GOP's SALT cap may speed exodus from high-tax states, report says
By Amy Lieu

Americans fleeing tax-heavy blue states at a record pace
Over the past decade, about 3.5 million Americans have relocated from high-tax blue states like California and those in the Northeast, to low-tax red states like Texas and Arizona -- and the change is likely to accelerate.

So say Arthur Laffer and Stephen Moore, co-authors of a report from the American Legislative Exchange Council, in a Wall Street Journal essay.

They say that the Republican Party tax bill's cap on the deduction for state and local taxes (SALT) could ramp up the pace by which Americans relocate in their own economic interest.

Laffer and Moore estimate that both California and New York will lose on net about 800,000 over the next three years, roughly double from the previous three years, while Connecticut, New Jersey and Minnesota combined with lose around 500,000 people in the same period.

Laffer and Moore estimate that both California and New York will lose on net about 800,000 over the next three years, roughly double from the previous three years.

"As the migration speeds up, it will raise real-estate values in low-tax states and hurt them in high-tax states," the authors add.

In states like California, where the top income-tax rate exceeds 13 percent, people are able to deduct that tax on a federal return; but now the deduction for SALT will be capped at $10,000 per family.
Although 90 percent of taxpayers are unaffected by the change, high earners in places with hefty income taxes -- such as California, New York, Minnesota and New Jersey -- would bear more costs of their state government under the new SALT cap, according to Laffer and Moore.

Fox News previously reported that while the law contains sweeping tax-rate cuts for businesses and individuals, taxpayers in high-tax states like those in the Northeast are expected to take a hit from the SALT change.


New York Gov. Andrew Cuomo's office claims the elimination of full SALT deductibility will cost that state $14.3 billion, the Fox report says. Cuomo called the tax bill "an economic missile."

In Connecticut and Illinois, the SALT burden is "so onerous that high-income residents will feel the burn now that they can't deduct these costs on their federal return," Laffer and Moore write.
But nine states, including Florida, Nevada, Texas and Washington, impose no tax at all on earned income.

Since 2007, while low-tax states like Texas and Florida have gained 1.4 million and 850,000 residents, respectively, from elsewhere in the U.S., high-tax states like California and New York combined have lost more than 2.2 million residents, according to Laffer and Moore.

Since 2007, low-tax states like Texas and Florida have gained 1.4 million and 850,000 residents, respectively, from elsewhere in the U.S., according to Laffer and Moore.

Last week, Texas Republican Gov. Greg Abbott urged residents of high-tax New Jersey to move to the Lone Star State, touting his administration's tax cut of $4 billion, Fox News reported.

Abbott extended his invitation after New Jersey's newly sworn-in Democratic Gov. Phil Murphy unveiled a budget proposal that requested a $2.7 billion increase from the prior year's budget, the report said.


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The REAL truth is....both of the forum idiots are OWNED.
-BOTH of them have no clue who their owner is.
-They are both card carrying narcissists.
^These are PROVED facts.

So having people swarming in droves to your state that doesn't tax them is good? That's about as stupid as it gets. Oh yeah we are living it up with all the new people! The river is a putrid brown, roadways are congested, development destroying last habitats. Is this winning?

Is that the Arthur Laffer that espoused the Laffer curve? He's a dope and trickle down economics is based on it. It's just a rationale to cut taxes on the wealthy. From wikipedia:

This assertion was derided by George H. W. Bush as "voodoo economics" while running against Reagan for the Presidential nomination in 1980.[39] During the Reagan presidency, the top marginal rate of tax in the United States fell from 70% to 31%.

Once again the GOP has found voices in econ challenged stooges like minnow slayer who have very little to gain (cutting taxes on nothing is still nothing) and don't go out of their trailer to see what they've lost.

Every state should have no taxes so that the roads and schools will be awesome.

 

 

 

 

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3.5 million in ten years?

350,000 a year. Whats's the number that move from state to state for work or weather or for whatever? Much ado about nothing.

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I was right.

You're an IDIOT!

Oh wait....we already know that.

"They say that the Republican Party tax bill's cap on the deduction for state and local taxes (SALT) could ramp up the pace by which Americans relocate in their own economic interest.

Laffer and Moore estimate that both California and New York will lose on net about 800,000 over the next three years, roughly double from the previous three years, while Connecticut, New Jersey and Minnesota combined with lose around 500,000 people in the same period.

"As the migration speeds up, it will raise real-estate values in low-tax states and hurt them in high-tax states," the authors add.

In states like California, where the top income-tax rate exceeds 13 percent, people are able to deduct that tax on a federal return; but now the deduction for SALT will be capped at $10,000 per family.

Although 90 percent of taxpayers are unaffected by the change, high earners in places with hefty income taxes -- such as California, New York, Minnesota and New Jersey -- would bear more costs of their state government under the new SALT cap, according to Laffer and Moore. "

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The REAL truth is....both of the forum idiots are OWNED.
-BOTH of them have no clue who their owner is.
-They are both card carrying narcissists.
^These are PROVED facts.

Edited: 04/27/2018 at 07:46 AM by Fish Killer

We already knew that the GOP tax plan was a partisan attack on blue states.

So tell us.

The roads are already crumbling in low tax states. How are the low tax states going to pay for the infrastructure and such to accomodate the influx of people?

Florida is already failing at keeping infrastructure development up to pace with the sunshine migration.

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Here in Florida we have other taxes...such as touriost taxes that pay for a litany of things.

Are you really that stupid to think that 'low tax states' dont have money for infrastructure?

Oh wait...yes in fact you are that stupid!



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The REAL truth is....both of the forum idiots are OWNED.
-BOTH of them have no clue who their owner is.
-They are both card carrying narcissists.
^These are PROVED facts.

Boy the tourist taxes give us the best retard factory schools in the country and the best roads too. Paid for lots of turn lanes on 192 so you can breeze right through lickity split. Man that's good stuff. How about all those super smooth on-off ramps that flow the traffic? No cow town stob and stoplight ramps that choke traffic even at low volumes. Oh wait, we don't have efficient ramps. We do have stob stoplight interchanges that back traffic up from Wickham to Pineda every morning and from Malabar to Palm Bay in the afternoon. Good stuff.

Ever drive through Oklahoma on I-40? I've driven on smoother jeep trails in Jefferson National Forest.

I love that my property tax bill is one of my smallest annual expenses and I think Rockledge does a lot with it.

But I hate that our roads are built for the population this county had 20 years ago and that our wastewater and stormwater infrastructure is a complete joke.

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Idiot!

I clearly said "Here in Florida we have other taxes...such as....."

I mostasduridly didn't restrict that statement to one particular tax as you democrap Nazi LOVE taxes!

Get real!

Fool!

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The REAL truth is....both of the forum idiots are OWNED.
-BOTH of them have no clue who their owner is.
-They are both card carrying narcissists.
^These are PROVED facts.

.

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The REAL truth is....both of the forum idiots are OWNED.
-BOTH of them have no clue who their owner is.
-They are both card carrying narcissists.
^These are PROVED facts.

TRUMP TIRADE ON FOX AND FRIENDS...

a madman is steering the ship.

Popcorn please.

Join me FK?

FK is making up words again, must have found grandmas cough syrup.....



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I troll 2L.com to be a better person in real life

Hey, Republicans penalized high earners in Progressive states, imagine that...

Ever driven on 95 through South Carolina?

Oh and the first quarter of this year? Growth at 2.2 percent. Care to factor that in with the 40% tax cut? Na, I didn't think you did.

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I was right.

Good luck with your bullshit at the midterms.

FOOL!

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The REAL truth is....both of the forum idiots are OWNED.
-BOTH of them have no clue who their owner is.
-They are both card carrying narcissists.
^These are PROVED facts.

Yeah, we have high sales tax and insane bed taxes and plenty of toll roads.

All taxes that his lower income people disproportionately hard compared to high income people.

Oh yeah, and we have the farking doc stamps.

We had a small state income tax back home in Virginia and a much lower sales tax than FL. I think it was a better balance even if florida's code is personally beneficial for our income level.

Fact is, the SALT attack was purely partisan shit throwing. Fact is too, those blue state subsidize the red shit holes. They pay way more in tax to the feds than they get back in federal spending whereas a lot of red states rely on a lot of federal subsidy. The rich blue states have to make up the difference by having higher local taxes.

And Mrs. Scombrid is back so I'm out.

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No luck required.

http://www.realclearpolitics.c...sional_vote-6185.html



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I was right.

Don't worry FK, those "touriost" taxes will pay for a litany of things.

Now go post some memes.

WE DEMAND MORE STUPID MEMES!!!

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When America was "great"

hey f k, wanna go for a beer?

you know, 2 Americans who love our country.

pro lifers.

Christians.

pro 2nd amendment.

beautiful, lil' f'er...

A beer?

BWAHAHAHAHAHAHAHAHAHAH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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The REAL truth is....both of the forum idiots are OWNED.
-BOTH of them have no clue who their owner is.
-They are both card carrying narcissists.
^These are PROVED facts.