Dick Morris: The Money Is Moving to Florida and Out of New York
With about ten percent of the country’s population moving every year, interstate migration provides a handy report card for state and local governments throughout the nation.
Census Data and information from Bloomberg Analysis show a clear winner: Florida! In the past year, Florida attracted people with $17.2 billion in income more than those who left the state. This net influx of cash dwarfed every other state.
In the past year, 10 states emerged as clear winners, attracting vastly more income than they relinquished:
Ranking of States by Inflow of Income:
Florida*, Net Income Gain: +$17.2 billion
Texas*: +2.4 billion
South Carolina: +2.3 billion
North Carolina: +2.2 billion
Arizona: +2.0 billion
Colorado: +1.8 billion
Oregon: +1.5 billion
Tennessee*: +1.3 billion
Nevada: +1.0 billion
*No personal income tax on earnings
And the states that lost the most income were, predictably, the high tax Democratic havens.
Conservatives and advocates of fiscal restraint may not be able to win elections in these states, but they sure can vote with their feet and leave!
Ranking of States by Outflow of Income:
State: New York, New Income Loss: -$8.4 billion
Illinois, -4.8 billion
New Jersey, -3.4 billion
Pennsylvania, -2.6 billion
Connecticut, -2.6 billion
California, -2.0 billion
Ohio, -1.8 billion
Virginia, -1.6 billion
Maryland, -1.6 billion
Massachusetts, -1.4 billion
In New York State, people with incomes of $19.1 billion moved out last year while their replacements — in migrants — brought in only $10.7 billion with them for a net loss of $8.4 billion.
Connecticut’s outflow was the largest in proportion to its population.
The average gross income of people moving to Florida from Connecticut averaged $253,000, far outstripping the income of those who made it their new home.
Commenting on Florida’s surge in the income sweepstakes, Brad O’Connor, chief economist for Florida Realtor, said: “Florida’s powerhouse economy continues to churn out new jobs. Retiree migration to Florida is on the rise and millennials are coming into their prime home-buying years.”
The point should not be lost that Florida and Texas, the top two gainers, have no state income tax while the rates in New York, New Jersey, Connecticut and California, the big losers, are among the highest in the country.
Will the high tax states just keep on with their crazy spending and taxing until there is nobody left at home to pay them?
Will they all become new Detroits? Or will voices of sanity prevail and give these states new life?
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