Paul Ryan Discusses The Exodus From New York & California
Updated: May 1, 2021
Paul Ryan explains why his work led to repatriation of funds that weren't deployed in the cities and states where the companies were founded
Former House Speaker Paul Ryan predicted a "big migration" from high-tax cities like New York City and said Republicans' 2017 cap on state and local tax deductions, combined with the coronavirus pandemic, exposed the high cost of certain cities.
He made the remarks at the George W. Bush Presidential Center’s Forum on Leadership on Thursday.
"I think you're going to see a difference between cities like New York that do not appreciate job creators [and] businesses and cities like Dallas or in Florida," Ryan said. "So you're going to see a big migration based on cost, quality of government [and] entrepreneurship."
Ryan said the SALT cap enacted as part of the Tax Cuts & Jobs Act of 2017 first exposed some big cities' problems.
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