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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think that she doesn’t understand basic economics. Raising taxes doesn’t work - it just causes wealthy people to move to a lower tax state. See California population outflows…[/quote]

False 
https://www.forbes.com/sites/teresaghilarducci/2025/12/29/do-wealth-taxes-really-make-billionaires-leave/

“Cristobal Young and Charles Varner’s work using New Jersey and California tax data finds near-zero long-run migration elasticities among millionaires. Even after sizable tax increases, the number who leave is small, and the revenue gained from those who stay exceeds the revenue lost from movers.”

[/quote]

VA raising taxes could cause folks to move to DC or Maryland (if that’s where they’d rather be), as [b]VA would no longer be the low-tax option in the DMV[/b].[/quote]

Why? You’re going to have to show the math on that one.

Traffic sucks. Most people choose their location based on their work location, not minor variations in tax rates. 
[/quote]

The current maximum state + local income tax rates in the DMV are as follows:

Virginia: 5.75%
Maryland (6.5%) + Bethesda (3.2%): 9.7%
DC: 10.75%

For persons with $1M of taxable income, they pay $57,500 if they live in Virginia, $97,000 in Maryland, or $107,500 in DC.  We absolutely chose to live in Virginia over DC to save the $50k in taxes (as well as to have access to in-state tuition for our kids to VA universities).  If Virginia raises taxes to over 10%, we'd just move to DC and be part of the gentrification of DC.
 
[/quote]

How much do you make? How much of it is [u]over $1m[/u]?

We make ~$2.5M HHI.

Using very simple math/accounting: 
5.75% => $144k VA tax

If the legislation passes (it's not even out of committee yet BTW): 
5.75% + 10% for over $1M => $208k VA tax

Are we going to move over $64k? No. That's less than 3% of our income and a fraction of what we'd pay for realtor fees to sell our house.

In reality, it'd be less than that with various deductions. And if we were going to move, it'd probably be somewhere with even more taxes.

Republican histrionics aren't based in reality. 
 [/quote]

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