We have been hearing a number of sound bites and speeches, reading numerous articles, and are being swamped with stories about shipping jobs and wealth oversees. What seems to be staying under the radar, is the wealth flight occurring in a number of states to a number of other states.
There have been several IT pieces recently on the "wealth flight" within this country. No, not to offshore accounts, but from one state to another. It hasn't reached epic proportions in Massachusetts, at least not to the extent that it is a severe drain, but it is happening, more frequently than you think. There is a reason a whole lot of snowbirds have Florida homes, along with Florida trusts, along with Florida residency.
On the West Coast the issue is even more pressing for one of the most financially hard pressed states, that being California. Hollywood Tax Hikes: What's Happening In Vegas Stays In Vegas is a piece on the Forbes web site that covers it succinctly and with some good data.
Another interesting piece by Walter E. Williams in The Orange County Register addresses the same matter.
Just something to think about.
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