The recent state and local tax (or SALT) deduction cap is pushing some residents out of states with higher tax rates, and some believe it will get worse.
The 2017 “Tax Cuts and Jobs Act” introduced a $10,000 limit on SALT deductions, and the consequences are now becoming apparent. Some Americans are responding to the change by moving into states where they can limit their government fiscal liabilities.
“It took a few months for taxpayers to realize the dollar implications – until they actually filed their tax returns this year,” Friedman LLP principal Alan Goldenberg told FOX Business. “It quantified the impact of the loss of the SALT deduction when people saw it in front of their eyes on their tax return.” – READ MORE