People move to other states because of bad governance during any emergency situation. The sole liability lies on the governors of the state. Some governors are going to love it. While some of them are going to hate it. The reason is that the corona virus has brought a lot of negative things to America. It includes cases, deaths, small businesses shutting down, people losing their jobs, etc. Moreover, people are planning to move to other states.
A piece of news on CNN posted that over 2.4 million people are jobless. Moreover, another 38.6 million people are applying for unemployment. These numbers are scary. These are the people that are trying to take care of their families, spouses, children, etc. But all of this stuff we are talking about is nowhere near to one of the scariest things that are about to happen to certain governors of certain states. That is the massive potential exodus. And therefore, a big threat.
Therefore, we are going to break down things. And discuss four things step by step. The first thing is the data pulled out from a small business owner and an entrepreneurship council. Let’s say non-profit organizations that’s is going to give you the data on what states offer the best policies for small business owners.
Then comes that what states offer the best taxes for business owners. Thirdly, we will look at what states have the best sales tax, state tax, and property tax. Fourth, comes the letter that Patrick wrote to California years ago when he left the state. Last but not the least, the video will show the 10 markers to have a look at before making your move.
Having said that, let’s look at some of these markers.
#1 Quality of Life
When you are looking at moving to another state, you have to first look at the quality of life. For instance, California. Look at the weather there. Also, your friends and family are there. Then question yourself as to why you want to leave your family and friends? Then come the sports and all sorts of entertainment life there which is perfect. The nightlife is amazing too. This is why no one will ever leave California.
#2 Taxes
The second thing you have to look at are taxes. Go for a state with less sales and income tax so that you can make maximum money.
#3 Quality of Talent
This is the one part that New York and California get a lot of credit for. Because if you do want quality talent, it’s in New York, California, and Chicago. Simply put, whatever cities that have the highest competition typically have the best pool of talent. Therefore, if you want to start a financial firm and want to go into the hedge funds, then you are probably better off being in New York City. Similarly, if you want to create a technology or something to do with social media, then Santa Monica is the place to be. On the other hand, if you want to be in Hollywood you can choose any state taking place.
But you got to look at the talent. This argument is typically made for California, New York, and Chicago.
#4 Schooling for Kids
If you are married with kids and schooling, you have to consider that state with good schooling facilities.
#5 Airports
Airports are another important marker to look into. If you travel a lot, especially international airports, look for states with airport facilities.
#6 Politics and Regulations
Look for the rules and general public policies. Because these are medium through which a state is governed.
#7 Quality of Market
If it is a global business, are you going to get the talent to help you with this face to face phone? You have to consider this stuff. Moreover, if you are going into a city, you have to consider the one with global customers. Because it will eventually help you in your business.
#8 State’s Population Growth
One of the most important thing is to consider the total population of the state. Because it effects the policies of a state to certain extent.
#9 Crime Rate
It is important to look into if you have family or kids. Also, the crime rate in America is increasing day by day so must consider this point.
#10 Long-Termed Plan (Vision)
It is what you want to do. Also, it needs a vision and smart planning. Look for a state where you can easily execute your vision.
Data
Now let’s have a look at some data. The data shows ranking 50 states according to public policy and tax climate for small businesses. Hence, they rank the states on policy measures and costs impacting entrepreneurship and small businesses. This ranks the 50 states according to 62 different policy measures including assorted tax, regulatory, and government spending measures. Moreover, the data in not the latest though.
Best States with the Best Policies for Entrepreneurs
It includes Texas, then you got Nevada, then its Florida, then South Dakota. It also includes New Hampshire and the list goes on. However, few states like Massachusetts, Rhode Island, etc., are the states with small businesses today. Moreover, this ranking is only based on the policies.
Few states, however, do not care about small businesses. If you run a business, you know how critical policies affect your business. And that is for those who are running a business.
Let’s have a look at taxes, who is the best, and who is the worst. Texas is best in taxes. And the list goes on. Georgia is on the 24th. Whereas, New York, California, and New Jersey are in the ’40s. Meaning, that even Maryland, Illinois is better than California. But not in all aspects.
Now California’s stance is that it has the best entertainment, the lakers, the clipper, sports, dancing, nightclubs, Hollywood, and whatnot. Moreover, the weather here is perfect. So why will you leave your friends and family alone? These are the things which keep a lot of people from leaving California.
Family
Now let’s talk about family. You might go shopping at Walmart or any other place. Then you have to look for properties and taxes. Texas has very low taxes. Maybe a little lower than California.
Talking about the sale tax, Colorado has got 3 percent. But New Hampshire, Alaska, and few others have zero sales tax. At the bottom is California, with the highest tax.
In New Hampshire, there is no income and sales tax. Also, it has the 3rd or 4th highest property tax. Hence, they make up their money in the property tax. Therefore, more people opt for this state to live in.
Texas is 6th because it has a higher sales tax but low property tax. Such states in including Florida must be recruiting everybody. Moreover, they must have handsome amount too.
Again, who is at the bottom? California. With 13.3 state, 7.5 sales, and 841 property tax. As a result, if you are planning to buy a 200 million properties, you better buy-in Texas. But if you are thinking to make money, then do not go for California.
New York is way better than California with 8.82 on income 4 on estate tax. However, comes besides California on the ranking list. The point of the whole discussion is that if you are clear about your long-term plans, start thinking about how was the pandemic handled by the state you live in?
The above data is of 2019 and does not show how governors handle the pandemic. Moreover, it does not show how much control they have over the populace. Also, it does not show how many people are sick today. Or how many have lost their only way of income.
People will choose the best state to live in after looking into the mentioned 10 markers. Also, family and comfort comes first for all.
Letter
Now comes to the letter Patrick wrote to California. He went there first in November 1990. Furthermore, he listed the ten things he will miss the most about California while shifting to Texas.
The point is that if you are frustrated with some of the decisions that are being made. And you have got a family.
Also, if you are planning to play offense then you must PAY ATTENTION to whom you vote next time. Because it is important to choose wisely.
Number two, if you are somebody that wants to make a difference, then you maybe got to meet the right people. People who can help you plan your campaign against the governor, congress, etc. Moreover, let those people advise you for best options.
And number three, if you never care about politics, then you must think about where you are moving next. With that, check all the ten pointers. Keep in mind all the discussed markers and give it a thought before.
