On the state and local level, an interesting if generally unnoticed positive trend has been occurring: government income is actually more than spending. But if the proposed tax bill becomes law, eliminating the deductibility of state and local income taxes, it could impact this positive revenue picture as well as change the demographic make-up of many local regions, particularly those with high taxes. New York City could lose an estimated 2% to 4% of its top income earners, a Goldman Sachs report says. With pending tax legislation expected to be pushed through the Republican-controlled US House and Senate in short order, the impact from the move might be a slower moving trend to observe.
[dalio]
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