There’s no secret about why governors and state legislatures obsess over statistics on interstate migration.Population changes point to economic strengths and weaknesses, at least indirectly. The loss or gain of a single mega-plutocrat can threaten to make a material difference in a state’s tax receipts. The flow of population into and out of states endows the winners with bragging rights and shrouds the losers with an aura of shame. Migration is not necessarily determined by taxes. Lucy Dadayan, Tax Policy Center In 2016, the relocation of billionaire hedge fund manager David Tepper from New Jersey to Florida prompted the former state’s officials to fret about the potential loss of hundreds of millions of dollars in taxes. New Jersey had a top personal income tax rate of 8.97%; Florida has no income tax.All this helps to explain the thirst for evidence of how the tax bill of December 2017, passed by a Republican Congress and signed by President Trump, could affect state and local budgets. Advertisement The most important provision of the bill, from the standpoint of state and local officials, is a $10,000 cap on deductions for state and local taxes, known as the SALT cap. The provision effectively raises… Read full this story
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