Millionaire High-Tax State Exodus: This Is Only The Tip Of The Iceberg
An article by Nadav Khuri in Forbes:
President Trump’s tax reform that went into effect in late 2017 led to significant changes in federal tax laws that, among other things, limited deductions for state taxes, local authorities, real estate and sales tax by $ 10,000 in total, together. This fact led wealthy and wealthy Americans to consider moving beyond countries without local income tax. As a result, there has been a wave of immigration from northern states with significant local taxation, to other states in the United States where local taxation is nil, such as Florida. This phenomenon is also known as "tax-odus".
There are 4 main reasons why this migration trend is just beginning. First, although tax reform has been known for some time, taxpayers have “felt” its actual impact only in tax refunds filed for 2018. As the bottom lines of these reports are digested by taxpayers, migration will increase. Second, countries suffering from the departure of their most affluent residents will once again be forced to increase taxation on the remaining capitalists in a self-sustaining process, which could lead to a dangerous spin that would require these countries to raise additional tax categories, affecting the affluent population again. In addition, as a result of globalization, in the ever-evolving high-tech environment, senior executives and executives can work from almost anywhere with an Internet connection, allowing many of them to continue to hold on to their current jobs while moving to a country without local taxation. Finally, the efforts of the high-taxing northern states to take steps that will actually cause the local resident to evade the tax evasion consequences of Trump by creating alternative tax benefits face difficulties on the part of the federal government issuing standards banning these states from implementing various ways to "bypass" restrictions the news.
Link to the original article:
Millionaire High-Tax State Exodus: This Is Only The Tip Of The Iceberg
From business leaders to hedge funds to pro athletes and CEOs, wealthy influencers are fueling their investments with a view to the future. For South Florida counties, this can only stimulate additional movement.
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In the last election for governor. The Florida Democratic Representative, who was almost elected, wanted to tax Florida. Wanted to give the money to the poor. No one is infallible. how do you say? It was on the scales
Most countries where there is no state tax receive their income indirectly - higher purchase tax, higher fuel tax, estate tax in the highest percentages, and more
Nadav Houri
Lior Lustig ahead of Texas?
Udi Zecharia
How do you know which of these taxodox states are?