“Where are high-tax state exiles going?” asks the WSJ’s Review and Outlook. “Zero income tax Florida drew $16.5 billion in adjusted gross income last year.” It’s a trend you and I have been watching for years and will continue to see as Democrats ruin the fiscal health of the states they’re leaving.
The good news is that the inflow will give states like Florida more representation in D.C.
The bad is they packed bankrupting politics in the U-Haul.
The Editors at The Wall Street Journal write:
Many have also fled to Arizona ($3.5 billion), Texas ($3.5 billion), North Carolina ($3 billion), Nevada ($2.3 billion), Colorado ($2.1 billion), Washington ($1.7 billion) and Idaho ($1.1 billion). Texas, Nevada and Washington don’t have income taxes.
Democrats in high-tax states blame the 2017 tax reform, which limited the federal deduction for state and local taxes to $10,000 and thus increased the effective federal tax rate for the well-to-do. The cap took effect in 2018, but most taxpayers would not have felt the pain until they paid their taxes last year. Taxpayer flight may accelerate even more now.
All of this explains why Democrats are nervous about the 2020 Census, which will decide apportionment of House seats and electoral votes for the next decade. California, Illinois and New York are each projected to lose a seat while Texas is forecast to pick up three, Florida two and Arizona one.
We know progressives believe in redistribution, and it’s kind of Democrats to spread their wealth and political power to other states.
Read more here.
- Guess Which States Americans are Moving To
- Best and Worst Tax States in 2019: A Quick List Retirees Need to See
- Your Retirement Life: This State is Dominant Once Again
- Does Your State Just Cost Too Much to Retire In?
- The Best States for Retiree Taxation
- Americans Want to Leave Their High Tax States
Originally posted on Your Survival Guy.
