Trump’s SALT cap fuels a wealth exodus from high-tax states

STATES WITH high state and local taxes have seen an uptick in residents leaving the state following the implementation of a federal SALT deductions cap. / BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE
STATES WITH high state and local taxes have seen an uptick in residents leaving the state following the implementation of a federal SALT deductions cap. / BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE
NEW YORK – Some of the hardest evidence yet indicates that the 2017 Republican tax law is pushing money and people from high-tax states like New York and New Jersey and into low-tax states including Florida. In 2018, low- and lower-tax states gained $32 billion more in adjusted gross income than higher tax states, according…

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