800,000 people are about to flee New York and California because of taxes, say economists

1119

800,000 people will leave New York and California over the next three years due to the new tax bill, conservative economists Arthur Laffer and Stephen Moore said in an op-ed in the Wall Street Journal.

Conservative economists Arthur Laffer and Stephen Moore are predicting a new mass exodus of wealth from New York and California because of the new tax law. But academics who have studied taxes and migration call the forecast “pure nonsense.”

In an op-ed in the Wall Street Journal headlined “So Long, California. Sayonara, New York,” Laffer and Moore (who have both advised President Donald Trump) say the new tax bill will cause a net 800,000 people to move out of California and New York over the next three years.

The tax changes limit the deduction of state and local taxes to $10,000, so many high-earning taxpayers in high-tax states will actually face a tax increase under the new tax code.

Via CNBC
Featured Image: OscarUrdaneta/Wikimedia Commons
The Shepard Ambellas Show is an all original fast-paced comedy, variety, news show where nearly everything goes. Shepard Ambellas is the founder and editor-in-chief of the popular independent news website Intellihub.com (news and politics). Bethany Adoni sits shotgun. The Shepard Ambellas Show airs LIVE weekdays (Mon-Fri) on the Shepard Ambellas YouTube channel from 5-7 pm Eastern/4C/2P. Subscribe now! Turn notifications on immediately. The show is nationally syndicated on iHeart Radio. An archived version of the show is also available on Apple Podcasts, Spotify, Google Podcasts, Castbox, Deezer, Podcast Addict, Podchaser, JioSaavn, and Spreaker for you listening pleasure.