Tuesday, June 15, 2010

Texas Wealth on the Move...But to Where?

This from Forbes.com (http://www.forbes.com/)

Where America's Money Is Moving
Written by Jon Bruner (edited here for length)

Low taxes, warm sunshine and deep discounts on real estate. No wonder IRS data shows the wealthiest among us are headed south. Surprise: America's wealthy like warm weather and low taxes. That's the takeaway from IRS data, analyzed by Forbes, on moves between counties. We looked for counties that the rich are moving to in big numbers.

The dominance of the list by Florida and Texas--the former has eight of the top 20 counties, the latter four-- makes sense to Robert Shrum, manager of state affairs at the Tax Foundation in Washington, D.C., since neither state has an income tax. "If you're a high-income earner, then that, from a tax perspective, is going to be a driving decider if you're going to move to one of those two states," Shrum says.

After accounting for property taxes, Shrum's analysis shows that Texas has the fourth-lowest personal tax burden in the country, and Florida has the eighth lowest. Shrum also points to eight states that have targeted wealthy households with extra-high tax brackets: California, New Jersey, New York, Maryland, Hawaii, Oregon, Connecticut and Wisconsin. Six of the top 10 counties the rich are fleeing are located in those states.

Here are Texas' entries in the Top 20, which all happen to be in the San Antonio region:

No. 4: Llano County, Texas, North of San Antonio
Arriving average income per capita: $44,324
Departing average income per capita: $22,541
Stationary household average income per capita: $26,201
Total arriving people: 1,192
Total departing people: 1,018
Top origin: Burnet County, Texas (312 people)

No. 6: Bandera County, Texas, West of San Antonio
Arriving average income per capita: $37,849
Departing average income per capita: $18,092
Stationary household average income per capita: $24,536
Total arriving people: 1,396
Total departing people: 1,192
Top origin: Bexar County, Texas (458 people)

No. 8: Kendall County, Texas, Northwest of San Antonio
Arriving average income per capita: $51,713
Departing average income per capita: $29,013
Stationary household average income per capita: $41,590
Total arriving people: 2,987
Total departing people: 1,711
Top origin: Bexar County, Texas (1,131 people)

No. 20: Gillespie County, Texas, Northwest of San Antonio
Arriving average income per capita: $35,890
Departing average income per capita: $22,572
Stationary household average income per capita: $30,350
Total arriving people: 1,232
Total departing people: 893
Top origin: Kerr County, Texas (170 people)

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