Low Taxes Make Florida a Magnet for Migrating Wealth
The leading destination, says a researcher
TALLAHASSEE – It's been said that people vote with their feet. But they often vote with their money too, and that's certainly been good for Florida.
A new study by Travis H. Brown called How Money Walks explores how people and money migrate from one state to another. And although the exact causes are difficult to nail down, one thing is clear: Americans are moving from high-tax and heavily regulated states to low-tax states with less regulation.
That's according to the data Brown gathered from the Internal Revenue Service Division of Statistics and the U.S. Census Bureau.
Since 1992, no other state has benefited more from wealth migration than Florida.