Why do New York Congressman Peter King and so many others fear a “mass exodus” from New York to Florida? To date, Florida is the number one destination for wealth leaving New York. And, with a U.S. Senate vote looming, it appears Congress may agree on a tax package afterall. And Florida’s economy may be the nation’s big winner.
Even before the tax package, the Florida Chamber Foundation’s TheFloridaScorecard.org – Florida’s leading online data site tracking hundreds of metrics important to Florida’s economy – has tracked wealth migration and shows more than $80 billion worth of wealth has already moved to Florida from New York, New Jersey, Illinois, Pennsylvania, Michigan, Missouri and Ohio alone.
Source: Income Migration, HowMoneyWalks.com
Here’s How You Can Help Leverage the Tax Package to Help Secure Florida’s Future
As the tax package nears passage, the Florida Chamber encourages you to consider calling companies looking to expand and grow that are located in New York, New Jersey, Illinois, Pennsylvania, Michigan, Missouri, Ohio or any of the states Florida is welcoming wealth from. When you call them, please invite them to look at the additional advantages Florida will have after the tax package passes.
Consider that Florida has no personal income tax, is ranked one of the top 10 best states for business, is the number one state for growth prospects and is one of the top 5 best tax climates in the nation, and is continuously working on making its business climate even more competitive.
Interested in Where Your County Gets its Wealth From?
The Florida Chamber Foundation will soon release a new report that outlines which counties nationwide are bringing wealth into your county. To learn more or to request more data, click here.