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Tags: florida | new york | salt | cap | taxes | outward migration

Low-Tax States Lure Americans From High-Tax States

A U.S. Coast Guard ship in the Biscayne Bay of Miami
A U.S. Coast Guard ship in the Biscayne Bay of Miami. (Lynne Sladky)

By    |   Wednesday, 26 June 2019 03:40 PM EDT

Florida and other low- or no-tax states are putting out the welcome sign for residents and businesses in high-tax places like New York, New Jersey, and Illinois.

And an exodus is expected to accelerate as people feel the squeeze from a new $10,000 cap on state and local tax deductions, according to Fox Business.

According to the business news outlet, Miami, for one, has already at least two campaigns targeting individuals and businesses in different high-tax cities, with one aimed at New Yorkers, touting a savings of $24,649 for someone with an income of $100,000; $49,509 for someone with an income of $200,000 and $235,197 for people with incomes of $1 million.

Also, the Miami Downtown Development Authority is targeting Chicago-area businesses in a push to up its credibility as the "Wall Street of the South," Fox Business reported.

"There's a great opportunity with the tax law changes," deputy director Christina Crespi told the news outlet Tuesday, adding they are in talks with a handful of different firms in Chicago that are interested in moving, while a similar initiative in New York drove "several different hedge funds" to Florida.

Fox Business reported census data shows Florida received more movers than any other state last year — and New York's outflows to Florida were the highest – at 63,772 people. Texas and Nevada were also areas where the exodus is aimed, the news outlet reported.

Capitol Hill has taken notice.

Rep. Josh Gottheimer, D-N.J., was one of several lawmakers from states including New York, Illinois, and California who griped Tuesday about the cap on state and local taxes deductions, known as the SALT cap.

Gottheimer called it a "double-taxation grenade . . . lobbed at New Jersey and other high-tax states" by "moocher states," Fox Business reported. 

A handful of states have sued the Trump administration over the cap, Fox Business reported.

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Newsfront
Residents and businesses in high-tax places like New York, New Jersey, and Illinois are being lured to Florida and other low- or no-tax states who are putting out the welcome sign.
florida, new york, salt, cap, taxes, outward migration
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2019-40-26
Wednesday, 26 June 2019 03:40 PM
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