AND A VERY HAPPY MAY TO YOU!
DID YOU KNOW? Out-migration rates from California, Connecticut, Maryland, New Jersey and New York, where the SALT deduction represents the largest share of total federal adjusted gross income, remain below pre-recession levels. Only Connecticut and Maryland have out-migration rates above the 50-state median, and while Florida is a popular relocation destination, high-tax states are as well. High-SALT states are however more likely to see out-migration of older, wealthier residents who take with them a disproportionate share of the tax base, though overall older residents are less likely to relocate than younger ones. (Moody's)
DID YOU KNOW? About 108,000 millionaires migrated across borders last year, a 14 percent increase from the prior year, and more than double the level in 2013, according to Johannesburg-based New World Wealth. Australia, U.S. (New York City, Los Angeles, Miami and the San Francisco Bay area the preferred options), Canada, Switzerland and the UAE are the top destinations, while China, Russia, India, Turkey and France are the biggest losers. The U.K. saw around 3,000 millionaires depart in 2018 with Brexit and taxation cited as possible reasons. Crime, lack of business opportunities or religious tensions are high on the list of reasons for relocating.(Bloomberg)
DID YOU KNOW? The National Association of Realtors‘ Pending Homes Sales Index rose 3.8% from February to March, breaking a 15-month streak of straight drops. At 8.7%, the West saw the largest spike in sales while the South (4.4%) and the Midwest (2.3%) also saw significant growth. The Northeast, meanwhile, is still down at 1.7%. (NAR)
DID YOU KNOW? Personal income tax collections fell more than 5% below forecast in New York and California this year. (Moody's)