A recent analysis of IRS records reveals that many Americans are leaving blue states like New York and California for states with lower taxes and fewer regulations, such as Florida and Texas.
Tax Burden and Regulatory Environment
The data shows that states with lower taxes and more freedom to work and build are gaining residents, while states with high taxes and strict regulations are losing people. For example, a married couple earning $100,000 in New York City owes $6,668 more in income taxes every year than they would in states without an income tax, such as Florida or Texas.
Additionally, states that make it easier to build and start a business are also seeing strong gains in population. Idaho, South Carolina, and Florida are among the states that make it relatively easy to build, while New York and California have more restrictive regulations.
Impact on Families and Individuals
The decision to leave a state is often driven by the desire for a better quality of life and more economic opportunities. As one expert noted, every few hundred dollars that the taxman doesn’t take can mean a week’s groceries, a car payment, or back-to-school clothes. States that respect the sweat equity of their workers are winning the migration race.
Original reporting: Fox News (HLL/CB) — read the source article.
