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9/21/20
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from TPPF,
9/21/20:
What to Know: Nearly half of New York City’s top earners say they have considered leaving the state. The vast majority of those cite the high cost of living.
The TPPF Take: It’s all about opportunity (and skyrocketing taxes in places like New York).
“While most taxpayers in New York—and every other state—saw their overall taxes decline as a result of the 2017 tax cut, some wealthy taxpayers in high tax states like New York and California saw a far smaller tax cut or, in a few cases, a tax increase,” says TPPF’s Chuck DeVore. “That’s because the federal tax code no longer provides a generous subsidy—through an unlimited state and local tax deductions.”
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