Are the wealthy leaving Portland? Multnomah loses a whopping $1.1 billion in taxable revenue
According to an online document, Multnomah county lost a whopping $1.1 billion in taxable income, during the year 2021-2022. In comparison, it only lost a mere $122 million in the previous year. So, what happened? According to some, the wealthiest residents of Multnomah got up and left. However, importantly they simply haven’t been replaced. Arguably, this has been coming for quite some time due to the homelessness crisis, and the rise in other taxes such as art tax amongst other rises.
Here’s what the people of Portland had to say about it on social media:
“The high tax rate for people making more than $125k might be doing it. I think we should tax the rich, but it just doesn’t make sense to be taxing so high for people making less than $200k”
“So, more affluent people being replaced by less affluent people accounted for $287 million of the loss, and more affluent people leaving without being replaced accounted for $784 million of the loss. About a 1:3 ratio.”
“Taxes. People making over $200K with a family are likely heading out.”
Overall, it will be interesting to look ahead and see where this ends. However, in the immediate short-term, this certainly doesn’t look good for Portland.
Couldn’t happen to a better county. Enjoy being a ghetto.
Last year I moved my family from Portland to a state with no state income tax in the south. I have three children and my wife was afraid (rightfully so) to go downtown and do anything in Portland. I saved a great deal in state/local taxes. The downtown area we live near now has almost no homeless and is vibrant AND SAFE. We sold our house in an average part of town in Portland and bought a house triple the square footage in the best part of town in our entire metro area. It was a no-brainer. Portland made it easy to leave. Every day I wake up I kiss the ground of where I am now and thank God I don’t live in Portland any longer. In fact, I can’t believe it took me as long as it did to leave. It’s not even about the money as much as it is about safety, opportunity, and my family being happy.
Where did you go?
How’s defund the police, tax the rich, free the criminals, and peaceful rioting working out Portland?
Thank god this is getting ink. Absolute insanity.