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Miami welcomes tax refugees
Everyone has been talking about the Tax Cut and Jobs acted signed by Trump at the end of 2017. A growing list of wealthy buyers are now moving and investing in South Florida because of this new law, looking for a tax break.
 
That’s right! South Florida, especially Miami, is not just a paradise with endless sunshine… It is also a refuge for residents living in high tax areas such as New York or California. But why are Northers trying to run away from taxes now, as we know they have always been high? Mainly because after the approval of the “TCJA”, the law is capping a deduction for state and local taxes of only $10,000. High-income earners are now trying to invest in high-end luxury condos in Florida, mostly Miami, almost for the same price than the amount they would have to pay for taxes in their hometowns. 
 
At the beginning of 2018, every realtor in Miami was hoping a huge decrease in luxury condo’s prices, as foreign buyers have depleted the luxury condo market. Ti says the truth, prices did drop, but not even near to what was expected.  The city is still maintaining a high volume of sales compared to other ... more

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