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Old 08-10-2019, 08:18 PM
 
11,356 posts, read 11,127,163 times
Reputation: 5641

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Quote:
Originally Posted by sware2cod View Post
Here's a quote from the OP's article:

"While the study analyzed data from 2016, this trend has likely only intensified thanks to recent changes to the U.S. tax code."
Correct. The SALT cap deduction is likely accelerating moves away from higher tax states to states with no income tax/lower property taxes, since there is now a cap in place for deducting them off your federal taxes
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Old 08-11-2019, 05:28 AM
 
Location: Venice, FL
2,736 posts, read 1,024,207 times
Reputation: 1942
Quote:
Originally Posted by chopchop0 View Post
Only one party has consistently cut taxes /revenues to the government. Both spend profligately.

Not sure we are getting billions from the exodus.... There is no personal income tax here
It's from people like us who move here from elsewhere, bring a lot of wealth with them, and then spend it here. The spending of the wealth/nesteggs generates commerce, and tax revenues.

~80% of Florida tax revenue comes from sales taxes. Florida's corporate income tax is the 2nd largest revenue producer. There are taxes/fees on so many things: utility bills, cell phone bills, internet/cable taxes, alcohol, tobacco, car registrations, boat registrations, motorcycle registrations, gasoline, firearms, property taxes, doc fees when you buy a new home, payroll taxes (Florida unemployment & medicaid), airport taxes, bed tax, rental car taxes, battery and tire disposal fees, port taxes/fees, courts costs/fees, advanced education tuition & matriculation, ect..

These all add up to Billions of Dollars, and they are accelerating rapidly since more wealth is being brought in from elsewhere...

https://www.tampabay.com/florida-pol...f-projections/

Add to this the "embedded tax" which is burried inside the price of everything you buy, or service you use, which is over and above any applicable sales or use taxes.

Florida replaces personal income taxes with consumption taxes, and those moving here consume a lot. Many buy all new home furnishings, cars, homes, boats, motorcycles, campers, home offices, computers/electronics, pools, ect..

Florida is raking it in, and taking these tax revenues away from the states the newcomers fled. Some newcomers bring their businesses with them (like I did), so that compounds the tax gain/drain effect. When a state loses population, and businesses, it loses tax revenues. When a state loses wealthy residents, the tax drain can become devastating because wealthy people pay ~80% of all taxes. Then, the high tax states increase taxes even more to make up for the taxes lost from those who fled, and this results in even more people fleeing. We are seeing a high tax state death spiral.

Last edited by beach43ofus; 08-11-2019 at 05:57 AM..
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Old 08-11-2019, 07:00 AM
 
17,904 posts, read 10,956,927 times
Reputation: 8841
Quote:
Originally Posted by beach43ofus View Post

Florida is raking it in, and taking these tax revenues away from the states the newcomers fled. Some newcomers bring their businesses with them (like I did), so that compounds the tax gain/drain effect. When a state loses population, and businesses, it loses tax revenues. When a state loses wealthy residents, the tax drain can become devastating because wealthy people pay ~80% of all taxes. Then, the high tax states increase taxes even more to make up for the taxes lost from those who fled, and this results in even more people fleeing. We are seeing a high tax state death spiral.
Which is one reason why I live here.
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Old 08-11-2019, 07:53 AM
 
Location: western East Roman Empire
6,740 posts, read 10,805,853 times
Reputation: 5994
Quote:
Originally Posted by boy3365 View Post
I was right.

The best time to come to Florida is after you've spent your entire life making a bunch of money somewhere else. :-)

This has been the case since the 1910s.


Guys, please stop with the useless partisan bickering: facts on the ground clearly show that a vast majority of policymakers, regardless of stupid party or purported stupid ideology, agree that, while we have a mix of both, debt financing is, on balance, more flexible than tax financing, and we will continue the debt-as-money system for the foreseeable future.

Feel free to continue arguing about it until you are purple in the face, but preferably not on this forum.
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Old 08-11-2019, 07:57 AM
 
Location: Floribama
15,304 posts, read 31,850,636 times
Reputation: 14173
In my area we don’t get as many transplants from the east coast, but we do get a lot from states like IL, WI, and MI. Lately it seems like I’m seeing more move to Baldwin County (AL) than the panhandle counties though.
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Old 08-11-2019, 08:23 AM
 
1,544 posts, read 2,509,072 times
Reputation: 868
Quote:
Originally Posted by boy3365 View Post
I was right.

The best time to come to Florida is after you've spent your entire life making a bunch of money somewhere else. :-)
Quote:
Originally Posted by bale002 View Post
This has been the case since the 1910s.


Guys, please stop with the useless partisan bickering: facts on the ground clearly show that a vast majority of policymakers, regardless of stupid party or purported stupid ideology, agree that, while we have a mix of both, debt financing is, on balance, more flexible than tax financing, and we will continue the debt-as-money system for the foreseeable future.

Feel free to continue arguing about it until you are purple in the face, but preferably not on this forum.
Um, when did I engage in partisan bickering here? I don't see any evidence of that in my post, which I copied above. Now, someone who replied to my post did bring up politics, but it wasn't me.
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Old 08-11-2019, 04:25 PM
 
103 posts, read 34,795 times
Reputation: 135
Quote:
Originally Posted by southernnaturelover View Post
In my area we donít get as many transplants from the east coast, but we do get a lot from states like IL, WI, and MI. Lately it seems like Iím seeing more move to Baldwin County (AL) than the panhandle counties though.
Why Baldwin County (AL) vs panhandle?
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Old 08-12-2019, 05:02 AM
 
Location: Floribama
15,304 posts, read 31,850,636 times
Reputation: 14173
Quote:
Originally Posted by JD_MD View Post
Why Baldwin County (AL) vs panhandle?
Iím guessing lower property taxes, newer housing stock, etc.
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Old 08-12-2019, 08:29 AM
 
Location: Venice, FL
2,736 posts, read 1,024,207 times
Reputation: 1942
Quote:
Originally Posted by southernnaturelover View Post
In my area we don’t get as many transplants from the east coast, but we do get a lot from states like IL, WI, and MI. Lately it seems like I’m seeing more move to Baldwin County (AL) than the panhandle counties though.
Alabama has a 5% state income tax, while Florida has none. The sales tax is 8% in Baldwin County, Walton County FLA 7%. While taxes are less important to people with little income, and who dont spend much, for me it wouldnt make sense to move to Baldwin County AL over Walton County FL.

Last time we were home shopping in Walton County, my wife had me drive her up to Fairhope AL, and we both thought is was a great little town. Loved the flowers lining all the streets there.

Last edited by beach43ofus; 08-12-2019 at 08:42 AM..
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Old 08-12-2019, 08:42 AM
 
15,535 posts, read 17,919,485 times
Reputation: 13663
Quote:
Originally Posted by beach43ofus View Post
Alabama has a 5% state income tax, while Florida has none. The sales tax is 8% in Balwin County, Walton County FLA 7%. While taxes are less important to people with little income, and who dont spend much, for me it wouldnt make sense to move to Baldwin County AL over Walton County FL.
.
Property tax in Baldwin County Alabama is 1/3 of property tax in Florida.


Alabama doesn't charge state income tax on Social Security Income.


The median property tax in Baldwin County, Alabama is $557 per year for a home worth the median value of $177,200. Baldwin County collects, on average, 0.31% of a property's assessed fair market value as property tax.

The median property tax in Florida is $1,773.00 per year for a home worth the median value of $182,400.00. Counties in Florida collect an average of 0.97% of a property's assesed fair market value as property tax per year.
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