Triple Lutz Report #450 - Life Imitating FSN - Leaving NY, California...

They're voting with their feet. 800,000 people set to leave New York and California due to the new tax act. The death knell of these states is that the state and local tax deduction under the new law is limited to $10,000 per annum. In California just 43,000 people will be paying an average of $225,000 more per year. Some leftist economists have the gaul to argue that tax increases of this magnitude in high tax states will have no affect. This is naive and untrue. The migration from high tax states to low tax states has been going on for the past 50 years. Refusal to admit this reality will only result in disaster.