[CNBC] - 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."
What happens if the stock market corrects 10% or more? Have the 'academics' considered that angle?
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.
Please spread the migration out a bit. They don't all have to bring their leftest politics to Georgia.
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.
Not if they move to TX or FL - at least they won't be paying state income tax, which will mean more after-tax take-home pay.