When Republican Party "Tax Reform" begins eating away at Southeastern Pennsylvania's middle class, people may look at moving to Coatesville, PA as a way to bolster their family's chance to live the "American Dream."
There are dozens of towns like Livingston in New Jersey, where middle class suburban residents will be crushed by Republican Party "Tax Reform" about to be signed into law by President Trump.
Middle class people in Pennsylvania near New Jersey and all of Southeast Pennsylvania, will be crushed slightly less by "Tax Reform" than suburban areas of New York City.
In Maryland and the eastern 1/2 of Virginia middle class people will be crushed about the same as middle class people in Livingston, New Jersey.
Considering the excellent transportation and very high income levels of people just outside the city limits of Coatesville, Coatesville has astoundingly low property values & taxes. That makes us middle-class people in Coatesville a glaring exception and much less damaged by Republican "Tax Reform."
“They’re crippling us,” said Walter Levine, who has lived in this New Jersey community since 1976.
As Mr. Levine sees it, Livingston, a fairly affluent town with a population of about 30,000, could become even less affordable as residents face rising tax bills and falling home values. They could be left with less disposable income to spend in the local stores, setting off a “domino effect” that could derail the town’s economy.
It is a dire forecast, but not a radical one. Livingston sits on the western edge of Essex County, which Moody’s Analytics, a company that provides economic research, placed at the top of its list of places whose housing markets would suffer the most under the Republicans’ plan. According to Moody’s, the tax proposal could carve as much as 10.5 percent off the projected value of homes in Essex County in two years. Six other New Jersey counties made the top 10 on Moody’s list.
Livingston’s Republican representative in Congress, Rodney Frelinghuysen, voted against the House version of the tax bill because, he said, of the “very negative impacts it would have on so many of my fellow New Jerseyans.”
In many ways, Livingston is a microcosm of all the forces that will collide in the heavily taxed towns that ring New York City when the proposed tax law takes effect. These are places that have drawn residents willing to stretch their budgets to cover big mortgages and high property taxes in exchange for good schools and a comfortable lifestyle, understanding that they could deduct their local levies and reduce their federal taxes. But the tax bill would radically alter that equation, forcing potentially painful choices in towns like Livingston. For some, the math just may not work anymore, driving them and their neighbors to reconsider the classic suburban dream.
“No one gets creamed more than New Jersey from this tax bill,” said Mark Zandi, chief economist for Moody’s Analytics. He said the state was particularly vulnerable because its homes are expensive, its property taxes are the highest in the nation and it also has a high state income tax.
The New York Times
In One New Jersey Town, Pending Tax Changes Create Anxiety
Coatesville has middle class suburban style living with very easy access to transportation of all kinds. When middle class people crushed by the taxes and mortgage deductions made not deductible by Republican "Tax Reform" Coatesville will look like a great place to move to.