California has been losing residents for years, but Trump's tax bill may not have played a role. Columnist hiltzikm explains:
It’s proper to keep a weather eye out for indications that taxes are causing disaffection among high-income taxpayers in California, chiefly because the state’s tax structure is highly dependent on the top brackets., half of the state’s income tax revenues come from taxpayers earning $500,000 or more, and nearly 40% from those with incomes of more than $1 million.
The U.S. economy was the feel-good story of 2017 — the pace of real economic growth rising strongly and the stock market playing out a euphoric high. Several studies purporting to show the impact of the tax act used partial-year data produced by the Census Bureau, which isn’t considered to be as accurate as IRS figures. Since the tax act only went into effect in 2018 and people ponder at length a major life change such as relocation, Dadayan says, there’s simply too short a time frame and too sketchy a data set to determine any impact.
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