By Karen Roach @ Adobe Stock
You read here a couple of days ago that President Trump and the GOP-led legislature are working to increase the cap on deductions for state and local taxes (SALT) in the federal tax code.
Any time Americans can pay fewer taxes to any government, it’s a win. But let’s not forget why Republicans from states like New York, New Jersey, and California are asking for relief. The problem is that the tax rates in those states and others like them are just too high.
When you study Your Survival Guy’s 2025 Super States, you quickly see the discrepancy between the blue and red states, especially at the city level. In Providence, RI they’re raising the Palestinian flag at the state house, and Boston is a mess from the state house to Harvard.
SALT deductions give mismanaged state finances a bailout from the federal government, which hardly aligns with the concept of states’ rights enshrined in the Constitution.
Americans are not wasting their time waiting around for an increase in the SALT deduction. They’re voting with their feet and wintering in red states and summering on the Cape or in any other beach community. This is not rocket science, needing the help of Mr. Musk. In fact, it’s very simple. Money goes where it’s best treated.
Action Line: If you’re looking for where your money is treated best, begin your search with Your Survival Guy’s 2025 Super States. Then, email me at ejsmith@yoursurvivalguy.com and we can talk about your portfolio and your future. Click here to subscribe to my free monthly Survive & Thrive letter.
Read Part I here.
Originally posted on Your Survival Guy.
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