Juliet Chung
speaker
40 appearances
1 recordings
1 series
first heard Nov 2019
last heard Nov 2019
Juliet Chung’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yes, and it's become increasingly important.
President Trump signed into law in 2017 the so-called SALT cap.
And what that does is it limits to 10,000 how much individuals can deduct from their federal income taxes.
So what that cap essentially has done is widened the gap between residents of areas with no income tax and Florida.
So previously, the top federal rate was 37%.
And residents of New York City, for example, could deduct state and local taxes from that 37%.
Now it comes on top of that 37%.
You know, there's a long tradition of that.
Some of the most prominent individuals who've moved in recent years would include David Tepper from New Jersey.
He owns the Carolina Panthers.
He's a hedge fund manager.
There's also Carl Icahn, the billionaire investor, and he has said that he'll be moving his company to Miami in March.
You've got Paul Tudor Jones, Barry Sternlicht, John Phelan.
Sort of the list continues.
Yeah, you know, it's something that lawmakers and tax officials really pay close attention to.
When Tepper was moving, there was certainly concern among some New Jersey lawmakers about what impact his departure would have.
If you look at a state like Connecticut, tax officials there keep track of their 100 biggest filers.
And in one recent year, we found that the top 100 filers in Connecticut made up something like 13% of the state's taxable revenue.
New York and Connecticut have seen their populations declining.
Connecticut has had some issues with their local economy struggling.
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