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[quote=Anonymous][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

[b]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. [/b]

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]

You can certainly decide what you want to do, but you're comparing a one-time cost (realtor fees) to an on-going (yearly tax) cost that is likely to continue to rise.[/quote]

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