"It Was The Final Bucket Of Straw" - Trump Tax Plan Sparks Middle-Class Exodus From California, New York

Source: https://www.zerohedge.com/markets/it-was-final-bucket-straw-trump-tax-plan-sparks-middle-class-exodus-california-new-york
Published: Jan 31, 2020
Author: Tyler Durden
Post Date: 2020-01-31 00:14:01 by Horse
Views: 406

It was not that we were struggling," he said. "It's that we did some analysis."

Poster Comment:

By limiting state tax deductions from federal income tax, Trump is encouraging movement away from hight tax lunacy states to more sane parts of the US.

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#1: Horse    To: All (#0)

While most tax-paying Americans saw their overall tax bill decline under President Trump's tax-reform package - and American corporations pay substantially less as well - there's no question that homeowners in blue states, a group that includes some of the most affluent people in the county, lost out. By capping how much of an individual's property and income taxes can be written off their federal tax bill, as well as lowering the threshold for mortgages that qualify for interest deductions to $750,000 from $1 million (one reason why the luxury market in places like Greenwich has gotten whacked), Trump managed to exact his revenge on the blue-staters who supported his presidential rival back in 2016.

Horse posted on 2020-01-31 00:15:48   Reply   Private Reply