• Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Friday, February 3, 2023
TheGreatNews.com
  • Home
  • MINDSET
  • WELL BEING
  • POSITIVE NEWS
  • WISDOM
  • PURPOSE
  • NEW TECHNOLOGIES
  • More Topics
    • ENTREPRENEUR
    • GREEN ENERGIES
    • SUCCESS
    • GOOD LIFE
No Result
View All Result
  • Home
  • MINDSET
  • WELL BEING
  • POSITIVE NEWS
  • WISDOM
  • PURPOSE
  • NEW TECHNOLOGIES
  • More Topics
    • ENTREPRENEUR
    • GREEN ENERGIES
    • SUCCESS
    • GOOD LIFE
No Result
View All Result
TheGreatNews.com
No Result
View All Result

Rich People Have Fled High-Tax States for the Sun Belt

in ENTREPRENEUR
Reading Time: 2 mins read
A A
Rich People Have Fled High-Tax States for the Sun Belt
Share Share Share Share Share

Related articles

Best Side Hustles in Real Estate to Earn Profits 

These Labor Day Savings Are Too Good to Miss

Wealthy people in the U.S. have scooted to where the sun shines, according to CNBC Make It.

The outlet referenced a Smart Asset analysis published in early August that shows where higher-income households moved between 2019 to 2020, using tax filing forms.

Where are wealthy people moving?

This might not shock you, but Florida was high on the list.

“No state is gaining more high-earning households than Florida, and it’s not even close,” Smart Asset wrote.

Smart asset defined “high income” as having an adjusted gross income of $200,000 or more. It calculated the inflow and outflow of these wealthy tax filers from 2019 to 2020 and then subtracted outflow from inflow, resulting in a “net migration” figure for each state.

Florida gained a net 20,263 tax filers with over $200,000 in income in 2020, pretty substantially outpacing the next state, Texas, which saw 18,417 new filings.

Here’s the top 10 as far as net migration of wealthy people, per Smart Asset’s analysis:

  • Florida +20,263
  • Texas +18,417
  • Arizona +5,268
  • North Carolina +4,713
  • South Carolina 3,967
  • Tennessee +2,743
  • Colorado +2,624
  • Nevada +2,331
  • Idaho +2,055
  • Utah +1,503

Why are wealthy people moving there?

As Smart Asset notes, many of these states do not have income taxes. There are nine states with no state income tax, it added, and four of them are in the top 10 list.

Further, it could be a weather-related decision. Smart Asset noted that eight of the top 10 are at the least somewhat located in the Sun Belt, a sunny swath of the southern U.S.

Where are wealthy people leaving?

Many of the states that ranked high on losing big earners were “traditionally viewed as high-tax states,” Smart Asset said (even though the states overall still have a fairly high concentration of wealthier households).

Here are the top 10 for net loss of high-income earners:

  • New York -19,912
  • California -19,229
  • Illinois -8,044
  • Massachusetts -2,116
  • Virginia -2,099
  • New Jersey -1,833
  • Maryland -1,828
  • District of Columbia -1,730
  • Minnesota -952
  • Ohio -889

Credit: Source link

ShareTweetSendPinShare
Previous Post

How to enable the Flex Mode panel on Galaxy Z Flip and Z Fold phones

Next Post

The auto industry lost its spectrum fight with the FCC because V2V was always a fantasy

Related Posts

Best Side Hustles in Real Estate to Earn Profits 

Best Side Hustles in Real Estate to Earn Profits 

January 30, 2023

  If you want to make money in today's economy, you must do modern work, which is why everyone should have a side hustle. With the...

These Labor Day Savings Are Too Good to Miss

These Labor Day Savings Are Too Good to Miss

August 30, 2022

Disclosure: Our goal is to feature products and services that we think you'll find interesting and useful. If you purchase them, Entrepreneur may get a small...

Who Wins the Tug-of-War Going on in the Stock Market?

Who Wins the Tug-of-War Going on in the Stock Market?

August 30, 2022

Did you know that the tug of war was actually an Olympic sport from 1900 to 1920. Now, I'm generally a person who embraces the new...

Macy’s Value Lies Beneath its Stores

Macy’s Value Lies Beneath its Stores

August 30, 2022

Retail department store chain Macy's (NYSE: M) stock has had a rollercoaster ride in the past two years as shares trade down (-32%) for the year....

5 Mistakes to Avoid When Launching a Business in the Service Industry

5 Mistakes to Avoid When Launching a Business in the Service Industry

August 30, 2022

Opinions expressed by Entrepreneur contributors are their own. Many individuals, not necessarily entrepreneurs, dream of having their very own cafe. There is a riveting component to...

Next Post
The auto industry lost its spectrum fight with the FCC because V2V was always a fantasy

The auto industry lost its spectrum fight with the FCC because V2V was always a fantasy

How to Stop Someone From Stealing Your Inheritance

How to Stop Someone From Stealing Your Inheritance

Endling – Extinction is Forever Review: it is not afraid to hurt you

Endling - Extinction is Forever Review: it is not afraid to hurt you

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Weekly Updates

Best Side Hustles in Real Estate to Earn Profits 

Best Side Hustles in Real Estate to Earn Profits 

January 30, 2023
TheGreatNews.com

This is an online news portal that aims to provide the latest updates about mindset, well being, positive news, wisdom, purpose, new technologies, entrepreneur, green energy, success, good life and stuff like that around the world. Feel free to get in touch with us!

© 2021 - TheGreatNews.com - All rights reserved!

  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
No Result
View All Result
  • Home
  • MINDSET
  • WELL BEING
  • POSITIVE NEWS
  • WISDOM
  • PURPOSE
  • NEW TECHNOLOGIES
  • More Topics
    • ENTREPRENEUR
    • GREEN ENERGIES
    • SUCCESS
    • GOOD LIFE

© 2021 - TheGreatNews.com - All rights reserved!