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Supply-Side Tax Cut Fever: Why The Rich Are Leaving New York And California

Economy & Budget

Supply-side economics works!

The 2018 massive corporate tax cut of 21% has generated lots of new jobs, higher wages and new businesses.

It has been one reason the stock market is close to an all-time high, continuing the longest bull market in history. The tax cut has also encouraged U.S.-based international companies like Apple (NASDAQ: AAPL) and Microsoft (NYSE:MSFT) to bring their funds back to the United States.

But I’m no fan of the $ 10,000 limitation on deducting state income taxes. State taxes always should be fully deductible on federal returns.

There’s no doubt that the severe limit on state and local income taxes has caused many wealthy residents of New York, California, Illinois and other extremely high-tax states to move to states with lower taxes, such as Tennessee, Florida, Texas, Washington and Utah. Indeed, Nevada, Texas, Washington and Florida have no state income tax.

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Source: Human Events

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