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What Could the Proposed Federal Tax Reform Mean to you if you Live in One of these States?

Posted on February 4, 2019 by Celebrity Advisors
What Could the Proposed Federal Tax Reform Mean to you if you Live in One of these States?

Proposed federal tax reform could affect those the most who reside in states such as California, Connecticut, Georgia, Massachusetts, Missouri, New Jersey, New York, North Carolina, Oregon, Utah and Virginia.

Since Celebrity Advisors represents clients and customers in many personal non-income tax states (including Florida, Nevada, Tennessee, Texas, Washington, and Wyoming), we have received numerous phone calls over the past several weeks from many residents of states with the highest state income tax rates (including California, Colorado, Connecticut, Georgia, Massachusetts, Missouri, New Jersey, New York, North Carolina, Oregon, Utah, and Virginia) expressing their concerns over the proposed federal tax reform, which would eliminate the state and local tax deductions. They are already starting to think about moving their domiciles to states without personal income taxes.

If you want to learn more about the House and Senate proposed bills, and their potential effects on your state and local income taxes, Bloomberg published an article today that provides good insight.

If you have interest in exploring what a move to a state without personal income taxes would look like, please contact us at Concierge@CelebrityAdvisors.com

We at Celebrity Advisors are here as your experienced real estate resource across the United States, Canada, and Caribbean.


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