People are getting marching from new york due to the implementation of a limit of $10.000 in state and local tax deductions, which are directed to states with lower tax rates, like FloridaSo say many financial advisers.
By Miami Diario Newsroom
Really taxes are stampeding people out of New York.
When reviewing the information from the United States Census Bureau, it is observed that the state of Florida received more people than any other state in 2018, in that year they arrived in the Sunshine State, 566.476 people, highlighted foxbusiness.com.
Another piece of information from the Census Bureau is that departures from New York to Florida were the highest, standing at 63.772 people.
Also New York had the third largest outflow of people than any state in 2018, in that year 452.580 people left
taxes
When they review what happens with taxes in New York and Florida, it was determined that those who earn $650.000 can save more than $69.700 in the Sunshine State. In New York this is not possible.
When comparing the different types of taxes in New York and in Florida, notable differences can be observed.
income taxes
This is the main tax benefit of the state of Florida, those who reside in it are not required to pay state income tax, they only pay federal rates.
On the other hand, in New York, state taxes fluctuate between 4% and 8,82%.
Real estate taxes
Personal finance website WalletHub noted that Florida's effective property tax rate is 0,98%, while New York's is 1,68%.
For example, a Floridian with a home valued at $194.000 will be required to pay real estate taxes of $1.897. While someone in New York with a home of the same value will have to pay $3.246 in taxes.
death taxes
New York has an inheritance tax, which means that when one of its residents dies, the property has to pay federal and state taxes.
In New York, inheritance tax rates vary between 3.06% and 16%. It has an exclusion amount located at $5.74 million.
On the other hand, in Florida there is no inheritance tax of its own, which means that the assets only have to pay the federal tax.
Sales taxes
This is the only rate that is lower in New York than Florida, as the total state sales and excise taxes are lower.
Plus, when additional local tax rates are included, total rates can reach almost 9% in New York. This implies that the total rates are almost equally high in the two states.
general tax burden
As for the general tax burden involving property taxes, individual income taxes, and total sales and excise taxes, New York ranked first with a general burden of 12,97%.
You may also be interested:
US sanctions threat is 'unfair competition', says Rosneft
Microsoft: Trump's pressure on Huawei will affect US companies