Chris hit the nail on the head! Tepper moved his Appaloosa from New Jersey to Florida. Paul Tudor Jones, Leon Cooperman, Bill Miller and Berkowitz, who moved his hedge fund in 06', are also in Florida(http://www.futureofcapitalism.com/2017/11/paul-tudor-jones-to-florida) Berkowitz runs his out of his home office with his co-manager, next door, if I remember right, as I read about him in Fortune, 5-6yrs ago.
Peterffy's worst trade ever?
- Thread starter truetype
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Texas is right along up there with regards to property tax rates, but only Dallas and Austin have been hit with a real estate boom(bust depending on how you look at it.)
If I may ask...... Why is it that Illinois also has substantial property taxes, yet there schools are right in the running for the worst in the nation?
Of course. But his company ( and him) LOST 120 mill due to the Swiss frank's appreciation, because if the costumers can't then the broker takes the hit.
It's "their" schools...not something I'd point out except for the irony of it coming from someone criticizing schools!
Nothing exists in a vacuum. The tax base of IL has been hit hard, there is a large disadntaged community of kids living there, and the state is infamous for corruption, just for starters. Generally all things being equal a higher tax rate leads to better services, look at adjacent jurisdictions around White Plains or schools on either side of the VA/NC border, for two striking examples I've seen. Comparing Chicago to Westchester is an apples to oranges comparison.
Seems as though you have trouble typing on mobile also. Wink wink
Besides the point, I would have zero information on the policies of the borderline you speak of. I do know however about the policies in states/cities I’ve studied, and it seems as though some would take fiscal spending as their personal piggy bank instead of reinvesting with education/healthcare/infrastructure.
Actually this is messy. There is not as strong a correlation between taxes and quality of schools as you might think although the high tax areas would have you believe otherwise.
https://www.usatoday.com/story/money/business/2015/01/15/247-wall-st-states-best-schools/21388041/
Number 5 and 7 on this list are zero income tax states. Also Washington (state) has great public schools and they are also a zero income tax state. Property taxes are also misleading because in many areas such as the northeast and Chicago, communities located along metra lines know there is demand for housing there and taxes are more inelastic.
In the case of Chicago specifically, they actually do have good schools, it's just very segregated. Evanston Township High School is a great school. And it's zoned to both high and low income areas. New Trier just to the north is one of the best high schools in America.
I think a lot of families opt to make this compromise: move to a low or no income tax state and choose to live in a high property tax zip code within that state vs living in a ultra high income tax state and within that state living in an even higher property tax zip code.
It is messy for sure, especially since property tax is often the main school funding source in most states but not everywhere.
Did that just to make you feel better
You're right though, the money does have to be spent at least indirectly on schools to impact schools and another problem with places like Chicago is that so much of current taxes are going to cover unfunded pension liability from the past.