[beach43ofus]

The taxable income isn't the main point, the main point is the wealth & consumer spending power being brought into Florida.

The taxable income is just 1 way to measure it.

If Billions of taxable income is being brought into FLA, how much consumer spending it coming in? Its more than federal income taxes.

Most people spend more on consumer goods than they pay in federal income taxes. Heck 55% don't pay any net federal income taxes.

If $41B in taxable income came in, perhaps 10X that amount came in as consumer spending...maybe $410B

In addition to the consumer spending they are bringing into FLA, the accumulated wealth is an even larger number.

People spend only a portion of their net worth each year to live on, & their net worth might be 30X their annual consumer spending, so the wealth being brought here is $1T+

The economic benefits to the state of this influx of spending & wealth is enormous.

The economic loss of the states they are coming here from is also huge...like New York, New Jersey, Connecticut, Mass, Illinois, just to name a few of the state that are losing the most.

[Corrie22]

"While New York noticed an exodus of residents who reported $21 billion in complete earnings on their 2019 federal returns, in response to the IRS, Florida noticed an inflow of residents who reported $41 billion in earnings, essentially the most any state obtained."

https://www.newsncr.com/business/mia...nging-strains/

[beach43ofus]

Originally Posted by Corrie22

"While New York noticed an exodus of residents who reported $21 billion in complete earnings on their 2019 federal returns, in response to the IRS, Florida noticed an inflow of residents who reported $41 billion in earnings, essentially the most any state obtained."

https://www.newsncr.com/business/mia...nging-strains/

This adds huge amounts of consumerism to Florida's economy. If the newcommers made $41B, how much do they spend each year on stuff?

Plus, aside of what they made, they are bringing massive nest eggs with them too....much of it to be spent here too...on housing mostly.

My friend listed her home yesterday, & have 2 cash offers today. ~$600k asking, so let the bidding war begin.

That $600k they offered very likely came from somewhere up North.

With all the people selling their homes up North to move to: FLA, GA, TN, SC, NC, TX, how are the values up North not falling? 57% of NJ residents want to move away, but who will buy their homes? I know a lot of people move from New to New Jersey, but New York's just about cleared out of anyone looking to move.