New York Loses Taxpayers To Florida In Large Volume
This ARTICLE On New York Loses Taxpayers To Florida In Large Volume Was PUBLISHED On November 12th, 2019
The U.S. economy is booming.
- After President Trump got elected in November 2016 and took office, the economy has set historical records
- The recent unemployment numbers came in at 3.5% which marks the lowest unemployment rate since 1969
- This is mindblowing where the U.S. just recorded the lowest unemployment rate in 50 years
- 50 years is a very long time
- It is half a century
- The Dow Jones Industrial Averages are hitting historical highs daily
- Black, Hispanic, Women, Asian unemployment numbers are at historic lows
- States like Florida are raking in billions due to its no state income tax policy and lower cost of living
- Florida is experiencing major in-migration of new businesses and individual taxpayers
- Unfortunately, there are a handful of high-taxed states such as New York and Illinois where they are experiencing a massive exodus of businesses and taxpayers
- President Trump is leaving New York to Florida for his primary residence state
In this article, we will cover and discuss New York Loses Taxpayers To Florida.
Today’s Economy Under President Trump
There are more jobs available today than qualified available workers.
- Housing prices are increasing year after year that HUD and the Federal Housing Finance Agency (FHFA) had to increased FHA and Conventional Loan Limits for three years in the row
- FHA Loan Limit for 2019 is now capped at $314,827
- Conventional Loan Limits for 2019 is capped at $484,350
- VA loans no longer have maximum loan limits after President Donald Trump has eliminated the maximum VA Loan Limit on VA loans recently
- Housing prices are expected higher due to massive demand
- Mortgage rates have been sliding downwards since the beginning of 2019
The Federal Reserve Board has cut interest rates three times in 2019 and is expected to lower rates further once the New Year starts.
The Main Reason New York Loses Taxpayers To Florida In Large Volume
New York is one of a handful of states that are in a financial crisis.
- Governor Andrew Cuomo and other politicians realize the state needs money due to its severe financial budget deficit
- The only solution they have is increasing and creating new taxes
- Cuomo, NYC Mayor Bill DeBlasio, and countless other Democratic politicians seem to be clueless and lost
- The only way increasing taxes and creating more taxes only works if they cut spending
- However, Cuomo, DeBlasio, and other politicians are increasing taxes without cutting spending
- It is like a Ponzi Scheme
- This strategy in increasing revenue through higher taxation is beginning to backfire on them
- The state is losing countless taxpayers
Not just taxpayers, but many businesses and corporations are fleeing New York to other states like Florida.
Data And Numbers Prove New York Exodus Of Taxpayers And Businesses
As mentioned earlier, Florida is a popular state for those who are fleeing their home state due to high taxes.
- Florida has no state income taxes. Sales taxes and other taxes are a fraction of New York’s
- You can get a lot of house for the money in Florida
- Property taxes are substantially lower than New York’s
- Florida is having in-migration by the huge numbers from other states besides New York
- Other migrants to Florida are residents and businesses from Illinois, California, New Jersey, Massachusetts, Connecticut, and other high-taxed states
- Last year in 2018, over 65,000 taxpayers left New York for Florida. In 2017, over 64,000 residents left New York for Florida
New York’s out-migration to Florida was by far the largest out-migration of any state in the U.S. The main reason for the move is due to high New York taxes. This holds true for the wealthy. For example, a taxpayer earning $650,000 annually in ordinary income saves $69,719 per year if they were to relocate from New York to the Sunshine State.
What Is So Special About Florida
The state of Florida has no state income taxes.
- The state also has no estate tax and/or inheritance tax
- This is enough to entice anyone and their families
- President Donald Trump recently changed his primary residence from New York to Palm Beach, Florida
- The President has paid many millions of dollars throughout his 30 years residency in New York
- With the millions New York got, the state treated him very poorly
Why be in a state where you are not appreciated, right?
Other Residents Fleeing To Florida
Other residents from Connecticut, Massachusetts, and Illinois are fleeing to Florida in record number.
- Over 37,987 Illinoisans, 18,290 taxpayers from Connecticut, and 24,987 from Massachusetts moved to Florida in 2018
- New Jersey had 39,870, Pennsylvania has 35,980, and Washington D.C. had 27,870 residents flee to Florida
- Average savings by taxpayers leaving their high-taxed states to Florida was $61,500 per year in tax savings
- California lost over 90,000 taxpayers to just Texas alone in 2018 with no state income taxes
- Over 68,516 left California to Arizona where the state income taxes is a small fraction of California
- Over 55,460 left Calfornia for Washington
- 50,700 Californians went to Nevada which has no state income taxes
The above data was from the latest census data and number ending July 2018. Politicians need to realize that high taxes means an exodus of their taxpayer base.
Acceleration Of New York Loses Taxpayers To Florida In Large Volume
The acceleration of New York Loses Taxpayers To Florida In Large Volume was when talks of the Tax Cuts and Job Act was started. The Tax Cuts and Job Act was passed and signed into law in 2017. This law capped the state and local tax deductions at $10,000. This law hurt taxpayers in high-taxed states. The $10,000 deductions cap was substantially lower than the amount claimed by high-income taxpayers. For example, New York taxpayers were able to deduct $22,000 prior to this new law. The new law capped the deductions to only $10,000. This was the fuel that ignited the firestorm of people leaving high-taxed states. The SALT panic of taxpayer fleeing high-tax states is in its early stages. The impact is devastating for the states affected by a huge population of an exodus. As more taxpayers get fed up, more taxpayers and businesses will be fleeing the high tax states in record numbers. Governor Andrew Cuomo credited the SALT cap for saving New York for a $2.3 million financial budget shortage.
New York Loses Taxpayers To Florida And How To Stop It
The governor called New York’s declining revenues and budget deficit as follows:
Our financial problems in the Great State of New York is as serious as a heart attack. We are doing our best in trying to raise revenues to cover our day to day operations of New York, but now we are seeing a mass exit of our taxpayers to other states that are not taxed as much. We need to immediately stop the flight of wealthy New Yorkers to states that are stealing our taxpayers like Florida.
Governors and lawmakers need to stop raising taxes and resorting to creating new taxes. Taxpayers are fed up. More media outlets are covering stories about high versus low-tax states. Many taxpayers are now fed up and are taking action by fleeing high-tax states.