How would federal tax overhaul hit California? Dan Walters expects a wealth exodus

Most noticeably, the federal tax bill limits deductions for mortgage interest and state and local taxes (salt), which would hit those in upper-middle and upper economic classes the hardest, because they are most likely to bump up against those limits. California political leaders,

Center for Freedom & Prosperity Chairman Dan Mitchell on the impact of the tax reform legislation on high-tax states across the country.

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The Mises Institute just released a study on the phenomenon of tax exodus, and it found that 7.5 million people have left high-tax states, Puplava noted. The top destinations were Florida, Texas, and North Carolina. With the push to eliminate state and property taxes as deductions at the Federal level, many may have little choice but to leave.

More than 40 states have income taxes, and nearly all of them rely to some degree on definitions from the federal tax code. Economists expect that many states will see their revenue rise because.

While homeowners in high-tax states like New York and New Jersey may be packing their bags to move to Florida and Texas, real estate professionals in California say they are not seeing an exodus.

This Tax Overhaul Will Be Final Straw for Many Californians Get ready to see a lot of moving vans headed out of high-tax states, like California, New Jersey and Maryland.

A $12 billion tax hike is coming for Californians next year, thanks to the Republican tax bill championed by Congresswoman Mimi Walters (R-Irvine). According to an analysis by the franchise tax board, new caps on tax deductions included in the Walters-backed bill is the main factor in higher taxes for many Californians.

Goodbye, California: Tax changes to prompt exodus of wealthy Californians. His goal, declared in 1975, "smaller is better" has won. Thanks to highest gas, income and sales taxes in the nation, plus the worst roads, crumbling government education, collapsing pension systems and the highest cost of housing, the rich are leaving this dysfunctional State.

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