Citizens of Illinois are doing the one thing they can to avoid the high taxation of their state, moving out. It’s not just the retirees heading to Florida leaving Illinois, it’s also workers and small businesses who are fleeing to nearby states to avoid Illinois’ high taxes. The Wall Street Journal writes that Illinois lost […]
GOP Tax Reform Will Hit Many Wealthy Republicans in Blue States
Yesterday the New York Times published an article about how the elimination of the ability to deduct state and local taxes (SALT) from federal taxable income calculations will hurt many taxpayers in blue states. As the NYT notes, there are even some counties with high Republican affiliations that will take a major hit from the […]
Are Hedge Funders Packing Their Bags in Anticipation of Tax Reform?
As a tax reform bill inches its way through Congress, some of its provisions may have wealthy residents of high tax states considering a move. In states like Connecticut, New York and New Jersey, home to many high earning hedge funders, the state budgets themselves may be under threat if wealthy residents decide to bolt […]
Elizabeth Warren’s Tax Fairy Tale
In a recent interview on CNBC, Senator Elizabeth Warren provided an unlucky group of viewers with her take on the GOP tax plan. Warren’s unhinged analysis of the GOP tax plan (not perfect by any means), was a discordant reprise of her days storming backyards in Massachusetts and upbraiding entrepreneurs with, “You didn’t build that.” […]
What the Tax Cut Means to Me? The Swamp is Alive and Well
So much for that tax cut we’ve all been hoping for—it looks like the swamp in Washington is alive and well. If this is a tax-cut for the rich, imagine what a tax increase would look like. Don’t get me started. And for all those saying this is a tax cut for the rich, well, […]
Everyone is Missing This Detail in the Tax Plan
While the Tax Policy Center and anyone with an ax to grind is out hammering the GOP and the President for giving the wealthy a bigger tax cut than the middle class, Chris Edwards says otherwise. Edwards, a friend of mine and director of tax policy studies at the Cato Institute, dials in on the […]
How to Attract Amazon’s HQ2
If you’re a small business owner, then you probably can’t relate to the full court press from what seems like all of New England—and the rest of America for that matter—hoping to lure Amazon CEO Jeff Bezos to choose their city or state for its second headquarters. You might be saying to yourself “no one […]
Who Wins from a Corporate Tax Cut?
Writing for the Cato Institute where he holds the R. Evan Scharf Chair for the Public Understanding of Economics, Ryan Bourne explains that there will be many winners if corporate tax rates are cut. Shareholders, employees and consumers will share the spoils, but the proportion of the benefit each group receives is harder to predict. He […]
New Tax Reform May Impact Where You Choose to Live
With tax reform working its way through the meat grinder, it appears that where you live will continue to impact your financial situation. It’s yet another indication that blue states, havens of liberal largesse, will leave their taxpayers footing the bill. As with any tax reform, politicians tell us there will be “tough” decisions. The […]
Should the GOP Cut Taxes Even if it Raises the Deficit?
With the constant barrage of criticism over the country’s big spending from Republicans, you would think it would be easy in a GOP controlled government to make cuts. You’d be wrong of course. The GOP has shown that despite a party-wide aversion to big spending, when it comes down to anyone giving up the appropriations […]
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