[Orionsdolph]

New IRS data: Florida brought in over $41 billion in Adjusted Gross Income from new residents in 2020, tripling second ranked Texas




"Florida attracted more than $41.1 billion in Adjusted Gross Income (AGI) from 624,000 new residents that moved into The Sunshine State in 2020, according to a new IRS data analysis conducted by Wirepoints, an independent, nonprofit company that provides original economic research and commentary."


"Florida did, however, lose $17.4 billion in AGI from 457,000 people who left. Despite this, the state emerged with a $23.7 billion net new taxable income, which marks a 3.3 percent rise compared to the year prior."


"Given these metrics, Florida topped all 50 states in terms of domestic wealth migration, being the only state to have its AGI inflow more than double that of its AGI outflow. The state brought in $17 billion more than the second-highest ranked state, Texas."




May 25, 2022
https://wirepoints.org/new-2020-irs-...-state-survey/


https://thecapitolist.com/new-irs-da...dents-in-2020/










https://wirepoints.org/new-2020-irs-...-state-survey/

[Corrie22]

that and ~125 million tourists a year

[foodyum]

I didn’t think Florida had a state income tax? How did they bring it in?
Didn’t the tax revenue go into the federal coffers? Please explain. Was it based on business taxes by the state.

[MOforthewin]

Originally Posted by foodyum

I didn’t think Florida had a state income tax? How did they bring it in?
Didn’t the tax revenue go into the federal coffers? Please explain. Was it based on business taxes by the state.

Corporate taxes? Also all the multi millionaires and billionaires who live here helps it too.

[ntwrkguy1]

Originally Posted by foodyum

I didn’t think Florida had a state income tax? How did they bring it in?
Didn’t the tax revenue go into the federal coffers? Please explain. Was it based on business taxes by the state.

It literally was just an article about AGI -- Adjusted Gross Income. Meaningful stat, I suppose. That's better than billions of dollars of AGI walking out the door to other states.

[beach43ofus]

Originally Posted by foodyum

I didn’t think Florida had a state income tax? How did they bring it in?
Didn’t the tax revenue go into the federal coffers? Please explain. Was it based on business taxes by the state.

I believe its based upon federal taxable incomes.

I've been touting this stat for a few years now, especially when Fla haters say "Florida has low wages"

My reply is..."of course FLA has low wages, its major industries are tourism, & agriculture...both low paying, and we don't want manufacturing/energy jobs to muck up our environment".

"And...FLA has one of the highest Bond ratings in the USA, so our state is doing swell financially, AND millions are flocking here knowing we have low wages....so why is it a problem? It's not!" It's a good thing because it stops even more from moving here.

"So much cash is being brought into our state by Northerners flocking here, there's plenty of money to fuel our economy to keep essential services flowing".

"Now, Miami is becoming known as the Wall Street of the South, so Billions are being brough in by big finance."

Florida is the new California...we are the envy of America...especially New York & New Jersey. 59% of NJ resident want to leave NJ!

https://www.nbcnewyork.com/news/loca...finds/3661667/

How may Billions more will they bring here?

[wizrap]

Foodyum, this is a quote from the first linked article by the OP which should answer your tax question:

“Even though Florida doesn’t tax incomes, Wirepoints also added up Florida’s cumulative AGI to make an apples-to-apples comparison with New York. When the Sunshine State’s AGI gains are accumulated from 2000 to 2020, it totals $1.6 trillion in income that could have been taxed over the entire period.”

[MOforthewin]

Originally Posted by beach43ofus

I believe its based upon federal taxable incomes.

I've been touting this stat for a few years now, especially when Fla haters say "Florida has low wages"

My reply is..."of course FLA has low wages, its major industries are tourism, & agriculture...both low paying, and we don't want manufacturing/energy jobs to muck up our environment".

"And...FLA has one of the highest Bond ratings in the USA, so our state is doing swell financially, AND millions are flocking here knowing we have low wages....so why is it a problem? It's not!" It's a good thing because it stops even more from moving here.

"So much cash is being brought into our state by Northerners flocking here, there's plenty of money to fuel our economy to keep essential services flowing".

"Now, Miami is becoming known as the Wall Street of the South, so Billions are being brough in by big finance."

Florida is the new California...we are the envy of America...especially New York & New Jersey. 59% of NJ resident want to leave NJ!

https://www.nbcnewyork.com/news/loca...finds/3661667/

How may Billions more will they bring here?

True. A lot of that income is from billionaires and multi millionaires, like less than one percent of the population which skews the numbers. Look at all of them billionaires from dade county, west palm where president Trump lives etc. They help our numbers look good due to all their wealth, but for us 99 percenters the wages are lower.

Texas has a lot of wealthy people. Their overall industry for high paying specialty fields is much larger than fl which is tourism based. Natural gas, tech, oil, energy. If youre an engineer in these type of fields living in Texas is a no brainer.

[zerp]

Originally Posted by foodyum

I didn’t think Florida had a state income tax? How did they bring it in?
Didn’t the tax revenue go into the federal coffers? Please explain. Was it based on business taxes by the state.

Both articles state the source of the data is the IRS, which is federal government.

This is federal tax money from Florida residents.

[Corrie22]

Originally Posted by beach43ofus

"So much cash is being brought into our state by Northerners flocking here, there's plenty of money to fuel our economy to keep essential services flowing".

also millions of tourists....every penny they spend...they pay tax on it

...they make the money somewhere else....spend it here....pay tax on it here