It's becoming apparent that, along with other economic segments of the population, the wealthy are moving more than usual. A recent report from Goldman Sachs sheds some light on why.
According to Goldman, the state and local tax (SALT) dedication cap raised taxes by 4% for those top earners in California and New York, as reported by CNBC. Additionally, it increased taxes by as much as 12% versus what they would pay in no-income-tax states.
Overall, more than 6,000 people making more than $1 million left New York state due to SALT. Many of these wealthy Americans are moving from New Jersey, New York and California to Florida, Texas, Tennessee and Nevada—states with no income tax and warmer weather.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
