High tax state exodus just beginning

[Peter1469]

High tax state exodus just beginning

Citizens of high tax states are fleeing to better places to live. This is because of recent tax reforms that capped the state tax deduction to $10K. (I hit that cap this year). High tax states have yet to add 1+1, and have not figured out that their taxes are at confiscatory levels.

The cap on state and local tax (SALT) deductions has already begun to drive some residents away from high-tax states like New York and New Jersey, but experts say that trend is only going to intensify.

“It took a few months for taxpayers to realize the dollar implications – until they actually filed their tax returns this year,” Alan Goldenberg, a principal at Friedman LLP, told FOX Business. “It quantified the impact of the loss of the SALT deduction when people saw it in front of their eyes on their tax return.”

The Tax Cuts and Jobs Act introduced a number of reforms, including the notorious $10,000 cap on state and local tax deductions, which has caused Americans to look into establishing legal primary residences in states where they can limit their liabilities.


Since the implementation of the law, Goldenberg said he has “certainly” had some clients relocate. Typically, these are individuals that have second homes in states with a more favorable tax climate – like Florida – along with wealthy people and individuals whose jobs do not require them to be tied to a specific location. The latter category can include people in the service industry or consultants.


States that some Americans have already begun leaving for are Florida, Texas and Nevada, all three of which have no individual income tax.

Read the rest at the link.

[Hoosier8]

About time the federal government quits subsidizing high tax states with US debt.

[donttread]

High tax state exodus just beginning

Citizens of high tax states are fleeing to better places to live. This is because of recent tax reforms that capped the state tax deduction to $10K. (I hit that cap this year). High tax states have yet to add 1+1, and have not figured out that their taxes are at confiscatory levels.



Read the rest at the link.

NYS will follow up to make sure you do your 183 days in the other state. Oh course they don't realize that taxes are merely one reason people are leaving. Over restrictive gun laws, and chasing away business and jobs are a couple more. We even made it a misdemeanor to burn your red sols cup in a campfire!

[Peter1469]

NYS will follow up to make sure you do your 183 days in the other state. Oh course they don't realize that taxes are merely one reason people are leaving. Over restrictive gun laws, and chasing away business and jobs are a couple more. We even made it a misdemeanor to burn your red sols cup in a campfire!

Yes, New York is one of the more aggressive states in asserting that people are residents of the state. They even go after military members who entered the service as New York residents and who change that status after they are in the military.

[Common]

The article is wrong about one thing its not just starting, its been happening, there are literally millions of New Yorkers and New Jerseyans in fla, they have been flocking out of those states for a long while, california also

On the serious side how much do democrats expect working people to take, democrats want us to pay for everyones health care, illegal immigrants education, health care give them drivers licenses. They want us to pay for everyones college and any irresponsible adult woman who gets pregnant and doesnt want a child for us to pay for her abortion and it goes on from there.

People are sick of it that get up every morning and bust their ass so they dont have to get a handout

Democrats are killing us with taxs and illegal immigrants

[DGUtley]

The problem though is that when you bring there here; here becomes there.

[Common]

Yes, New York is one of the more aggressive states in asserting that people are residents of the state. They even go after military members who entered the service as New York residents and who change that status after they are in the military.

Doesnt matter they are leaving NY in droves

[Peter1469]

The article is wrong about one thing its not just starting, its been happening, there are literally millions of New Yorkers and New Jerseyans in fla, they have been flocking out of those states for a long while, california also

On the serious side how much do democrats expect working people to take, democrats want us to pay for everyones health care, illegal immigrants education, health care give them drivers licenses. They want us to pay for everyones college and any irresponsible adult woman who gets pregnant and doesnt want a child for us to pay for her abortion and it goes on from there.

People are sick of it that get up every morning and bust their ass so they dont have to get a handout

Democrats are killing us with taxs and illegal immigrants

True. But ending SALT just put salt on the wound and sped things up (pun not intended).

[Peter1469]

The problem though is that when you bring there here; here becomes there.

Yes. That is why Virginia went from Red to Blue.

[Peter1469]

Doesnt matter they are leaving NY in droves

It matters to the high earners when NY sues them for state taxes after they have left the state. And NY does that constantly.