No SALT Apocalypse Yet as California, New York Tax Revenue Rebounds

The video discusses the impact of state and local tax limitations, highlighting reactions from governors of states like New York and New Jersey. It explains how taxpayer payment behaviors have shifted due to changes in deductions, and how the 2017 federal tax law has broadened the tax base, leading to increased state revenues. The video also explores potential reactions from states, the softening housing market, and ongoing research into whether high-income individuals relocate due to taxes.

Which states were mentioned as having governors who reacted strongly to the state and local tax limitations?

• Illinois, Ohio, Michigan

• Georgia, Alabama, Mississippi

• New York, New Jersey, Connecticut

• California, Texas, Florida

What was one reason for the increased tax revenue in April?

• A decrease in state income tax levels

• An increase in federal deductions

• A decline in the national economy

• Taxpayers shifting their payments to April

What was a significant change introduced by the federal tax law in late 2017?

• It increased the number of deductions available

• It reduced the tax base

• It broadened the tax base and eliminated some deductions

• It lowered federal income tax rates

What potential effect of the tax changes is still uncertain?

• Immediate increase in federal tax rates

• Long-term migration of high-income individuals

• Immediate decrease in housing prices

• Immediate increase in state spending

What factor, besides tax changes, might be contributing to the softening housing market?

• Decreasing interest rates

• Fluctuating interest rates

• Increasing interest rates

• Stable interest rates