That is not what this thread is about. Liberals lamenting the loss of SALT deductions is simple hyppcrisy, as it is nothing more than another tax loophole for the wealthy. Why should the federal government provide incentives for high wage earners to park their assets in high tax states?
I live in a high tax area, and I’ve noticed an uptick of residents engaging the political process to question where their property taxes are going. When it was a deduction, they didn’t care. Now, they are suddenly embracing fiscal conservatism. This is healthy. For the wealthy that choose to live in high tax states, they now get to pay more taxes.
As for Cuomo, a Democrat supermajority is a double edged sword. He can no longer hide behind Republicans to do his dirty work in Albany, and the wheels are starting to come off the car. He is on a collision course with Amazon.
People are earning high wages because that's where the economic activity is happening.
Additionally, it tends to be where lots of people live, so scarcity drives up prices.
So high wage earners to park their
asses in high tax states. (Ftfy)
Lastly, there are legacy effects of existing infrastructure and land use, especially in the NE where roads, farms and villages were established
centuries ago. Building is very disruptive and expensive. If you've ever been to NY, you would know the terrain itself is difficult.
So as discussed in another thread, this law has the net effect of attacking the nation's economic engine and encouraging underinvestment and misappropriation of resources.
You can't just draw this line at $10,000 and ask why NY and CA can't be as cheap as WY when it's obvious.
No one lives there, there's no jobs there, if there ever got to be you'd just build a grid system on empty, flat land, and eventually end up with something dense and expensive anyway (aka Denver.)