BLUE STATE TAXES ARE KILLING YOU DUMB A$$ #shorts

ByCameron Long

#money #motivation #success #shorts
BLUE STATE TAXES ARE KILLING YOU DUMB A$$ –

Cameron Long

Cameron Long

Cameron is a seasoned CFO and CPA with 31 years in finance. He created the AI Trader's Playbook to help everyday investors use AI to find high-confidence trades — in minutes, not hours.

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27 Comments

  3. Good point, as someone in a blue state I’m tired of paying for red state infrastructure and federal funds in disasters

    Reply

    1. Cry more. It wouldn’t be your problem if the states were given more autonomy and responsibility. You can keep all those taxes to yourself. All the blue states are experiencing a net loss of citizens. If that trend doesn’t change, there won’t be any taxpayers left. You could keep your money if you would just vote for a smaller federal government, but just keep voting blue because that’s what the cultural elites do.

      Reply

  5. Why is he singling out Illinois state income tax? It’s only 4.95%. Illinois isn’t even close to being near the top 10 States for income taxes. I mean Kentucky even has higher. Why leave out states that actually have higher rates like DC, Hawaii, Wisconsin, Minnesota, etc.

    Reply

    1. He mentioned four states by name. Learn what “singling out” means. Yes. Illinois is a 4.95% flat state income tax. But despite the media’s attempt to muddy the waters by confusing people, there ARE more types of taxation than just income. When factoring in all state taxes (property, sales, etc) the average Illinois family pays more taxes to the state every year than the average family in any other state. The numbers have been collected and crunched. You can look it up. Factoring in these other states imposed taxes, the AVERAGE Illinois family (not the top 1%) is paying an effective rate of 15% of their money to the state.

      The median household income in Illinois is about $72,000 a year. So they’re giving almost $11k a year to the state. Do you understand how wealthy a family could become investing $11,000 a year into the stock market throughout their working lives? Investing that over 40 years, that $11k a year would grow to almost $5.5 million. And that’s the median income. Which means THE MAJORITY of Illinois citizens could pull that off without changing ANY spending habits… simply by investing what the state is already taking from them. Not a single extra penny extra.

      Financial experts say that if you can live on 4% of your investment portfolio, you’ll never run out of money and your original investment will still be in tact when you die. 4% of $5.5m is $220k per year. So if you retire at 65 and pay yourself $220k every year for 20 years and die at 85… you will have taken out almost $4.5 million… and the original $5.5 million will remain in tact to leave to your children or donate to charities of your choice. Added up, that means you had access to $10 million after retiring… built ONLY using the money the state took in different types of taxes from THE MEDIAN family. In other words, THE MAJORITY of families in Illinoian could pull off exactly this scenario without changing ANY spending habits… and THE VAST majority could pull off something close to it.

      Do believe Illinois is providing $10 million worth of service and value through their government programs per citizen? Do you understand how quickly we could wipe out the majority of poverty in this country? Credit card debt? Student loan debt? One to two generations. Poof. The majority of Americans could be multi millionaires and the amount of charity and donations to help those that were still struggling would skyrocket.

      Reply

    2. ​@@joeschneider3894 I think you need to google what singled out means. You can single out groups of people as long as something connects them.

      Your whole argument is automatically invalid since you immediately claimed right out of the gate Illinois isn’t singled out. He also wanted to focus on income taxes other kinds of debt. There is a reason 90% of the short was about income tax and not property taxes or something. If you did want to incorporate tax burden by state. Illinois is ranked one of the last in the country. If you are talking about tax incidence yes, Illinois is 7th (roughly in line with Delaware, DC, Maine, Minnesota, Utah, Virginia). Also no state pays an average of 15% on taxes this isn’t 1940’s anymore. The highest tax burden state is New York with 12.47% with Illinois (ranked 9) with 9.38% being less than Minnesota and slightly more than Iowa.

      I do find your trickle down economic’s idea fascinating. We have been attempted that since Reagan and guess what? “The majority of Americans could be multi millionaires and the amount of charity and donations to help those that were still struggling would skyrocket.” That hasn’t happened. In fact, as people always say the wealthy gets richer and the poorer gets poorer. Why is the whole sunbelt area the highest percentage of poverty in the United States again?

      (Also most financial experts recommend less than 4%. That is especially true if you almost become broke by 85 with no more money left in retirement. Also you should probably google what TVM is)

      Reply

  6. I actually moved to New York City from South Carolina because even though I’m paying so much more in tax there’s so much better opportunities here and I make three times what I did back home doing the same job after tax. I’m still making double what I was making there.

    Reply

    3. it depends of ratio of all 3. Brad Pitt and Lebron James don’t care about taxes/costs in California@@BrokTheLoneWolf

      Reply

  7. Plus they will gouge you for vehicle registrations , driver’s license, tolls ,hunting fishing state park admission cigarettes gas …..😢

    Reply

    1. West Palm Beach, Jupiter, St. Petersburg, Carol Gables…there’s a ton of great places in Florida. lol but you’re comparing humidity to tens of thousands being taken from you

      Reply

  12. I’ve said it many times, it’s not income tax that kills your growth, it’s the street taxes on top of everything else.

    Reply

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