Mass Exodus: Why People Are Escaping Certain States [Video]

Craig Huey California, Taxation 4 Comments

Most Americans are celebrating lower taxes … but not necessarily wealthy taxpayers living in high-tax states.

New York, New Jersey, Illinois and California are among those states seeing a mass exodus.

Why?

Because of the limitation of only a $10,000 federal tax deduction for state and local income taxes plus property taxes.

Wealthy individuals with million dollar incomes and above … living in large homes or estates with high property taxes … aren’t going to like paying much higher federal taxes because they can’t deduct all of their state income taxes and property taxes on their federal tax returns like they could before the tax reform.

Instead, they’re moving to low-tax or zero-tax states.

The exodus has already begun…

Art Laffer, former President Ronald Reagan’s economic advisor, talks about one billionaire taxpayer who left New Jersey for Florida … and threw the New Jersey state budget into chaos.

Watch his 5-minute interview with Neil Cavuto on Fox News…

What do you think?  Write me at [email protected]

Comments 4

  1. Can’t wait for these yahoos to leave California. I can’t wait to see Moonbeam crap his pants when the poor here decide they’ve had enough.

  2. What I think is, that Trump knew this would happen with that low deduction, that Democrat run states would become sinkholes, and eventually, hopefully, the idiots remaining there would get smart and vote in Republicans who would lower the rates back down. One can only hope.

  3. I couldn’t load the video, it continually crashed and tried rebooting. I’m not certain, but it seems conservative videos are crashing. Admittedly, I don’t watch many from other political perspectives to know if they too crash on my viewing.

  4. I noticed on Facebook I get a lot of the negative press coverage of President Trump compared to the positive.I don’t like it and if it continues I will leave facebook forever.I feel it’s choosing my reading material to more liberal views only.

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