Cause:
Those 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. Data from the U.S. Census Bureau showed that while Florida received more movers than any other state last year (net domestic migration of 132,602) – and high-tax New York’s outflows to the Sunshine State were the highest.....Individuals earning $650,000 can save more than $69,700 in taxes per year by moving from New York to Florida.
Effect:
As previously reported by FOX Business, an influx of residents can provide a huge boost to Florida’s economy. The Sunshine State drew in a net influx of about $17.7 billion in adjusted gross income in 2016 thanks to people who moved in.
Florida, of course, enjoys many other advantages, including climate. Still, it appears they are on to something....