Bloomberg - What Happens When the 1% Go Remote

It doesn’t take very many ultra-wealthy Americans changing their address to wreak havoc on cities’ finances.

While the pandemic has helped to accelerate remote work and potentially the geographic flexibility it allows, such migrations were more likely set in motion by Trump’s changes to the tax code: The so-called SALT deduction capped the amount of state and local taxes that can be deducted from federal taxes.

Until recently, high-tax cities had a fighting chance against their lower-tax rivals...