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New Tax Reform May Impact Where You Choose to Live

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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 individual deduction for state and local taxes is on the chopping block. If this is true, it will become increasingly more painful for residents of high tax states such as Rhode Island, Connecticut, New Jersey, New York, Illinois, and California to name a few.

As a result, a shrinking pool of residents who stick around to foot a growing tax bill, will be a trend that will continue in blue states and one you may wish to avoid. It may be time to pack your bags.

Check out the Liberty & Freedom map for guidance on your future. And for a quick look at the states with the highest individual tax rates, see the map below from The Tax Foundation.

 

 

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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.