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View Diary: Oh Noes!!--Phil Mickelson (R-Golf) Might Retire, Citing (Incorrectly) Tax Hikes on Top 1%--Boo-hoo. (302 comments)

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  •  We'll see, but I doubt it. (2+ / 0-)
    Recommended by:
    VClib, sukeyna

    3% extra, and only for 7 years. If 10% didn't make him move, 13% won't either.

    •  Ian - I think it will be very interesting to watch (0+ / 0-)

      At the margin what is enough to make people think about moving, which is never easy. Even at 10.3% for high income earners it caused a lot of discussion as people approached retirement. My guess is that the increase to 13.3% will accelerate an existing trend.

      Even for people at much more modest incomes state taxes did impact decisions. My next door neighbors, who ran a very successful market research business from their home, sold and moved to the State of Washington. Their children were grown, none of the children lived in California (or Washington) and they were paying 9.3% state income tax. In Washington they pay zero state income tax, which makes another $20-30K available each year to put into their retirement program.

      I do think at the margin state income taxes impact decisions and that the impact of state tax rates will have more influence in the future than it has in the past.

      "let's talk about that"

      by VClib on Mon Jan 21, 2013 at 10:15:21 AM PST

      [ Parent ]

    •  Yeah. those sunset provisions always work out. (0+ / 0-)

      "Keep the Brown tax rates!" will be the battle cry from the left.

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