Dan Walters expects a wealth exodus. December 20, 2017 Ara Catchatoorian Comments Off on How would federal tax overhaul hit California? Dan Walters expects a wealth exodus.
While homeowners in high-tax states like New York and New Jersey may be packing their bags to move to Florida and Texas, real estate professionals in California say they are not seeing an exodus.
Almost all will enter the half of the U.S. population that consumes more in social benefits than they will ever pay in taxes. With the U.S. national. These folks will be eligible for city, county,
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So in theory, California and its politicians should be happy with the federal tax overhaul passed by a Republican Congress and signed by President Donald Trump.
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Federal tax overhaul could lead to changes in some states. for paying state and local taxes. In California, Connecticut, Massachusetts, New Jersey and New York, more than one-third of tax.
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California is a deep blue state and one manifestation of its left-leaning politics is a very high level of taxation, particularly levies on personal income. The state has the nation’s highest income tax rates, topping out at 13.3 percent of taxable income, and depends on those taxes for 70 percent of its general fund budget.
California Senate passes bill to protect wealthy from tax overhaul california state capitol in Sacramento. The new federal tax bill caps a deduction for state and local taxes at $10,000. That.
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This Tax Overhaul Will Be Final Straw for Many Californians. As a financial adviser, one thing we regularly address with clients is the tax burden that hits higher-income individuals, and the savings they would rack up if they moved to another state. Among our clients in California, we have seen a mass exodus of higher-wage earners.
A new federal tax plan is upon us. Columnist Dan Walters weighs what it means – including the possibility of more of California’s wealthy escaping to Nevada enclaves such as Incline Village on.