The tax burden on taxpayers in certain states, which causes them to have fewer economic resources, is making many people consider moving to other states where the tax burden is lower. More food for thought is also the high cost of living. Now, a study reveals how much an American would save if he or she decided to move from three specific cities to Miami.
According to a report by financial services company SmartAsset, for a New York resident earning $650,000 a year, moving to Miami would save them about $195,076.06 a year. In addition to having a lower tax burden, the Florida City also has a significantly lower cost of living than New York. In recent days, we learned that 468,200 citizens left New York between April 2020 and July 2022 due to, and among other reasons, the tax burden.
The second of the case studies is San Francisco. If you live in the Californian metropolis and opt to move to Miami, you will have to know that you will save $153,195.09, according to SmartAsset. That is, as long as you earn $650,000.
Finally, Chicago. With an amount far from New York and San Francisco but not negligible. A resident of Illinois' most populous city, who has an income of $650,000, pays $10,573.24 more, than if they were living in Miami.
Another study, in this case by the consulting firm Wisevoter, revealed that New York, San Francisco and Chicago are ranked in three of the ten states with the highest tax burden. New York ranks first with a tax rate of 15.9%; California is fifth with 13.5%; and Illinois is seventh with 12.9%. All three are governed by the Democratic Party. In contrast, in Florida the tax burden is 9.1%.