The Top Question in High Tax States: “Where Are You Going?”

By Monkey Business Images @ Shutterstock.com

Are your friends moving away? If you live in a high tax state, the chances are certainly greater that they are. The 2017 Tax Reform made it easy for residents in high tax states to see just how badly their politicians were fleecing them of their hard-earned money.

You can catch up on that here:

• GOP Tax Reform Will Hit Many Wealthy Republicans in Blue States
• Cato’s Chris Edwards: Tax Reform and Interstate Migration
• States Scrambling to Refinance before Tax Reforms
• Migration: Where High-Tax State Exiles Are Going
• California’s Tax Increases Spur 40% More Wealthy Residents to Leave
• Here’s Who Benefits from New England’s High Taxes: It’s Not Who You Think

Now, Ben Eisen and Laura Kusisto report on the continued exodus of Americans paying high taxes to lower-tax states in The Wall Street Journal, writing:

In the 10 states that typically have the highest property taxes and mortgage interest amounts, including California, New York and Massachusetts, home-price growth dropped right after the tax law passed, according to an analysis by Fitch Ratings Inc.

Home-price growth held steady for the 10 states that typically have the lowest property taxes and mortgage-interest amounts, including Tennessee, Missouri and Alabama.

Other factors affected home prices too, such as an oversupply of high-end homes and rising mortgage rates at the end of 2018. But the tax law played a key role, Fitch found.

Rick Bechtel, head of U.S. residential lending at TD Bank, lives in the Chicago area and said he recently went to a party where it felt like everyone was planning their moves to Florida. “It’s unbelievable to me the number of conversations that I’m listening to that begin with ‘When are you leaving?’ and ‘Where are you going?’ ” he said.

Read more here.

Originally posted on Your Survival Guy.

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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 (RIP) 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.

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