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There have been numerous media articles recently discussing the change in state income tax deductibility on Schedule A as of 2018. The amount of deductible state income tax is capped at $10,000. Apparently, the states with high state income tax rates are seeing an exodus of population – as many as 800,000 have moved out of New York for instance.
What are your thoughts regarding this specific issue? Do you think it is worth the expense of moving to another state to simply reduce state income taxes? What other considerations should be looked at (state income tax is only one of many deductions on the Schedule A)?
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