Wealthy buyers increasingly ditch their high-tax states for Florida

As top earners flee their high-tax states for low-tax states like Florida, public officials like New York Gov. Andrew Cuomo are sounding the alarm. Cuomo said the new federal tax law, which caps the deduction for state and local taxes to $10,000, is the reason for a $2.3 billion state shortfall, as New Yorkers increasingly head to Florida. The Tax Cuts and Jobs Act, passed in December 2017, also limits the amount of mortgage interest […]

source https://therealdeal.com/miami/2019/02/05/wealthy-buyers-increasingly-ditch-their-high-tax-states-for-florida/#new_tab