MorgueFile
MorgueFile
It’s not just the warm winters attracting people to Florida. Low taxes are also hot.
Florida, with no state income tax, saw a 3-percent jump in net personal income migrating to the state, according to new Internal Revenue Service data for 2018. More money is moving into the state than is moving out of it.
South Florida saw a 60-percent jump, according to the IRS.
“We’ve definitely seen it: Waves of people coming in,” Tim Devlin, a Boca Raton accountant told the Florida Sun-Sentinel newspaper. “A lot of it is state-income-tax driven.”
Case in point: President Trump, who wants to switch his permanent residence from New York to his Mar-a-Lago resort in Palm Beach County.
Palm Beach County had Florida’s largest net gain in personal income in 2018: $2.3 billion from $1.9 billion the year before, the IRS said. Meanwhile, New York lost $9.6 billion during that period, the agency said.
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