These income tax rate reductions have been enacted in 2022:
Georgia (H 1437): Creates a flat tax rate and gradually reduces the rate from 5.75% to 4.99% by 2029.
Idaho (H 436): Consolidated individual income tax brackets from five to four, lowered the marginal rate being from 6.5% to 6% for both personal and corporate income taxes.
Iowa (H 2317): Gradually reduces the personal income tax rate to 3.9% from 8.5% by 2026. Provides for a reduction in the corporate income tax rate from 9.8% to 5.5%, contingent on revenue triggers being met.
Indiana (H 1002): Reduced the state flat income tax rate from 3.23% to 3.15%.
Kentucky (H 8): Reduced the state flat income tax rate to 4.5% from 5% and provided for gradual elimination of the tax contingent one the state meeting a specified threshold of general fund receipts.
Mississippi (H 531): Eliminated its lower income tax brackets to establish a flat rate and reduced the marginal rate from 5% to 4% by 2026.
Nebraska (L 873): Gradually reduces the marginal income tax rate to 5.84% from 6.84% by 2027, and reduces the corporate rate to 5.84% as well.
New York (S 8009): Accelerated planned tax cuts for low- and middle-income earners.
South Carolina (S 1087): Consolidates the number of brackets from six to three and cuts the stateās top individual tax rate from 7% to 6.5% for tax year 2022. Provides for additional 0.1% rate reductions each year until the rate reaches 6%, starting with tax year 2023, contingent on revenue triggers being met.
Virginia (H 30): Did not reduce rates but provided for an increase in the standard deduction from $4,500 to $8,000 for individuals between January 2022 and 2026, with the full reduction contingent on revenue growth exceeding a specified amount.
Utah (S 59): Reduced the personal and corporate income tax rates from 4.95% to 4.85%.
I think we need to go through a complete boom-bust cycle to gauge the long term effect of WFH on oneās career growth. There was a lot of excitement in late 2020 and early 2021 that location doesnāt matter, everybody can just phone it in. But now tech is in a deep recession, many firms are either freezing HC or outright laying people off. Iād be interested to see how people who moved away from the Bay will fare. Maybe they will be fine, maybe not. Need more data to gauge the impact.
Hmmm, IMO lot of people save on personal financial growth than career growth by moving to remote locations.
So far, 5-10 people from my ex-company purchased homes at Manteca, CA and WFH my old San Jose company, bot full time and consulting position.
They used to pay $3200 in Santa Clara rents (2BD rooms), now they pay appx $3750 for PITI(4BD,3BH). They plan to attend one day if company forces them to be present, but company wonāt call them normally.
If there is any issue, they switch to another WFH job. One of them shared the recent picture (665k home)
Recently became aware of lot of people who I donāt know directly but heard from others, but they moved to Manteca and bought houses there. Iāve heard of similar stories about Mountain House, Lathrop etc.
Multiple Reasons: Simply they are established here.
In fact, Company encouraged them to move to Texas, North Carolinaā¦etc, but many of them declined the move out offers, stayed here 7-15 years with family and friends, they are also techy background and they do not like to move out bay area. Mainly, family (wife and kids) do not like to move out bay area.
Two of them sold bay area condos (Milpitas) and moved to Manteca SFH.
Still one person was forced to go out to Texas, he left his family here and temporarily moved to Texas to accept that offer.
It is very easy to get jobs (esp tech field) here as many companies/friends are there and they can easily switch jobs with easy reference.
All of them bought SFH through new builders, plenty of good homes, words spread by reference about affordability around 600k range.
At one time, my another friend visited for a new home, the sales office told my friend all homes sold! This has happened six months before at Manteca. Even now, those new homes are selling at similar range but with extra free add-on as bonus. However, rush is reduced, any one can get any preferable lot.
i am trying to get my husband to leave CA (Dublin). both of us are WFH, we need a bigger house as our kids get older, and I want a place affordable for my parents as they get older and move closer to us. Taxes are definitely going to go up, as Newsom is crazy about adding taxes (i say this as a liberalā¦sigh), school systems sucks and this wonāt change for a while.
Cons (why not to move) -
DD is in 6th, we have to move before high school but inertia is real (friends here, life infrastructure like doctors, know the area, etc)
Both of us are wondering if we leave, will we miss out on the next bay area āBoom timeā (it will happen here, no question) - this is the key consideration. now that there is a recession, cracks are showing in the WFH model and who knows how the economy will end up in other places. While Bay Area sucks for many reason, the risk taking, capital friendliness is the key reason it is a hub - in other places, VC donāt like you failing with their money, here is its part of life. I am in clean energy, the excitement is in CA. decisions decisionsā¦
Landed in 1995, but year 1999, my friend & I were forced to move to Colorado Springs, stayed there one year. For us, life was dull but home and expenses were way less, big savings, but we did not like it. It is personal choice, we both returned back bay area.
Later, 2007 time frame few friends left bay area to Atlanta, returned the same way and settled in bay area.
Even within bay area, my friend had a home at Cupertino, bought new home at San Ramon, did not like that move (even cheaper home), they came back to Cupertino. They felt lonely when they moved out of established location.
However, there are two friends who mainly moved out to Texas for money saving purpose, they stayed permanently.
If money is the only concern, savings are high at state income tax free states. Only few can compromise such moves.
In my view, if someone established a location for 10 years, they may not like to move out. This very common to any city in USA, rare chances are also there.
=> To lazy to ask proper question, no answerā¦!
Possible questions are
What (for a thing, when there are many things)
Which (for a thing, when there arenāt many things)
Who (for a person)
Where (for a place)
Why (for a reason)
When (for a time)
How (for a method)
Whose (to ask about possession)
It is the new community, word of mouth. I asked my friends how did you decide buying at Manteca. The answer.
You know our friend XYZ bought a home at Manteca and invited us for home ceremony, we visited his home, found the locality is good, then visited near by new homes, the models were good and affordable and available, we signed upā¦Like this story, many signed up after a few references.
