Geico Rock Award Nominee -- August 20, 2019

Readers of the blog have been talking about this for years. An economist finally noted the phenomenon.

This is the best example for a nominee for the Geico Rock Award. I only feel badly because this is not the only "economist" who should be nominated.

Anyway, here's the story, https://www.foxnews.com/media/economist-reacts-to-high-numbers-of-new-yorkers-fleeing-to-florida-because-of-high-state-taxes#.

Heritage Foundation chief economist Steve Moore reacted to the high numbers of New Yorkers who are fleeing to Florida because of high state taxes.

“This is the big demographic story of our country that may be the biggest economic story,” Moore said."

He said there are “four states of the apocalypse” – New York, New Jersey, Connecticut, and Illinois – which have the most residents fleeing over high taxes and huge budget problems.

They are leaving for Florida, Tennessee, Texas, Utah and North Carolina.

“You can buy a house just with the money you save on income taxes,” Moore noted.

A bump in moving activity started with the federal tax overhaul in 2017. Although rates were cut for corporations and individuals, the ability of residents to deduct state, city and property taxes from their federal returns in places like New York, New Jersey, and Connecticut was diminished.

The exodus began well before the 2017 tax law.