What happened to the TOUT – yes we are speaking about the liberal ideologue/communist – the Crying Chuck Schumer crowd? Those who tout the progressive agenda of we know more than you do, follow us to the gates of hell. Trump body slammed them down causing their head to spin like a top. How did he do it? With Congresses help, tax legislation was passed allowing for a maximum of $10,000 deduction for real estate and state taxes combined for those who itemize on their income tax return. You see, the picture is now coming into focus. Those liberal big-wigs live in McMansions and oh boy do they pay the piper in the form of real estate taxes on their castles.
In case you missed it, these moguls of the financial space also haul in ZILLIONS of Dollars a year. How else can they afford the the luxuries of life – the dolce vita? Don’t forget the Dr. Moonbeam Dems who love to vote the progressive street. These whoop it up Obama/Clinton mobs are now getting some of their own medicine up where the sun don’t shine. Very hard to swallow this tax stuff. And this creates a problem upstairs; by that we mean in the governor’s office.
These petulant know it all snobs, Andrew Cuomo of New York and Dannel Malloy of Connecticut including the rest of the beasty crew including none other than Governor Moonbeam in the Golden State, love to slam it down the throat of the 1% rich. Now the door seems to be hitting them hard on the way out. There is an exodus of the high earner fleeing the tax and spend liberal paragons of society. And how sweet it is.
The liberal rich are fleeing the tax and spend progressive agenda states with dispatch.
800,000 people are about to flee New York and California because of taxes, say economists
- 800,000 people will leave New York and California over the next three years due to the new tax bill, conservative economists Arthur Laffer and Stephen Moore said in an op-ed in the Wall Street Journal.
The tax changes limit the deduction of state and local taxes to $10,000, so many high-earning taxpayers in high-tax states will actually face a tax increase under the new tax code. Laffer and Moore say that the effective income-tax rate (what people actually pay) for high earners in California will jump from 8.5 percent to 13 percent. Wealthy Manhattanites would face a similar increase, they say. Those who make $10 million or more will see a potential tax hike of 50 percent or more, according to their analysis.
Those hikes, they say, will cause an exodus of residents to move to lower or no-income tax states.
“In years to come, millions of people, thousands of businesses and tens of billions of dollars of net income will flee high-tax blue states for low-tax red states,” they said. They say 800,000 people will move from California and New York over the next three years. Connecticut, New Jersey and Minnesota will lose a combined 500,000 people over the same period.