Workers can earn as much working four days a week in, say, Tampa, Florida, as they would by working five days a week and living in New York City or Los Angeles.
Stephen Moore: Unleash Prosperity Hotline – Check out Steve Moore’s WSJ piece today. He shows that by moving from the highest tax state - California and New York - with income tax rates as high as 14% - to a no-income tax state like Florida, Tennessee or Texas, a family with $5 million or more in income can increase annual take-home pay by 30%. Just by moving out, They get that higher after-tax bonus year after year until they retire.
In other words, workers can earn as much working four days a week in, say, Tampa, Florida, as they would by working five days a week and living in New York City or Los Angeles.
Here are some of the tax savings by leaving high-tax blue states and moving to one of the eight states with no income tax.
Lost After-Tax Income for High-income Family by Living in:
California 30%
New York City 30%
New Jersey 22%
Massachusetts 21%
Washington 21%
Hawaii 20%
Maryland 20%
New York City 30%
New Jersey 22%
Massachusetts 21%
Washington 21%
Hawaii 20%
Maryland 20%
This no doubt explains why over the past 10 years close to 4 million Americans have left California and New York - mostly headed to Florida and Texas. Be sure to check out our Vote With Your Feet website to follow the migration trends for all 50 states.
