BY BRAD BECKETT ON OCTOBER 21, 2018
We have had several posts about this issue and the evidence keeps on coming in; people are moving out of high-tax states into lower-taxed ones. CNBC’s Robert Frank says that the “tax migration has begun” and that real estate sales are falling in high-tax states and surging in those with better tax-climates. In particular he talks about massive growth in Florida and a drain taking place in in the Northeast. Recall that last year’s tax reform drastically limited the amount of state and local taxes (so-called SALT) that can be deducted off of their federal returns. So, the results are people making decisions based on what’s best for their bottom line….oh the humanity! Savvy real estate investors will of course take note.