High-Tax States Make It Hard for Rich to Leave

By Bloomberg – Re-Blogged From Newsmax

This tax season, many wealthy Americans are getting an expensive jolt.

The Republican tax overhaul signed by President Donald Trump more than a year ago provides plenty of perks for the rich. But not all well-off folks are treated alike under the new law. A controversial provision that helps pay for huge corporate tax cuts punishes residents of states with higher income taxes—most of which, but not all, lean Democratic.

By setting a $10,000 cap on how much Americans can deduct in state and local taxes, or SALT for short, Washington created a pricey problem for the privileged in some parts of the country. Now that the first tax season under the overhaul is here, that reality is hitting home—and the thought of moving to a low-tax state may suddenly look more attractive.

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New Laws, 2019

By Pete Williams – Re-Blogged From NBC News

In states across the country, new measures are kicking in 2019 that affect virtually every area of residents’ lives — and your furry friends, too.
Image: Leaves begin turning color on Big Pond near Woodford, Vermont, in 2007.

Leaves begin turning color on Big Pond near Woodford, Vermont, in 2007.Stan Honda / AFP/Getty Images file

WASHINGTON — The new year brings a host of state laws that take effect Tuesday — including Vermont paying people to move there.

The state will give people up to $10,000 over two years for those employed by out-of-state companies who are willing to work remotely from Vermont in a home office or cooperative work space.

“We have a demographic problem in the state. We need more people,” said Governor Phil Scott in supporting the measure.