Elections have consequences.
Via Daily Caller:
Wealthy New York City elites are preparing to flee the state because the Republican tax bill is going to make them face the full brunt of Mayor Bill de Blasio and Democratic state leadership’s tax rates.
“Everybody I speak to brings this up. Every NYC resident I speak to asks about the feasibility involved in doing it,” Wall Street tax expert Robert Willens told Yahoo Finance. “I’ve been doing this more than 40 years, and never heard more discussion about relocating than recently.”
Wealthy New Yorkers can currently lower their federal taxable income by more than $100,000 through a provision of the tax code known as the State and Local Tax Deduction, or SALT. The average SALT deduction in the Manhattan area is at least $60,000.
The Republican bill will cap the deduction amount at $10,000, meaning wealthy New Yorkers who currently write off expensive real estate could face an extra six figures in taxable income.
HT: Navy Gal