Tax exodus accelerating:fla raking in billions (unemployment, gasoline, Alabama)

[chopchop0]

Originally Posted by beach43ofus

https://www.foxbusiness.com/economy/...onaire-florida

More wealthy New Yorkers are coming here now. Wall Street is moving to Camino Real, and Palm Beach Blvd. They're staying at the Breakers while their mansion is being built, or renovated.

I totally agree about real estate prices continuing to escalate, probably faster than before. Supply & demand plus the comparitive mindset you mentioned.

The effects are showing up bigly in CFL as well

[beach43ofus]

Originally Posted by chopchop0

The effects are showing up bigly in CFL as well

They love the Orlando Airport.

[Chardo1]

Originally Posted by beach43ofus

I was in Hampton Bays New York, out on the South side of Long Island ~50 years ago 15 houses away from Shinnicock Bay. A Hurricane hit hard, and the 12 houses closest to the Bay were flooded. My Grandparents and Great-Grandparents homes were spared.

Sandy, the most recent example, damaged coastal NY and NJ as bad as any FL hurricane. And that came just a year after Irene, which knocked out power to much of NYC and Long Island for over a week.

New Yorkers moving to Florida are not phased by threat of hurricanes.

[chopchop0]

Originally Posted by beach43ofus

They love the Orlando Airport.

Who doesn't? Great selection of flights anywhere

[FireStation46]

Originally Posted by beach43ofus

https://www.foxbusiness.com/economy/...merican-movers

Wealthy 55+ Americans are fleeing high tax States, and moving to Florida for its lower cost of living and lower taxes; says the study that is the focus of this article.

The headcounts, and sums of money involved in this exodus are staggering. Florida is leading all other states by HUGE margins.

Billions of Dollars are flowing into FLA which stimulates growth in Florida's economy, & boosts tax revenues. The tax revenues in the States these people are fleeing are in a death spiral.

The migration of retirees to Florida is old news, but what is different now is that these trends are accelerating rapidly due to the federal income tax changes that limit property tax deductions. These tax changes prevent high tax States from exporting their high local taxes to other States with lower taxes. The Federal government has built an impenetrable wall around every State that traps its' tax rate within. The only way to escape is to establish permanent residency in a lower tax State...like Florida, Texas, or Nevada. That is what we are experiencing.

It's also newsworthy how much wealthier the people are who are fleeing now, as compared to those who retired to Florida in years past. Florida is now attracting more Millionaires and Billionaires than before, and those are the people that pay the Lions share of the taxes in America.

Florida is in a record breaking economic boom, and the momentum is growing.

Yep, I read the other day Bon Jovi is leaving NJ for FL
And he is not alone.......

https://savejersey.com/2019/07/bon-j...s-phil-murphy/

[boy3365]

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. :-)

[chopchop0]

Originally Posted by boy3365

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. :-)

That's pretty much the motto of the GOP these days. Rant about fiscal responsibility, pass a tax cut that helps the rich and corporations the most, and then pass the trillions in debt on to the next generation.

To be fair, states do not have the luxury of the national credit card/Fed that DC does, so eventually the crows do come home to roost. FL has been smarter than many states in terms of keeping its budget and services lean. I personally like the idea of use taxes and tolls over income taxes where there can be a lot of shennanigans going on like union employees manipulating overtime to collect fat pensions after they retire with 30 years on the job etc.

[beach43ofus]

"pass the trillions in debt on to the next generation."

Do your homework as to which party has added the most to the existing debt. I dont want to turn this into political discussion, but I must correct you on this. Both sides are to blame.

Florida is raking in Billions in new taxes because what is going on up North. Let's enjoy the ride. Viva La Florida!

[chopchop0]

Originally Posted by beach43ofus

"pass the trillions in debt on to the next generation."

Do your homework as to which party has added the most to the existing debt. !

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

[sware2cod]

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."