State governments can benefit Opens a New Window. greatly from an influx of movers – enjoying everything from increased tax Opens a New Window. revenues to new business activity.
Recently, changes to the U.S. tax code have encouraged an increasing number of people to move – taking their cash to lower-tax states like Florida.
As it turns out, however, Florida has been banking on moving trends even prior to the implementation of the new tax law.
According to a new study from LendingTree, which analyzed IRS data from 2016, Florida is the number one largest beneficiary from relocations out of all 50 states – by a landslide.
The Sunshine State drew in a net influx of about $17.7 billion in adjusted gross income (AGI) – most of which (72 percent) came from those aged 55 and older. It is consistently one of the most popular destinations for retirees due to affordability and low taxes.View Article