A recently released study entitled “How Money Walks” by Travis H. Brown, investigates how people are relocating from high-tax states with heavy regulation to lower-tax states with less regulation. Discovering in fact, more wealth migrated to the Sunshine State in the last two decades than any other state in the nation. According to the research done by Mr. Brown, the statistics amount to a staggering $95.6 billion dollars; considerably more than the No. 2 state of Arizona, at $28 billion dollars, amounting to three times as much.
As one might expect, our area would, with its beautiful beaches of the Atlantic Coast, abundant sparkling waterways, and year-round sunshine be appealing to new residents. Mr. Brown reminds readers that in California, “you’ll find the Pacific Coast, Malibu, Big Sur,” but over the same period Florida added population and wealth, California saw a net decline in population and gross income.
Brown’s study explains “Incentives within tax codes matter.” “How Money Walks,” reveals the actual data showing the exodus of income from high tax states to low tax states. He says "Florida got it right". A lower tax burden, combined with relaxed regulatory barriers, means dollars go further.
Florida is a right to work state. It has a zero personal income tax, and a low corporate income tax rate of 5.5 percent. When you put these benefits together with the picture perfect surroundings and a low to moderate cost of living its no surprise there are nearly 20 million residents that call Florida home.