Florida Earned $17.7b in Net Income In Just One Year From New Residents
A new study released by LendingTree shows that approximately 1,000 new residents are moving every day to Florida, generating significant gains in taxable income for the state. The new residents brought in a net of $17.7 billion in adjusted gross income, including those moving both to and from the state during the year, larger than any other state.
The study concluded that Florida, so far, is the greatest winner in net income gains produced by residents moving from others state. The IRS data from 2016 was applied for the study – even before the State and Local Tax (SALT) deduction cap passed in 2017, which made relocating to Florida much more favorable.
New York, Illinois, New Jersey, Pennsylvania, and Connecticut were the biggest losers in 2016.