Tax exodus just started, will become a flood

FBN's Stuart Varney on the exodus from high-tax states such as New York, New Jersey and California.

It’s official. The governor of New York confirms it. The tax exodus has begun.

We've been expecting this.

In New York, a $2.3 billion shortfall in state revenues. Gov. Cuomo blames the new tax law O. You can only deduct $10,000 worth of state and local taxes. In high-tax states, that’s a pittance. Result: Even middle-class people Opens a New Window. end up paying more tax, and the one-percenters are getting socked. Some of them are moving, and taking their money with them.

The Wall Street Journal is also confirming the tax exodus. The tax refugees are heading to low-tax Florida, which received more American migrants than any other state! “I’m starting to see New Yorkers as Florida’s new foreign buyers," says a real estate appraiser in Miami. “The tax law has changed the calculus," he says.

More confirmation from the New Jersey Department of the Treasury. In December its income tax revenue dropped 35 percent from last year. It blames the tax law.

And don't forget research from Wealth-X that suggested 5,700 millionaires had moved out of New York City and New Jersey in the last year!

Actually, the fault here is not the new tax law. It’s the extremely high state taxes and property taxes in New Jersey, New York, Illinois and California, all of which have been run by Democrats. As we've said so many times, one-percenters in these states didn't get a tax cut. Most of them got a tax increase, and it’s being felt right now.

The tax exodus is just getting started. It’s going to become a flood.

https://www.foxbusiness.com/po...ecome-a-flood-varney

Doesn't take a rocket surgeon to figure out that would happen.

Of course... they will bitch, and moan and say it's all Trump's fault.

The only thing that bothers me about it... is that I like Florida. I don't want the exodus of New Yorkers to ruin the good states!

Unfortunately, there is a huge downside to the rest of the country for this huge exodus of people from blue states.

quote:

Originally posted by Balzé Halzé:
Unfortunately, there is a huge downside to the rest of the country for this huge exodus of people from blue states.

Exactly, most will bring their politics with them and rinse and repeat in the free states.

quote:

Originally posted by Balzé Halzé:
Unfortunately, there is a huge downside to the rest of the country for this huge exodus of people from blue states.

Yes, they bring their "blueness" with them.

quote:

Exactly, most will bring their politics with them and rinse and repeat in the free states.

Socialists are parasites.
They destroy one place... and then move to another.

Oy! Oy! Oy!

thats excellent news

most likely the people with the money aren't all socialists (they should be capitalists) and if they can disrupt or even cripple the revenue streams for the socialist states, perhaps we can use that as a wedge issue to drive the democrats from the US and back to Venezuela where they belong

For years, being able to write off state taxes meant that those high tax states were being subsidized by the free states, who's citizens were getting screwed.

Boo Hoo.

this was a concern of mine with restricting state tax deductions, it will force people to leave liberal enclaves, and it has the potential to screw up conservative states with purple colors IE FL and TX and flip them blue.

Desantis won the Governor by a mere 32,463 votes, and Scott barely edged Nelson by 10,033 votes state wide.

Doesn't take too many left wing NY/NJ to cover that amount, it's not upstaters that will move, it's the folks with money in the City and burroughs who'll bring their progressive idealism with them,

Remember these folks don't think they are part of the problem..

I'd have rather that been left out of the tax bill so these folks would stay in the areas they fucked up, that way we limited the amount of national damage they could do.

Make a law allowing abortion to birth. Boom! Giant financial crisis. I wonder if New York's blessings are drying up?

Some might say karma.Others might say God's hand at work.

Like an old tick finding a new dog.

While I don't think it is still in effect, Bermuda once had a 100% tax on real estate purchased by non-Bermuda citizens. Perhaps the free states should study this to curb the socialist migration???

Old news in NY, asshole's just admitting it now so he can use it as his excuse to buy more votes with legalized pot. THAT'S where the money will come from! Yeah sure. Or start up NY, Or Greek yogurt. Which is it this week?

Michigan will head the same way, now that idiots have elected a Dem. Governor.
Some group of ex-politicians just proposed the passage of a 47 cent increase in the gas tax.

This message has been edited. Last edited by: YooperSigs,

Money is power in politics. Blues staters have lost their tax subsidy and thus some disposable income that could be used for affecting elections and policy. Brilliant part of tax bill, and dems should be and are mad as hornets about it.

Allowing federal deduction of high state and local taxes helps take the sting out of them and allows even more taxing without the average citizen spitting on his hands and slitting throats. With the deduction removed, the reasonable ones will blame the tax imposers, and not who removed the deduction. Assuming there are any reasonable ones left in blue states.

The tax imposers are least more visible.

YooperSigs

Which roadbuilder is behind this?

quote:

Originally posted by zoom6zoom:
For years, being able to write off state taxes meant that those high tax states were being subsidized by the free states, who's citizens were getting screwed.

Boo Hoo.

This. The Federal Government was subsidizing these states high spending policies. Put it back on the states, this will pressure them to cut unnecessary spending or lose millionaires.

It's funny how Cuomo and other leftists simultaneously complain that the tax cuts all went to the rich AND that the rich are being harmed by the tax cuts. Makes my head hurt.

Migration of the "Blues" is the problem as others have mentioned. So again, the democratic RUIN their state driving the socialist, democrats and other parasites to our free states and then we becomes then! Just like what happened here in Virginia.....Maryland and DC drove out the dems with high taxes and undesirable living conditions, now they have descending and started destroyong our Virginia way of life.
We need a border wall at the northland of Virginia to keep those locust the hell out!