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The Great Wealth Migration: The Flow of High-Income Earners Across States.

The Great Wealth Migration: The Flow of High-Income Earners Across States.

Published: 07-18-23

High-income earners are moving, and the data on where exactly they’re going provides eye-opening insights into the current lifestyle trends of the wealthy. In this analysis, we dive into the intriguing dynamics of wealth migration within the United States, shedding light on the states attracting high-income earners and witnessing an outflow of such wealth.

We’ve ranked U.S. states based on their net income migration, a critical economic indicator reflecting the movement of high-income earners. This measure culminates several factors, including tax laws, economic prospects, and lifestyle offerings, that collectively sway where high-income earners reside.

States With the Largest Net Positive Tax Income Migration

Here are the states with the most significant net positive inflow of wealth ranked.

RankingStateNet Income Migration
1Florida$12.4 billion
2Texas$10.7 billion
3Arizona$9.4 billion
4Colorado$8.6 billion
5North Carolina$7.8 billion
6South Carolina$7.2 billion
7Tennessee$6.9 billion
8Utah$6.7 billion
9Georgia$6.6 billion

Next, let’s look at wealth migration on a state-by-state level.

State-by-State Migration: The Top Three Net Earners

Many high-income earners have recently relocated to these three states.

#1 – Florida: A Surge in Net Income Migration

Over the past year, the economic spotlight has focused on Florida as it leads the nation in net income migration. High-income earners are increasingly choosing the Sunshine State, reflecting an age-old economic axiom: Money goes where it is treated best.

Florida’s appeal to high-income earners is increasingly palpable. It stands out even among low-tax states like Texas, underlining its compelling attributes. The state’s financial landscape, myriad growth prospects, and debtor protections present a lucrative proposition for individuals and families with substantial income and assets.

#2 – Texas: Not Far Behind

Texas emerges as a star player in tax income migration, securing the second position among states with the highest positive net income migration. With a whopping $10.7 billion net gain, Texas is a favored destination for high-income earners seeking financial prosperity and tax advantages.

Various unique benefits draw these high net-worth individuals to the Lone Star State. Texas, like Florida, also boasts the absence of personal income tax, a significant lure for those with hefty incomes.

#3 – Arizona: Almost Hits 10 Billion Net Positive Tax Migration

Occupying the third position in the list of states with the highest positive net income migration, Arizona boasts an impressive $9.4 billion net gain. The state’s unique combination of beneficial tax structures, thriving business environment, and appealing lifestyle make it an attractive destination for high-income earners.

These fiscal advantages, the state’s sun-bathed landscape, and burgeoning opportunities propel the real estate market and stimulate business expansion. As wealth continues to flow into Arizona, the state enjoys a complete cycle of growth and prosperity.

This trend showcases Arizona as a beacon for those seeking financial and lifestyle enhancements in a state offering a compelling blend of the two.

State-by-State Migration: The Top 3 Net Losers

Conversely, these three states are currently seeing the worst net negative tax income migration.

#1 – California

California ranks first among states experiencing the worst net negative tax income migration. With a staggering net loss of $343.2 million, the Golden State is witnessing an outflow of high-income earners.

Despite its numerous attractions, from the booming tech industry and world-class universities to beautiful landscapes and cultural richness, California’s high personal income tax rates seem discouraging for many high-wealth individuals. This, coupled with the state’s high cost of living, will likely fuel a wealth migration out of California.

These trends affect the state’s economy, especially the real estate and job markets. The departure of high-income earners can decrease demand for luxury real estate and potentially affect the commercial real estate sector. It also impacts job creation, as these high-income individuals often play a significant role in business expansion and entrepreneurial activities.

#2 – New York

In the landscape of tax income migration, New York finds itself challenging, ranking second among states with the highest net negative income migration. With a net loss of $299.6 million, New York is experiencing a significant outflow of high-income earners.

Despite being an economic powerhouse and cultural hub, New York’s high personal income tax rates and substantial cost of living are significant deterrents for wealthier residents. These factors push high-wealth individuals to seek more financially favorable environments.

#3 – Illinois

As the third state witnessing the worst net negative tax income migration, Illinois is undergoing a significant financial outflow. The state has experienced a net loss of $141.7 million, indicating a trend of high-income earners seeking more tax-favorable environments.

While Illinois is home to a rich cultural scene and a diversified economy, its high tax rates and substantial cost of living present challenges for wealth retention. This financial pressure prompts an exodus of high-wealth individuals seeking better economic landscapes.

This departure of wealth can impact various sectors of Illinois’s economy, notably the real estate and job markets. With high-income earners leaving the state, there could be decreased demand for luxury housing and commercial real estate. Furthermore, this outflow could hinder job creation since high-wealth individuals often drive business expansion and innovation.

Complete article is here.

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Biden screws Union workers again. Willing to Slash United Auto Worker Union Wages to Appease Green Energy Cult.

Biden screws Union workers again. Willing to Slash United Auto Worker Union Wages to Appease Green Energy Cult.

By Becky Noble

Among  Joe Biden’s many carefully cultivated personas of family man and elder statesman is also his longtime support of America’s Union members—the blue-collar men and women who work as painters, construction workers, and electricians. Apparently, Joe Biden takes their votes for granted, much like he does minority Americans, and those who could soon find out how Joe really feels about union workers are in the auto industry. There is a new report from the United Auto Workers (UAW), and it seems to detail how Joe Biden is choosing sides between those who are pushing for more aggressive green energy policies and union employees.

As part of the ill-fated Inflation Reduction Act, which, of course, does nothing to reduce inflation, companies that produce electric vehicles (EVs), and also the batteries used to power them, could hit the jackpot of roughly $220 billion in taxpayer-funded subsidies by 2031. Because of a provision in the Inflation Reduction Act, the nation’s automakers are allowed to take advantage of tax credits if not only the EVs but the batteries as well are primarily sourced in the U.S. and are manufactured in the U.S., Canada, or Mexico. What does this mean for the average union auto worker? It means that large automakers will see billions of dollars in new wealth, what is essentially an industry bailout, at the expense of American taxpayers and union wages.

https://twitter.com/alexgdad1/status/1679136720174891011?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1679136720174891011%7Ctwgr%5E6483a8c730516b795c453ea1e8c118ef2f0f1bdc%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fredstate.com%2Fbeckynoble%2F2023%2F07%2F12%2Fbiden-willing-to-slash-united-auto-worker-union-wages-to-appease-green-energy-cult-n775218

As an example, the UAW report looked at what happened in Lordstown, Ohio. Lordstown was once the site of a GM assembly plant. Now, in place of the assembly plant sits the GM and LG Ultium Cells plant. Ultium Cells manufactures EV batteries. Evidently, manufacturing EV batteries is not nearly as lucrative as assembling cars. Workers at the old assembly plant used to make around $30 an hour. Workers at the Ultium Cells plant are earning half that, around $16.50 an hour, with a bump up to $20 an hour after seven years of employment. If you do the math, that is about a 45 percent drop in wages. Contrast that with the fact that GM and LG, through just the Ultium Cells plant, could rake in subsidies of more than $1 billion annually thanks to Joe Biden’s EV tax credits.

As one might expect, this is not sitting well with the UAW. Response in the report to this reads in part:

We cannot allow a race to the bottom for America’s working families. The UAW fully supports the transition to a more climate-friendly auto industry, and we are convinced that it can be done without making workers pay the price. … there is a real danger that hundreds of billions in taxpayer dollars will subsidize an EV industry that underpays and endangers workers.

The UAW may support transitioning to a more “climate-friendly” industry, but it may come with a risk of committing suicide.

https://twitter.com/BogieF/status/1677850111659982849?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1677850111659982849%7Ctwgr%5E6483a8c730516b795c453ea1e8c118ef2f0f1bdc%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fredstate.com%2Fbeckynoble%2F2023%2F07%2F12%2Fbiden-willing-to-slash-united-auto-worker-union-wages-to-appease-green-energy-cult-n775218

This isn’t the first time Joe Biden has thrown his beloved unions under the bus to avoid the wrath of the green energy cultists. On day one of his presidency, he canceled the Keystone XL pipeline project that would have resulted in thousands of high-paying, high skilled union jobs. TC Energy Corp. was the company that owned the pipeline, along with the government of Alberta, Canada. The plan was for the company to award contracts to six American contractors to help build the pipeline. The American contractors would have been responsible for hiring roughly 7,000 workers. Thanks, Joe.

What may also be another slap in the face to union auto workers is the fact that many dealerships have EVs sitting on their lots with no buyers in sight. The nationwide supply of EVs is up almost 350 percent, translating to around 92,000 units. At a three-month supply, that is twice the industry average, and clearly, sales are not keeping up with output. Many models are luxury models that have steep price tags, which make them ineligible for tax credits.

The UAW has responded to Joe Biden giving them a second shove under the bus in the form of withholding an immediate endorsement for 2024. In May, in a memo to union rank and file, UAW President Shawn Fain said:

We’ll stand with whoever stands with our members in that fight. The federal government is pouring billions into the electric vehicle transition, with no strings attached and no commitment to workers … We want to see national leadership have our back on this before we make any commitments.

America’s unions used to be Joe Biden’s best friends. Perhaps they are discovering that the corporations they work for are his new best friends.

https://twitter.com/MikeC190/status/1678710139099004928?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1678710139099004928%7Ctwgr%5E6483a8c730516b795c453ea1e8c118ef2f0f1bdc%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fredstate.com%2Fbeckynoble%2F2023%2F07%2F12%2Fbiden-willing-to-slash-united-auto-worker-union-wages-to-appease-green-energy-cult-n775218

Becky Noble has been a political writer for over ten years. She has written for Politichicks, The Black Sphere, and The Political Insider. She holds a degree in Communications/Journalism from Regent University.

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Americans Tiring of Chief Diversity Officers.

Becky Noble has been a political writer for over ten years. She has written for Politichicks, The Black Sphere, and The Political Insider. She holds a degree in Communications/Journalism from Regent University.

Many changes to American society happened in the wake of George Floyd’s death. We can debate the reasons behind it, but the death of Floyd in May of 2020 seemed to be way more of a catalyst for “change” than anything else. But one person’s change can be another’s forced compliance. The Floyd case and the ensuing outcry that America is inherently racist and must be changed scared companies and corporations in nearly every industry in America to examine things like hiring practices and who occupied the corner office. Thus, the title of “Chief Diversity Officer” (CDO) was born. But three years later, many Americans know what is in their own hearts, that they treat everyone the same, and the era of the CDO may be on the downslide.

 

Some of America’s largest corporations, like Netflix, Disney — which has many more self-made problems besides diversity, equity, and inclusion — and Warner Bros. Discovery, have announced that their CDOs were leaving the companies. Many employees who work in jobs related to the CDO have been laid off, and new complaints by employees of their employers caving to the woke mob and going overboard have led to scaling back of DEI commitments. The Supreme Court recently striking down affirmative action in college admissions also got the attention of many corporate executives. Some CDOs felt like corporate brass did not want to change hiring or promotion protocols and were told that they were brought on to improve talent. And in the wake of many people who have called out DEI practices for also being discriminatory, the rush towards DEI has not been a permanent one.

Floyd’s death sent companies scrambling to create CDO positions. In 2018, less than half of S&P 500 companies had a CDO position. By 2022, three out of four companies employed a CDO. But that all could be changing. Jason Hanold is the chief executive of Hanold Associates Executive Search. He says the demand for CDOs is the lowest he has seen in 30 years and that “They’re (clients) telling us, the only way I want to go into another role with DEI is if it includes something else.” Many are getting out of the field altogether. In other instances, especially during the pandemic, many minorities moved into CDO positions, but not all were qualified, making for an unfair situation for everyone involved.

 

Overall, Americans are about evenly split on how important DEI in the workplace is. And the splits are about where you would expect them to be. Black, Hispanic, and Asian workers have a more favorable opinion, as do younger workers under 30 and women. When political leanings came in, 78 percent of those who identified as Democrats thought a focus on DEI was important, while 30 percent of those who said they were Republicans thought having a CDO was important. Many companies who might have wanted a CDO who could also dabble in some HR work before are recalibrating since the Supreme Court affirmative action decision. Now, if they even hire a CDO, they want that person to be able to wade through any possible legal issues as well as political fallout.

David Kenny is a chief executive with Neilsen but is also a former CEO and CDO. He believes that many American workers not being on board with DEI is because many employees think their employer should be more concerned about the less-than-ideal economy before diversity. There is also concern that they will face layoffs themselves and even concern over things like artificial intelligence. He describes it as a kind of “I’m losing my slice of the pie” mentality. But it may just come down to the simple fact that Americans don’t believe someone should be hired or not hired because of what they look like rather than based on their experience. They are tired of the implication that they are racists but just don’t know it, and need some sort of “diversity training” to deal with it.

Carriage makers and pin setters went away with the advent of technology. Chief Diversity Officers may go away with a bit of knowledge as to who Americans really are.

 

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Just my own thoughts Leftist Virtue(!) Life Racism. Work Place

Why are white progressives so afraid of merit?

Why are white progressives so afraid of merit? You would have thought that after they lost the Civil War, white progressives would have accepted their black brothers and sisters as equals.

But after 150 plus years the progressives still are acting as if blacks are their personal property. At least with this weeks Supreme Court ruling, it will be much harder for schools to pack their enrollment with students that are at the eight grade level in many basic subjects.

Next stop? Hopefully the workplace.

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Just my own thoughts Work Place

A tax I can sink my teeth into. Everyone pays their fair share. Taxing those making less than $50,000.

A tax I can sink my teeth into. Everyone pays their fair share. I’m sure you’ve seen the reports where they say that folks making less than 50 K pay no federal taxes. Well I’m also sure that you have heard how those same folks get 90% of the social benefits the federal government has to offer. So why shouldn’t those on the bottom pay also?

Back when the second Bush was president he proposed something similar. Then it would have raised a little over 400 billion. I’m sure that in todays Economy and so many more folks working, it would raise a minimum of a trillion.

And yes folks like me who are on Medicare should also pay that 10% tax. Only deduction that would be allowed would be Charitable contributions.

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13 Attorneys General, Consumer Advocacy Org Move to Stop Pro-ESG Investment Firm from Gaining More Control over Energy Companies

Thirteen attorneys general and Consumers’ Research on Tuesday filed two motions to the Federal Energy Regulatory Commission (FERC) to stop Vanguard from purchasing shares in publicly traded utilities.

Both motions argue that Vanguard’s Environment, Social, and Governance (ESG) investment advocacy puts politics before consumers and that FERC should reject Vanguard’s authorization unless Vanguard can prove that its policies will not impact energy consumers. Vanguard, BlackRock, and State Street, the three largest asset managers, apply for blanket authorization before FERC every three years. The attorneys general and Consumers’ Research intervened to block Vanguard’s authorization.

 

 

ESG investing is the latest vector through which large corporations, especially the big three asset managers, can exert their undue influence upon publicly trade companies to have them adopt left-wing causes such as green energy or diversity requirements the companies otherwise would not adopt.

Kentucky Attorney General said in a written statement that Vanguard’s commitment to net-zero emissions requirement for public utilities would only hurt consumers:

Kentucky joined a coalition of attorneys general, led by Indiana and Utah, in challenging Vanguard’s application to extend its blanket authorization under the Federal Power Act for the acquisition of certain securities of publicly traded utilities. Consumers across our country are already feeling the sting of skyrocketing electricity bills, and Vanguard’s request to extend its authorization, coupled with its commitment to imposing net-zero requirements on publicly traded utilities, would only increase these costs. Kentuckians and Americans deserve access to affordable and reliable utilities, and we will oppose any effort that will undermine Kentucky’s economy, destroy good paying jobs, and make it harder for Kentuckians to heat their homes and feed their families.

Will Hild, the executive director of Consumers’ Research, a consumers advocacy group, said that BlackRock, Vanguard, and State Street use to leverage the utilities’ shares to force them to adopt left-wing policies that spike energy bills:

We took this action on behalf of American energy consumers because time and time again we see massive wall street firms pretending to “passively” manage their shares, but instead they use those assets to bully utility companies into adopting radical left-wing policies that drive up electric bills and risk the stability of our power grid. Affordable, reliable energy production is the foundation of America’s economy and the quality of life we enjoy. FERC’s job is to defend utilities from exactly this type of reckless interference. They should act to protect these utilities and American consumers from fat cat wall street wreckers who blithely endanger our electricity supply.

The attorneys general wrote in their motion to intervene to FERC that Vanguard may have “breached” its promises to the commission by engaging in environmental activism:

The Commission granted the 2019 Authorization based on assurances from Vanguard that it would refrain from investing “for the purpose of managing” utility companies.4 Vanguard also guaranteed that it would not seek to “exercise any control over the day-to-day management” of utility companies nor take any action “affecting the prices at which power is transmitted or sold.”5 Now, Vanguard’s own public commitments and other statements have at the very least created the appearance that Vanguard has breached its promises to the Commission by engaging in environmental activism and using its financial influence to manipulate the activities of the utility companies in its portfolio.

While Consumers’ Research notes in its motion to intervene that BlackRock is the most “notorious spear carrier” concerning corporate activism, the group noted that Vanguard also plays an instrumental role in advancing climate change policies on a corporate level.

Consumers’ Research elaborated:

In publications on its website, Vanguard details its “important role” in promoting “meaningful progress across both [its] actively managed and index-based products” such that portfolio companies adopt its climate goals.15 To be sure, it is not the case that Vanguard pursues its environmental agenda only through special “ESG” investment vehicles, while passively managing its other funds. Rather, according to Vanguard, even those funds “without explicit ESG mandates [] nonetheless align to net zero [carbon] objectives because of the existing philosophy and process used by the investment managers.”16 Even supposedly passive index funds are managed by Vanguard’s “investment stewardship teams” that pressure portfolio companies to adopt “emission reduction goals.”1

Consumers’ Research concluded in its motion to intervene, “With each passing day, BlackRock, Vanguard, and State Street exert greater influence on U.S. energy markets under the guise of “passive investing.” Because Vanguard should not have a blank check to dictate energy policy in America, Consumers’ Research moves to intervene, protests, and urges the Commission to deny the Application.”

Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter @SeanMoran3.

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San Francisco elections official released from contact because he is white, male.

“Our decision wasn’t about your performance, but after twenty years we wanted to take action on the City’s racial equity plan.”

The San Francisco elections director is out of a job after the Elections Commission voted not to renew his contract despite his successful 20-year record because he is a white male.

In a 4-2 vote in a closed session last week, the commission declined to renew a fifth five-year contract for John Arntz so that the city could “take action” on its “racial equity plan.”

Commission officials recognized Arntz’s impeccable service, but said the decision came down to racial equity.

Commission president Chris Jerdonek wrote in an email obtained by local outlets, “Our decision wasn’t about your performance, but after twenty years we wanted to take action on the City’s racial equity plan and give people an opportunity to compete for a leadership position.”

This is the same commission that in 2021 wrote to the mayor that “San Francisco runs one of the best elections in the country and we believe this transparent process has allowed us to continue to improve our elections.”

In 2020, it wrote a commendation to Arntz “for his incredible leadership … The Department successfully ran two elections this year while facing significant challenges, including national threats to election security, mandatory vote-by-mail operations to all registered voters, the anticipated increase in voter participation, budget cuts, and the COVID-19 pandemic.”

The city’s Democratic Mayor London Breed objected to the commission’s vote and said, “John Arntz has served San Francisco with integrity, and professionalism and has stayed completely independent.”

“He’s remained impartial and has avoided getting caught up in the web of City politics, which is what we are seeing now as a result of this unnecessary vote. Rather than working on key issues to recover and rebuild our City, this is a good example of unfair politicization of a key part of our government that is working well for the voters of this city.”

Division Manager Mayank Patel said in an email to the department, which included a letter signed by 11 other division managers supporting Arntz’s renewal, “We are gravely concerned that the Elections Commission is actively seeking to remove John Arntz from his employment as the Director of Elections.”

“Under the leadership of Director Arntz, our department successfully conducted over thirty public elections and rebuilt the public’s confidence in the city’s elections processes from the ground up. All of us have worked with Director Arntz and we know that under his experienced and proven leadership, we will continue to provide city voters with excellent service while fulfilling our mission of conducting free, fair, and functional elections for many years to come.”
City Attorney David Chiu said he was “mystified” by the commission’s decision noting, “some folks have forgotten the history of this department.” He added, “Before Director Arntz, we had five directors in as many years, ballot boxes floating in the bay, and an intense lack of confidence in city elections.”

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Education Work Place

Not just colleges, but all affirmative action must end. Get hired or accepted on your skill. Not skin color or race.

You may have heard that the US Supreme Court is hearing a case on affirmative action being used in the colleges. It came about when Oriental ( Asian ) students were being openly discriminated against. Let’s hope that the courts abolish affirmative action. But take it one step further. The Workplace.

In so many situations, folks with less skill or talents are given jobs or promoted just to meet quotas to make it seem as if they’re being socially responsible. California is one of the worst states for this. I know every time I would go there, ( especially Northern California ) I would cross a bridge and praise the lord I made it safely across.

Construction and Manufacturing aren’t the only places you see quota hiring. Banking, Housing, Warehousing, etc. Hire the most qualified. Not the least qualified.