Bloomberg News interviewed Family Wealth Services Leader Carolyn Mazzenga about whether the loss of the state and local tax deduction in New York will drive wealthy taxpayers to move.
By Simone Foxman, Patrick Clark, and Sridhar Natarajan
Salary earners would bear the biggest hike. Investors fare better. A person who makes $1 million by investing would save about $7,000, according to Marcum. “Computations clearly show that high-net-worth individuals in a high-tax jurisdiction would get a benefit and save a decent amount of money if they moved,” said Carolyn Mazzenga, head of Marcum’s family-wealth-services business.