Over the past decade, about 3.5 million Americans have relocated from high-tax blue states like California and those in the Northeast, to low-tax red states like Texas and Arizona -- and the change is likely to accelerate. “As the migration speeds up, it will raise real-estate values in low-tax states and hurt them in high-tax states,” the authors add. Fox News previously reported that while the law contains sweeping tax-rate cuts for businesses and individuals, taxpayers in high-tax states like those in the Northeast are expected to take a hit from the SALT change. Andrew Cuomo’s office claims the elimination of full SALT deductibility will cost that state $14.3 billion, the Fox report says. Phil Murphy unveiled a budget proposal that requested a $2.7 billion increase from the prior year’s budget, the report said.

Source: Fox News April 26, 2018 09:59 UTC