GOP Tax Plan

Could the Republican tax plan drive wealthy residents out of the Northeast? Earners making $1M in region could owe IRS extra $21K under proposed GOP plan

The proposed GOP tax plan could 爱上海龙凤419桑拿

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make wealthy Northeasterners consider a move from Manhattan or Greenwich to the sandy beaches of Florida, a few experts believe.

The Republican proposals in the House and Senate would eliminate deductions for the majority of state and local taxes, meaning people with an annual salary of $1 million could end up owing the IRS an extra $21,000, according to Bloomberg.

The plan would impact salary earners much more than investors, with a person making $1 million from investments saving roughly $7,000.

The possible change has fueled talk of mov上海同城对对碰交友社区

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ing among wealthier residents of the Northeast, where individual tax rates rank among the highest in the country. Florida has emerged as a prime possible destination for them thanks to its lack of a state income tax.上海千花网交友

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However, David Silver, a senior manager at the accounting firm MBAF, told Bloomberg he thinks talk of moving is mostly hot air.

“I would arg上海夜网论坛

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ue it’s probably not all that likely to uproot your family, leave your friends, and put your kids in new schools just because of proposed tax changes,” he said.

The GOP tax plan has proven popular so far with the commercial real estate industry, but it is significantly less popular on the residential side, a上海千花社区

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s it could increase the cost of homeownership. [Bloomberg] – Eddie Small

Tags: Politics, taxes
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