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GOP Tax Reform Will Hit Many Wealthy Republicans in Blue States

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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 removal of the SALT deductions. Alicia Parlapiano and K.K. Rebecca Lai write:

There are a handful of Republican counties, particularly in New York and New Jersey, that claim high amounts of SALT deductions. Many of the 13 Republican representatives who voted against the House version of the tax bill cited the SALT changes.

The issue has been less controversial among Republican members in the Senate, because none of the senators representing the top 10 states taking the SALT deduction are Republicans.

One can only guess at the impact the increase in taxes on these families will have. As I have written in the past, the wealthy are becoming increasingly mobile, and are ready to take their money to where it is treated best. Read more here.

Originally posted on Yoursurvivalguy.com.

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E.J. Smith - Your Survival Guy

Preparing your investments and family for when disaster strikes.
E.J. Smith is the Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention. E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@youngresearch.com. Sign up here to receive all the best content from Richardcyoung.com each week.