lost a net of 407,000 residents to other states between July 2021 and July 2022, including a greater share of those with a college degree and residents at all income levels than in the past (in business terms, Profit Centres). Offset somewhat by illegal migrants (Cost Centres). Good luck balancing your checkbook with those numbers...🤔
I guess losing a house rep isn't proof enough for you that people are leaving Ca?
I can't wait to serve CNBC with service of process for their illegal hacking of my devices. MMMM