Florida Gains $20 Billion in Income as Americans and Businesses Flee High-Tax States
Updated
Updated · Las Vegas Review-Journal · Jun 2
Florida Gains $20 Billion in Income as Americans and Businesses Flee High-Tax States
3 articles · Updated · Las Vegas Review-Journal · Jun 2
IRS and migration data show Americans, their income and businesses still shifting from high-tax states to lower-tax states, with Florida and Texas among the top inbound destinations and California last for outbound moves for a sixth straight year.
More than $20 billion in income has moved into Florida from new residents in recent years, while New York and California lost billions, underscoring that the trend is transferring economic power as well as population.
Middle- and upper-middle-income households are driving much of the relocation, drawn by lower living costs, job prospects and business-friendly policies such as Florida’s lack of a state income tax.
New York’s proposed pied-a-terre tax on luxury second homes has sharpened concerns about investment flight after Citadel founder Ken Griffin warned it could threaten a $6 billion Manhattan development and reiterated his commitment to Miami.
The report argues the migration is becoming a broader referendum on state tax and regulatory models, with states offering lower costs and fewer burdens attracting people, jobs and capital.