Would passage of the Tax Bill affect where you live?
While watching CNBC today, there was a guest (Bill Snead, of the Snead Capital Management) who was discussing the impact on markets if the Tax Reform Bill was to pass. He stated that if the bill passed, expect to see the biggest migration of 25-40 year old's from the coastal regions citing what he referred to as “The Rise of the Rest”. He stated that young software engineers only needed water and Wi Fi to survive. I didn’t find much upon googling “The Rise of the Rest” but was curious what others opinions were and if you agree that a $500,000 limit on Mortgage Interest deductions would cause a mass migration from coastal regions (assuming he meant east and West Coasts) to non-coastal regions. For what it’s worth, although I live in California, passage of the Tax Bill would not have any effect on my decision to remain living here, regardless of age, although I’m outside of that age range mentioned by Snead.
For the record, several election cycles ago I had developed a plan for the Dems to take back the House and Senate by encouraging retired members of the Democratic Party to relocate to states like Wyoming, North Dakota, South Dakota, Idaho, Utah, Montana, Nebraska, and Iowa. These were states with small general populations all of which have two Senators and at least one Representative. I got the idea after having seen how most of the states mentioned above, had very small populations with elections that had been won by Republicans by very small margins, or had populations which were trending towards a more balanced population. Also, I’ve been to each of these states personally having had two sons who played college football over a period of 5 years each, so I’d traveled to these states before and thought that each of them named above wouldn’t be a bad place to live for a retiree, climate withstanding. Also, I had three different neighbors on my block here in California who moved to Montana, one family at a time, after having retired. The first couple bought a vacation place there and invited the rest of us to vacation with them there or to visit them there once they retired and relocated there for good. At that time it seemed to be a trend that was occurring. I also had friends in Utah who eventually bought a second home in Montana.
So when this guy Snead mentioned that the Tax Bill would cause a mass migration of those age 25-40 years old to flee the coastal region, I wanted to poll DU to see your response to Mr. Snead’s statement as well as one of my own:
1. Would you relocate from one of the coastal states (East Coast or West Coast only) to an inland state based solely on passage of the Tax Bill and the loss of the Mortgage Interest Expense deduction in excess of $500,000. (Please respond even if you don’t currently live in a coastal region. I’m just curious if the mortgage deductability would be a deciding factor for where you choose to live.)
2. Would you retire to one of the Red States listed above (or buy a home there which would serve as your primary residence for at least half the year) as part of a strategic plan to flip a Red State to a Blue State?
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