Your Survival Guy

Preparing your investments and family for when disaster strikes.

Disclosure

  • Home
  • Your Survival
    • Special Report: FOOD SHORTAGE: Crazed Hoarding Is Not Preparing
    • Your Survival Guy’s Super States
    • Constitutional Carry
    • EMP Threat
    • Tucker Explains
    • Newport Gas Outage
    • Water
      • Emergency Water Storage
      • Let There Be Water
    • Get Your Gun and Your Training Now
    • Satellite Phones
    • Navy SEAL Survival Kit
  • Your Money
    • Coronavirus Infects Stock Market
    • Looking for a Better America
    • You Invest, They Win
    • Where to Keep Your Cash
    • Paris
    • How to Buy a Boat
    • Dead or Alive? The Future of Long-Term Investing
    • Is Vanguard too Big?
    • Cryptocosm and Life After Google
    • The Last Intelligence Report
    • The Truth Behind the S&P 500
    • RAGE Gauge
    • How Many “Retirees” Will Keep Working?
    • Your Retirement Life
    • You’ll Love This if You’re Dreaming of an Active Retirement Life
  • Weapons
    • Self Defense
    • Every Family Should Own at Least One Shotgun: Here Are Three
  • About Me
    • Your Survival Guy: “Life on Main Street Hasn’t Been This Hard in a While”
    • Preparing for Times Like These
    • My Videos/Pics
    • Music
      • RIP Neil Peart: You Will Always Be Remembered as a “Modern-Day Warrior”
    • Your Survival Guy: Make Your Bed and The Hero Code
  • You
    • Our Cabin on Kodiak, Alaska
    • If You Are in Pain, this May Help. It Helped Me.
    • How to Save for a Grandchild
    • FIRE! Financial Independence, Retire Early
    • Compound Interest
    • Arithmetic of Portfolio Losses
    • Maximum Portfolio Withdrawal Rate
    • An Efficient Frontier
    • Retirement Compounders
    • Counterbalanced Total Returns
  • Survive & Thrive
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • March 2020
    • February 2020
    • January 2020
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • Welcome

Southern States on Tax Cuts: Bring it On!

January 26, 2018 By E.J. Smith - Your Survival Guy

By Joseph Sohm @ Shutterstock.com

While high tax Northern states are desperately attempting to find ways around new rules in the tax reform legislation passed at the end of 2017, the South is cheering them on. The problems stem from high state and local income and property taxes in the North that will no longer be fully deductible for federal tax purposes.

Meanwhile, in the low tax South, those issues aren’t a concern, and a lower federal corporate rate looks great to the states that have made themselves attractive to big employers with Right to Work laws and low state taxation.

Cameron McWhirter and Arian Campo-Flores write in The Wall Street Journal:

Southern states, where economic growth is outpacing Northern counterparts, are predicting that a new $10,000 cap on the federal deductions taxpayers can take for state and local taxes will make low-tax states more attractive for workers and businesses.

The South’s optimism contrasts with worries in many Northern states that the changes will hurt their economies, where higher state and local taxes were offset, in part, by federal deductions for decades. New York Gov. Andrew Cuomo, a Democrat, said earlier this month he would sue the federal government for the tax changes, which he described as “an arrow aimed at New York’s economic heart.”

Southern states have been drawing migrants from Northern states for years, making it now the most populous region in the country—a demographic shift that Mark Vitner, a Charlotte, N.C.-based senior economist for Wells Fargo & Co., calls “the affordability migration.”

Property tax rates in the North are generally higher than down South, according to a 2015 report by the Tax Foundation, a conservative Washington-based group that tracks taxation across the U.S. The foundation found that the mean effective property tax rate in New York was 1.64% and 2.32% in Illinois, compared with 0.75% in Tennessee and 1.06% in Florida. Florida has no state income tax, while Tennessee has no state taxes on wages.

Job growth in the South has outpaced that in the Northeast in recent decades. Nonfarm employees in the region—as defined by the U.S. Census Bureau—of 16 states and the District of Columbia rose 23% between 1997 and 2016, outpacing the 17% growth of the national workforce, according to the U.S. Bureau of Labor Statistics. In the Northeast, growth was 12%.

Read more here.

President Donald Trump signs Tax Cuts and Jobs Act in Oval Office | ABC News Special Report

The following two tabs change content below.
  • Bio
  • Latest Posts
My Twitter profileMy Facebook profileMy Instagram profile

E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com
My Twitter profileMy Facebook profileMy Instagram profile

Latest posts by E.J. Smith - Your Survival Guy (see all)

  • Buying A Boat: Who’s Looking Out for You? - August 12, 2022
  • Corporate Borrowers Giving Up on the ESG Market - August 12, 2022
  • Even the ACLU Hates Gavin Newsom’s New Gun Control Law - August 12, 2022
  • Your Survival Guy’s Favorite Number is 72: Here’s Why - August 11, 2022
  • WHOLE FOODS CEO: “Socialists Are Taking Over” - August 11, 2022

If you enjoyed this post, email it to a friend:

  • Email
  • Print
  • Facebook
  • LinkedIn
  • Twitter
  • WhatsApp

Related Posts

Money 101

Trending

  • Survive and Thrive August 2022: “Watch This Boat off Our Stern,” My Dad Said “He’s Coming in HOT”
  • 80 Year Old California Shop Owner Shoots Rifle-Wielding Intruder's Arm Off
  • WATCH OUT: The IRS Made New Changes to Your IRA
  • DESANTIS RESISTS: Suspends Soros-Funded Destruction of America
  • HUGE CONGRATULATIONS: Joe Kent BEATS Trump-Impeaching Jaime Herrera Beutler in Washington Congressional Primary
  • PRIMARY RESULTS: Pro-Trump Candidates Clean Up
  • MAJOR WARNING ON FOOD SHORTAGES: Businesses Prepare for Violence
  • New Secret Weapon is Like Dropping Anvils on Terrorists Heads
  • WHOLE FOODS CEO: "Socialists Are Taking Over"
  • Joe Manchin Has Broken Multiple Pledges to the American People

Must Reads

  • Get Out the Map, Make a Plan, and MAKE IT HAPPEN
  • Investment Advice: Sticking with the Four-Year-Olds
  • Will the Russian-Ukrainian War Go Nuclear?
  • This State Leads America in Gun Ownership
  • When Markets Fall, All Is Not Lost
  • The Masters of the Universe Align Themselves with CHINA Using YOUR Money?
  • Your Survival Guy: Emerging Food and Energy Crisis
  • Your Survival Guy’s Champagne Taste on a Beer Budget
  • Your Survival Guy’s Fishing Stories: From Key West to Newport
  • GAME ON! Lessons from Street Hockey on Baker Lane
Only if You’re Serious
Crazed Hoarding Is not Preparing
How to Save Rainwater Effectively
Your Survival Guy in Paris
Your Survival Guy's Fishing Stories
Financial Independence, Retire Early
Money 101
Pandemic Creates Virtual Panopticon
Emergency Water Storage
Find Freedom in America
Second Amendment
How Can You Save Money for Your Grandchild
Great Reset
See Who's Missing the Boat
Richard  Young Reports
How You Can Save Money for Your Grandchild
Why Fidelity is Number One
The Best States for Survival
You Invest, They Win
Escape the City
Why Vanguard is Too Big for YOU
Island Life

Copyright © 2022 | Terms & Conditions

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.