There is a “Mass Exodus” of money moving from New York to Florida, according to Bloomberg Television, due to the difference of personal income tax between the states.
The super-rich are moving from New York City to Florida because Florida does not put a price on income, meaning that there is no personal income tax in Florida. Florida is one of only nine states that does not charge a personal income tax, and moving to Florida from another state could save an individual 6 – 13% on their income.
Individuals are not the only ones moving to Florida; we are also seeing companies and major corporations moving to Florida as well. Hertz has recently consolidated operations out of Oklahoma, New Jersey for Fort Meyers, Lee County, Florida, and ADT, Verizon, and others are following suit.
The nine states with low personal income tax are doing well with their state budget due to growth in the private sector. The lack of personal income tax in Florida is just one of the reasons that it is great to live and do business in Florida.