Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Money Walking from High-Tax States

Details

  • Description

    Author Travis Brown discusses how tax rates are impacting migration in the U.S.

  • Duration 4:15
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

-- -- move -- on -- but I think that's very appropriate use it because the big story this hour is money that is walking away you from high tax states and moving it to blow up all know tax states.

Travis brown is here he wrote the book on this it's called how money walks Travis welcomed the program it's a pleasure to be here -- we got this transit technology -- gonna use it to show me the number one states when money is walking away which is the number one state.

Right here in New York we've seen loss will last fifteen years of Internal Revenue Service and US Census Bureau data combined.

58 billion has migrated out of the state fifty idea and that's New York.

58 billion out in fifteen years -- going to all these other places and in youth second is is California second that's right you've got nearly 32 billion dollars has migrated out.

Adjusted gross income.

Out of California to all these other states trying to hold on a second we're talking adjusted gross income -- -- California study one billion dollars worth of income.

That means middle class wealthier people.

That it wants -- moved out taking -- money with -- income.

Right we're looking at through state 1040 tax returns taxpayer mobility and we're not just talking about professional golfers.

Our presence of state we're talking about working families in all sizes of businesses in fact.

And they're going all over this country is there any evidence that California.

These speeding up.

Pushing out money on on figured that Nicholson story I'm thinking of that higher tax rates is that evidence that may be that is speeding up in California.

Well what's fascinating here is that you people are doubling down in the state of California.

This tax rate over the past fifteen years the Texas were seeing was at a 2.3.

Top percent tax bracket and now recently -- just.

Elevated at thirteen point three what we know from the data is that states like.

Arizona states like Nevada and then of course states like Texas in Florida that do not tax personal income tax at all.

Are winning and winning big in the past fifteen years and stand to win even more in the future I get to that in a second.

-- I live in New Jersey -- relatively wealthy high tax states.

Put your finger on New Jersey area always -- -- out how much.

We've -- are showing a loss of eighteen and a half billion dollars over the previous fifteen years -- attacks -- just -- and 9% and all these red -- or -- money is going so New Jersey people literally people and income -- go to California they're going to Florida they're going to -- -- -- South Carolina -- got a -- North Carolina that's -- that's -- -- its -- -- and unfortunately for the -- in New -- what we're seeing here is that only two states out of the entire country -- -- net positive trade if this was -- -- in the NFL -- only new York and Michigan are giving positive -- -- -- -- New Jersey whereas if you look at the state like Florida.

The largest Gainer of all fifty states 86.

Billion dollars has flown from these red states generally to Florida and only in a few instances.

Were people leave Florida where there's a low tax position and bring it down to English.

Florida is the number one state where the money is coming in that all money comes into Florida than any other state in the nation absolutely correct to gotta be Texas yes -- text Texas is doing very well nearly.

Would just over 22 billion dollars and in fact.

And there are nine states to have a situation like Texas and Florida.

And those nine states are gaining a combined total of -- 146 billion whereas the reverse the nine states with the highest personal income tax burden.

Have lost over 120 billion the reason I find this fascinating is that.

Oklahoma.

Louisiana.

Kansas and Nebraska.

They have all gulp proposals on the table to eliminate or sharply -- that state income taxes so they want to join the Florida and -- Texas State's of this world.

They want the inflow.

And it's a very interesting local state tax debate is going -- across America you wrote the book -- -- that's right -- -- team how money walks in how money walks dot com.

Has put all this technology together we think it's a perfect time for that debate to happen.

I Travis brown we thank you very much indeed is the first -- actually touch -- looked at technology close above pretty good thanks very -- today.

Here's another --

Load More