“New York, California high-tax state exodus just beginning, expert warns”
June 25, 2019
” The cap on state and local tax (SALT) deductions has already begun to driveOpens a New Window. some residents away from high-taxOpens a New Window. states like New York and New Jersey, but experts say that trend is only going to intensify…
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…”
https://www.foxbusiness.com/economy/high-tax-state-exodus-accelerate