With tax reform working its way through the meat grinder, it appears that where you live will continue to impact your financial situation. It’s yet another indication that blue states, havens of liberal largesse, will leave their taxpayers footing the bill.
As with any tax reform, politicians tell us there will be “tough” decisions. The individual deduction for state and local taxes is on the chopping block. If this is true, it will become increasingly more painful for residents of high tax states such as Rhode Island, Connecticut, New Jersey, New York, Illinois, and California to name a few.
As a result, a shrinking pool of residents who stick around to foot a growing tax bill, will be a trend that will continue in blue states and one you may wish to avoid. It may be time to pack your bags.
Check out the Liberty & Freedom map for guidance on your future. And for a quick look at the states with the highest individual tax rates, see the map below from The Tax Foundation.
Latest posts by E.J. Smith (see all)
- U.S. is #1: World’s Most Competitive Economy - October 18, 2018
- Your Retirement Life: Is Owning a Second Home a Good Idea? - October 17, 2018
- Your Retirement Life: A Dire Warning Part III - October 16, 2018