Florida Gained $17.7B Net Income In Just One Year From New Residents
Close to 1,000 new residents are migrating every day to Florida, and it is creating big gains in taxable income for the state (Florida doesn’t tax income) a new study by Lendingtree shows. Florida is by far the biggest winner in net income gains created by residents moving from another state, the analysis concludes.
IRS information from 2016 was utilized for the investigation – even before the State and Local Tax (SALT) finding top was passed in 2017 which made moving to Florida substantially more great. Florida’s new inhabitants got a net $17.7 billion in balanced gross salary to the state, including those moving both to and from the state during the year. That was far bigger than some other state (runner up was South Carolina at $2.3 billion). The greatest washouts in 2016 were New York, Illinois, New Jersey, Pennsylvania, and Connecticut.