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The Wealthy Were Fleeing for Low-Tax States Long Before the Pandemic

Cliff Hawkins/Getty Images Low-tax states, especially Florida, are getting wealthier as a result. BofA says tax migration is far from a settled area but evidence of it is adding up. Tax-induced migration was a key part of the narrative of 2020, but the story actually began long before that.  Lower-tax states are continuing to get richer thanks to a steady influx of new residents from higher-tax states, per a recent Bank of America Research note, which looked at re...
New York United States San Francisco Ian Rogow America Research Bofa Research

How 2 Millennial Entrepreneurs Plan to Disrupt the NFT Art Market

Courtesy of IKONICK IKONICK, a canvas-art company, blends pop culture and quotes into high-end art millennials love. Now, it plans to disrupt the NFT space. It dropped its first NFT last month, earning $100,000 in sales. The founders spoke with Insider about tapping into the millennial art buyer and the future of NFTs. "Dreams weigh more than excuses." So says an all-white, bold font splashed across a seesawing elephant and dancing butterfly in a mystical-looking f...
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How Big-City Suburbs Won the Pandemic Migration Boom

Art Wager/Getty Images Large-city suburbs saw the biggest gain in residents during the pandemic migration, per Jefferies. This will give nearby cities a needed economic boost, but its making the suburbs a cutthroat place. Most urbanites moved to these suburbs or temporarily, making the migration more of a reshuffle. 2020 was the year urbanites took flight. But many of them didnt go very far. The pandemics great migration boom mostly consisted of urban dwellers leav...
New York United States Long Island San Francisco America Research A Bank

Declining American Birth Rate Unlikely to Bounce Back, Brookings Says

Brookings forecasted fertility rates based on age cohorts and found lower lifetime fertility. The trend follows a decade of declining births and falls in line with worldwide birth patterns. Todays baby bust looks unlikely to turn into a delayed baby boom. Thats according to the latest research from Melissa S. Kearney and Phillip Levine at the Brookings Institution, who say that births in the US are unlikely to rebound. The research comes on the heels of a recent CDC report that found the US bir...
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Rob Lowe says Meghan Markle and Prince Harry's move to Montecito, California, means 'the neighborhood is never going to be the same'

Rob Lowe says Meghan Markle and Prince Harrys move to Montecito, California, means the neighborhood is never going to be the same INSIDER 3 hrs ago asyed@businessinsider.com (Armani Syed) © Paul Archuleta/Getty Images, CBS Rob Lowe at Universal Studios Hollywood, left, and Meghan Markle and Prince Harry during a sit-down interview with Oprah Winfrey. Paul Archuleta/Getty Images, CBS Rob Lowe said Meghan Markle and Prince Harry brought a lot of attention to Montecito, Califo...
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Source: msn.com

Wealthy Millennials Could Be the Key to Driving the Economic Recovery

Consumer spending accounts for 70% of the American economy, and half of that is from the top 10% of American households, per estimates from Goldman Sachs and Deutsche Bank, respectively. That means about one-third of US GDP comes from spending by the top 10%. Higher-income households are "key to driving the recovery in consumption," as UBS strategist Keith Parker wrote in a March note. Those earning over $80,000 annually expect to increase their spending more than low- and middle-income earners...
United States Keith Parker Mark Zandi Mckinsey Company Goldman Sachs Deutsche Bank

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