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High-tax states see money flee after GOP law; Billions leave New York, California after 2017 cap on state and local tax deductions.

Jan 16, 2020 - Los Angeles Times

Some of the hardest evidence yet indicates that the 2017 Republican tax law is pushing money and people from high-tax U.S. states like California, New York and New Jersey and into low-tax states including Texas and Florida.

In 2018, low- and lower-tax states gained $32 billion more in adjusted gross income than higher tax states, according to a Bank of America Global Research analysis. The net gain -- almost $2 billion more than in 2017 -- was nearly twice the average over the last 13 year...