Why move to Florida? $200,000 in tax savings – that’s why

August 18, 2014

by Nick Novak

Originally published by The Washington Times.

Florida can brag about a lot more than its warm weather. Its low tax burden has caught the attention of nearly 2 million people over the last couple decades, and they brought more than $100 billion of income to the state.

People from New York, New Jersey and even Wisconsin have been moving to Florida in droves. Yes, the weather is much nicer in Ft. Lauderdale in January than in Green Bay, but keeping more of your own money seems to be a major influence.

I am not talking about small amounts, either. A recent report published by the John K. MacIver Institute for Public Policy and the National Center for Policy Analysis shows there is a big advantage to moving to low-tax states.

According to the study, a 40-year-old married couple who own a home and earn $75,000 a year would gain $223,735 over the rest of their lifetime if they moved to Florida from Wisconsin.

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