Scott Rasmussen's Number of the Day for May 4, 2018
The Number of the Day columns published on Ballotpedia reflect the views of the author.
May 4, 2018: Over the past decade, 3.5 million Americans have moved from the highest-taxed states to the lowest-taxed states. That figure includes 2.2 million residents who left the high-tax states of New York and California.[1]
On the receiving end, Texas gained 1.4 million new residents, and Florida added 850,000. Neither state has an income tax.
Arthur Laffer and Stephen Moore, co-authors of the ALEC annual report “Rich States, Poor States,” anticipate that the trend will accelerate as a result of the tax law passed late last year. They estimate that "both California and New York will lose on net about 800,000 residents over the next three years—roughly twice the number that left from 2014-16.” Additionally, they expect that “Connecticut, New Jersey and Minnesota combined will hemorrhage another roughly 500,000 people in the same period.”
The new tax law no longer allows upper-income Americans to fully deduct state and local tax payments from their federally taxable income. That makes the effective state tax rate higher for wealthier individuals. (About 10% of Americans are impacted by this change.)
A recent Number of the Day noted that the price of luxury homes in New York fell dramatically following the passage of the new tax law.
Each weekday, Scott Rasmussen’s Number of the Day explores interesting and newsworthy topics at the intersection of culture, politics, and technology.
- May 3, 2018 – 25 percent of Americans have confidence in elected officials
- May 2, 2018 – 32 percent of white Democrats believe in God of the Bible
- May 1, 2018 – 53 percent of college students believe promoting diversity is more important than free speech
- April 30, 2018 – 8,640 retail store closings in U.S. during 2017
- April 27, 2018 – 52 percent of college students oppose speech codes at their school
- To see other recent numbers, check out the archive.
Scott Rasmussen’s Number of the Day is published by Ballotpedia weekdays at 8:00 a.m. Eastern. Click here to check out the latest update.
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Columns published on Ballotpedia reflect the views of the author.
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