Scott, I was lucky, I left the New England area for the Cleveland, Ohio area, was able to get a (every so slight) hike in pay, and the QoL I can provide here for my family is greater than that in New England.
Also when I made the move here it was for a job that allowed me more freedom with the technology i worked with, as well as more innovation.
Other than missing a few things about New England life (Chowda, Clam Cakes, and Snail Salad) I am enjoy the changes and bennifits moving brought with it.
Re: tunnel vision
Broadway
8/22/2011 8:35:56 PM
Problem with low-tax states is that their poor education systems and infrastructure will catch up with them. When a corporation moves to Georgia or Texas or anywhere else similar, they might find lower taxes, and they might find laxer environmental regulation, but they will have increasingly hard times finding well educated and healthy employees to hire. The healthcare bill alone for an obese, ignorant population could end up negating the tax benefits!
I left the NJ/NY area because the tax rates were ridiculous. Couldn't be happier that I left because from what I hear, all tax rates have gone up since I left (property, income, state). Yes I took a pay cut but the QoL upgrade was well worth it.
I can not agree more, high tax rates are going to do nothing but drive companies away. I am seeing more and more of my tech friends move to TX in the past few years; when in the late 90s everyone was moving to Boston, NYC, and CA. Now the vast majority of them have left those places (as have I) because there are better, and more interesting opportunies elsewhere.
The higher taxes are a short-term fix, but they are usually stays high for an extended period of time. Few governments will lower the tax once they hike it. For this reason alone, businesses want to move so to avoid pay too much year over year.
Re: Interesting chart
mInvestor
8/22/2011 6:18:35 PM
Drivewaygirl,
It's indeed an interesting chart. Can you elaborate it? Like how was the score caluculated? Interesing to see that South Dakota and Alaska have been doing well since 2006. I am wondering why. Because of oil resource?
Re: tunnel vision
Phoenix
8/22/2011 12:49:29 PM
I think state officials should keep in mind that firms can actually even move abroad if they want to. Many countries offer tax free investment opportunities. Many free trade zones are available specially in the developing countries. Asia is full of opportunities right now. Not only will the state lose jobs and businesses but also the US might loose many home grown businesses.
Re: tunnel vision
AskAsa
8/22/2011 11:55:50 AM
Agreed - the last thing we need do is reinforce New York State's reputation for stratospheric tax rates.
Taxes are just one indicator
tokyogai
8/22/2011 9:32:32 AM
Taxes are one important indicator of business "friendliness" but there other factors such as regulatory environment, labor situation etc. The problem is that politicians have been faced with declining revenue and they ask " how can we increase revenue?'. The answer has long term and short term answers- guess which get picked- the short term ones. Politicians live from election to election, not for the long term health. The easiest thing to do in the short term is raise taxes and not change things. unfortunately, in most cases this is not what is good for the long term. New York State has been in decline for years and yet only recently have they even started to do anything about it. It has been a long climb to the top ( or near top) of the tax pile. Maybe it is time to do something differently.
I agree higher taxes are a short-term fix. And I found the following chart interesting:
|
State Business Tax Climate Index, 2006 - 2011
|
|
| |
FY 2011 State Business Tax Climate Index
|
FY 2006 State Business Tax Climate Index
|
|
| |
| |
Score
|
Rank
|
Score
|
Rank
|
|
|
US
|
5.00
|
|
5.00
|
|
|
|
Alabama
|
4.99
|
28
|
5.60
|
16
|
|
|
Alaska
|
7.39
|
2
|
7.29
|
3
|
|
|
Arizona
|
4.81
|
34
|
5.13
|
29
|
|
|
Arkansas
|
4.55
|
39
|
4.87
|
35
|
|
|
California
|
3.78
|
49
|
4.64
|
42
|
|
|
Colorado
|
5.57
|
15
|
5.70
|
13
|
|
|
Connecticut
|
4.01
|
47
|
4.66
|
41
|
|
|
Delaware
|
6.03
|
8
|
6.10
|
9
|
|
|
Florida
|
6.53
|
5
|
6.85
|
5
|
|
|
Georgia
|
5.02
|
25
|
5.52
|
20
|
|
|
Hawaii
|
5.06
|
22
|
5.28
|
24
|
|
|
Idaho
|
5.27
|
18
|
5.08
|
30
|
|
|
Illinois
|
5.05
|
23
|
5.22
|
26
|
|
|
Indiana
|
5.79
|
10
|
5.86
|
12
|
|
|
Iowa
|
4.20
|
45
|
4.62
|
44
|
|
|
Kansas
|
4.76
|
35
|
4.99
|
33
|
|
|
Kentucky
|
5.22
|
19
|
4.75
|
38
|
|
|
Louisiana
|
4.71
|
36
|
5.05
|
32
|
|
|
Maine
|
4.98
|
31
|
4.64
|
43
|
|
|
Maryland
|
4.25
|
44
|
5.23
|
25
|
|
|
Massachusetts
|
4.89
|
32
|
4.87
|
36
|
|
|
Michigan
|
5.40
|
17
|
5.20
|
28
|
|
|
Minnesota
|
4.40
|
43
|
4.71
|
39
|
|
|
Mississippi
|
5.09
|
21
|
5.57
|
19
|
|
|
Missouri
|
5.48
|
16
|
5.68
|
14
|
|
|
Montana
|
6.39
|
6
|
6.16
|
8
|
|
|
Nebraska
|
4.98
|
29
|
4.59
|
45
|
|
|
Nevada
|
6.74
|
4
|
7.07
|
4
|
|
|
New Hampshire
|
6.18
|
7
|
6.45
|
6
|
|
|
New Jersey
|
3.96
|
48
|
3.63
|
48
|
|
|
New Mexico
|
4.89
|
33
|
5.30
|
23
|
|
|
New York
|
3.73
|
50
|
3.60
|
49
|
|
|
North Carolina
|
4.47
|
41
|
4.70
|
40
|
|
|
North Dakota
|
5.14
|
20
|
5.06
|
31
|
|
|
Ohio
|
4.16
|
46
|
3.82
|
47
|
|
|
Oklahoma
|
4.98
|
30
|
5.41
|
21
|
|
|
Oregon
|
5.61
|
14
|
6.02
|
10
|
|
|
Pennsylvania
|
5.01
|
26
|
5.31
|
22
|
|
|
Rhode Island
|
4.46
|
42
|
3.47
|
50
|
|
|
South Carolina
|
5.04
|
24
|
5.21
|
27
|
|
|
South Dakota
|
7.43
|
1
|
7.56
|
2
|
|
|
Tennessee
|
5.00
|
27
|
5.58
|
18
|
|
|
Texas
|
5.63
|
13
|
6.41
|
7
|
|
|
Utah
|
5.80
|
9
|
5.67
|
15
|
|
|
Vermont
|
4.66
|
38
|
4.57
|
46
|
|
|
Virginia
|
5.67
|
12
|
5.58
|
17
|
|
|
Washington
|
5.78
|
11
|
5.93
|
11
|
|
|
West Virginia
|
4.67
|
37
|
4.93
|
34
|
|
|
Wisconsin
|
4.55
|
40
|
4.77
|
37
|
|
|
Wyoming
|
7.30
|
3
|
7.64
|
1
|
|
| |
|
|
|
|
|
|
District of Columbia
|
4.57
|
|
4.06
|
|
|
| |
|
Source: Tax Foundation
|
|
|
Note: The higher the score, the more favorable a state's tax system is for business. All scores are for fiscal years.
|
|
The blogs and comments posted on Investor Uprising do not reflect the views of Investor Uprising, PRNewswire, or its sponsors. Investor Uprising, PRNewswire, and its sponsors do not assume responsibility for any comments, claims, or opinions made by authors and bloggers. They are no substitute for your own research and should not be relied upon for trading or any other purpose.
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