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> Like Florida, Texas has warm weather and no state income tax. In fact, the majority of the top 10 states high-earners moved to are in the Sunbelt. And two oth
by resoluteteeth 4y ago
> Like Florida, Texas has warm weather and no state income tax. In fact, the majority of the top 10 states high-earners moved to are in the Sunbelt. And two others on the list—Tennessee and Nevada—also don’t have a state income tax. Both trends indicate that these high-earning migrants were looking for a more affordable cost of living.
Only 4 out of 10 had no income tax, and there is no information on why people moved to these locations, so it is not clear if income tax was or was not a factor.
> But the pandemic accelerated migration patterns that were already underway in the 2010s. The rise of remote work unshackled employees from the office, enabling them to move away from big cities to more affordable midsize cities. As of March 2022, nearly 5 million Americans have relocated owing to remote work, according to an Upwork survey.
There is no information here on whether the high income people who moved to florida are working remotely in the sense of having an existing normal, full time job that they kept when they moved to Florida, so it is not clear whether or not remote work actually is relevant or not.
In the case of florida it's quite possible that a lot of the people with household incomes of 200k+ moving there are actually wealthy retirees making substantial incomes off of investments rather than "remote workers" in the normal sense.
- jjtheblunt 4y ago> Texas has warm weather understatement in the extreme?
- MacsHeadroom 4y agoI moved to Florida last year to save millions on taxes. Everyone else I know who moved here revently did for the same reason.
- cpursley 4y agoDid you consider Puerto Rico? They've got some awesome legal tax incentives.
- ab_testing 4y agoMillions in taxes. Did you make billions last year??
- RhysU 4y agoNot GP. Make $10M/year living in income in NYC and one owes nearly $1M/year to the state. California is roughly the same ballpark and they chase RSUs received in California even if you leave. It's possible to pay millions in state taxes as far less than a billionaire.