Thanks in large part to the Trump-GOP tax reform law passed in December 2017, residents of high-tax states like New York, New Jersey, and California are leaving in high numbers - and the exodus is only just beginning, say experts.
The cap on state and local tax 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.
The reform law, called the Tax Cuts and Jobs Act, implemented several new measures including a $10,000 cap on state and local tax deductions.
Since the law came into effect, Goldenberg said he has "Certainly" had some clients move to lower-tax states.
Often, such clients have second homes in low-tax states like Florida, as well as wealthy earners who have jobs that don't require them to remain in one physical location.
States like Texas and Nevada, which have no state income taxes, have become top destinations.
New Yorkers who left that high-tax enclave relocated primarily to the Sunshine State, with 452,580 people moving out within the past year - the third-largest outflow of residents.
https://thenationalsentinel.com/2019/06/21/expert-exodus-from-high-tax-states-like-new-york-california-just-beginning/
The cap on state and local tax 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.
The reform law, called the Tax Cuts and Jobs Act, implemented several new measures including a $10,000 cap on state and local tax deductions.
Since the law came into effect, Goldenberg said he has "Certainly" had some clients move to lower-tax states.
Often, such clients have second homes in low-tax states like Florida, as well as wealthy earners who have jobs that don't require them to remain in one physical location.
States like Texas and Nevada, which have no state income taxes, have become top destinations.
New Yorkers who left that high-tax enclave relocated primarily to the Sunshine State, with 452,580 people moving out within the past year - the third-largest outflow of residents.
https://thenationalsentinel.com/2019/06/21/expert-exodus-from-high-tax-states-like-new-york-california-just-beginning/
No comments:
Post a Comment