Posted on 04/28/2018 9:27:39 AM PDT by blam
Over the past decade, more than 3.5 million Americans have left high-tax blue states like California, New York, and many others in the Northeast, for low-tax red states like Arizona, Florida, and Texas.
While the migration has been happening for years, conservative economists Arthur Laffer and Stephen Moore are forecasting the next significant movement out of blue states could be right around the corner.
Earlier this week, in an op-ed in the Wall Street Journal titled “So Long, California. Sayonara, New York,” Laffer and Moore spoke about a provision within the brand-new tax bill that could create a mass migration of roughly 800,000 people – fleeing their estates in California and New York for better days in low-tax states over the next three or so years.
Both authors said capping the deduction for state and local taxes (SALT) to $10,000 will accelerate the velocity of the migration of high-income earners from the Northeast and California to regions like “Arizona, Nevada, Tennessee, Texas, and Utah.”
“High earners in places with hefty income taxes – not just California and New York, but also Minnesota and New Jersey – will bear more of the true cost of their state government.
Also in big trouble are Connecticut and Illinois, where the overall state and local tax burden (especially property taxes) is so onerous that high-income residents will feel the burn now that they can’t deduct these costs on their federal returns. On the other side are nine states – including Florida, Nevada, Texas and Washington—that impose no tax at all on earned income.”
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(Excerpt) Read more at newzsentinel.com ...
bump
Like a lysing cell engorged with fresh virii.
bad news if their coming from the coast
There goes the Carolinas, Florida and Georgia to the progressive vote column.
I don’t see how high-income earners will be able to flee.
Say you have a job in NYC that pays $480K. Where are you going to get a job like that in Texas or Florida? They don’t have big investment banks down there.
This is going to devastate California economically because the top 150,000 people out of 40 million residents pay over 50% of the taxes that support the state
We’re going to need a wall on all sides of Texas, not just on the Mexican border.
NC...is the banking capital...Trxas is moving up.
Oh God, please don’t come here. My neighborhood, once a conservative bastion has been inundated with liberals from California. We would welcome conservatives but we are getting far leftists who are insufferable, self righteous snobs
Not when they’re working. But when they retire, do they get out of New York City? Absolutely yes!
Don’t come to Washington state.
Absolutely. I’ve got 3 years until retirement. Then I get to leave this God forsaken State and the ubiquitous, useless dregs that populate it behind.
Here they come determined to ruin TX too!
Should be 8 million if you ask me.
Most retirees cannot afford to live in NYC, where they take pride in high prices and high taxes.
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The leftie-loonies will go to WA and OR because they’re way left of CA or NY.
The Kings county area is way left of communist China. So is Eugene OR. the enviro-terror training ground.
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