This map from the Tax Foundation shows the annual income gained or lost due to interstate migration between 1999 and 2009. The biggest winner was Florida by a country mile, followed by Arizona, Texas and North Carolina. Bottom line: If your state was attractive to retirees, you bolstered your income. The big losers: New York, California and Illinois.
Virginia ranked among the “stable” states, showing a modest $1.4 billion gain in income over the decade. (Click on map for more legible image.)
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State and local taxes are hardly the only factor considered by individuals or companies in deciding where to live/operate. But they are not immaterial either. Even humble I considered the differences in taxes among Virginia, Maryland or Washington, D.C. when I transferred here from the Midwest in 1984. Prior to doing any research, I would have probably selected Maryland as it was my impression that most D.C. suburbanites lived in Maryland. But, at the recommendation of my new co-workers, I looked into taxes and quickly concluded Virginia was the best place to live. The Old Dominion is far from perfect, but I sure would rather live here than in Maryland as I get to keep more of my income.
Let me see if I get this right …
In a period of epic defense build-up the Commonwealth of Virginia managed to squeak out a #18?
Do you have any idea how many anonymous buildings chock full of defense department employees, contractors and consultants have sprung up in Virginia since 2001?
Do you have any idea how fast those jobs are going to be lost as the DoD (and all other government agencies) cut spending?
Once again, the political elite in Richmond are poised to write another chapter in the Book of Failure.
The Clown Show in Richmond had almost 20 years to get their act together. Longer, if you consider the Reagan defense build-up. But they did nothing. In fact, their gross incompetence and culpable negligence made things worse than it would have been without a General Assembly.
What a shame. What a sad, deplorable shame.
One thing about govt. contractors that you should consider. While there are a ton of workers in VA, the company headquarters in many cases aren’t here. The one I work for has a branch in DC, but the main is in Calif. That’s where the contract billing receipts go before they cut my check.
Also VA was getting a lot of people who were selling their stuff up north and paying big down payments here.
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