People are loyal to their family and their country, but few are loyal to their state, which is great news for my home state of Florida.
Hilary Johnson of Investment News gives us an update on the prevalence of interstate wealth flight in More Wealthy Migrate South to Avoid Tax Hikes:
For years, wealthy retirees from high-tax states in the Northeast and Midwest have been streaming to sunny, low-tax Florida. That stream is now turning into a flood.
We haven’t had a situation like this in quite a few years,” said Greg Rosica, a tax partner at Ernst & Young LLP.
“We have this impending tax increase, and people are trying to looking for ways to hide from that, but they’re not seeing many from the federal perspective. One of the ways they’re looking to do it is changing their state income tax rate,” Mr. Rosica said.
“This move to no-tax states is absolutely big business,” said Thomas Handler, a partner at the law firm Handler Thayer LLP. “People are doing it all day long, and it’s ramping up.”
Again, the movement of the mega-wealthy to Florida is good for the economy of Florida and we should give massive tax credits to rich folks who do so.
We want their money, we want their businesses, we want their job creation and we want their charitable donations.
I am proud to live in a state that doesn’t bite the hand that feeds it.
Related Posts:
- Hey Lebron, Sign with Miami and Save $13 Million
- Wealth Flight Goes National
- Rich Folks Flee Maryland, Say Goodbye to High Taxes
- High Taxes Cause New Yorkers to Flee
- Michael Caine to Move to America if Brit Tax Rates Goes to 51%
- Phantom of the Opera Composer Andrew Lloyd Weber Opposes High U.K. Taxes
(Hat tip: Paul Caron)
6 responses so far ↓
1 LawStudent // Aug 9, 2010 at 11:36 am
Peter,
I am a law student in Ohio and in the top 15% of my class. There will be plenty of Dayton and Cincinnati firms that I will receive offers from. Because of the oppressive income, sales, and property taxes in Ohio my wife and I have decided to move to Florida upon my graduation. I have already started preparing resumes and sending them to firms in the Tampa area.
My entire family for many generations, and my father’s law office are here. However, my wife and I decided that Ohio, and more specifically Dayton, is a dying city because of the either incompetent or purposeful mismanagement of our state.
Stephen
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