There’s new evidence to help show that many Northerners are packing their belongings — and bank accounts — and heading to Florida and other zero income-tax states. Newly released IRS data for 2018 shows Florida — which has no personal income tax — had a 3 percent increase over 2017 in the migration of net personal income — the dollars coming into the county versus what’s going out. Americans are taking a closer look at how much they’re paying in taxes and moving to a lower-tax state like Florida can make a big difference come Tax Day.
In an interview with Marcia Heroux Pounds, business reporter of the Orlando Sentinel, Tony Villamil, Founder and Senior Advisor of The Washington Economics Group, Inc. said that the federal Tax Reform Act of 2018 “increased our competitive advantage” and has boosted Florida’s economy. But it’s not just millionaires and billionaires who want to reduce their taxes, he said. Those in middle-income tax brackets also are concerned about their tax bite, he said. On her question, As Florida residents, why should we care about having greater personal income? Villamil added “It is a major positive, increasing the purchasing power of the region,” Consumer spending has “a ripple effect throughout the economy. … It means you have a vibrant consumer market and market for real estate and businesses that come here.” Click here to continue reading.