Wealthy New Yorkers are ditching the city’s high taxes for Miami
Since the last few months, many wealthy citizens of New York have been experiencing unbearable financial stress due to the latest modifications in the US tax laws. Many of them have migrated to Florida’s Miami-Dade area for gaining more tax benefits and other financial reliefs.
Explore some statistical facts
Various financial institutions have calculated that a migrant New Yorker in Miami can save around $20,000 to $120,000 of annual tax and cost-of-living. Thus, they get more opportunities for investing in various sectors and these initiatives boost the entire local economy.
On various online forums, many New York-based employers have criticized the new tax structure and other financial obligations. Keep in mind that in the financial year of 2017, a new law was created following the terms and conditions of the Federal Tax Cuts and Jobs Act. This newly created law reduced the tax benefits of residents of New York, New Jersey and Connecticut.
According to the US Census Bureau, in Florida, among all migrants, the number of New Yorkers is the highest. In the 12-month period of July 2017 to July 2018, 63,722 New Yorkers migrated to this region.
Future prospects
Miami is famous for its fast-growing Real Estate sector. Thus, wealthy New Yorkers prefer this sector for investments. In this regard, it must be mentioned that according to the latest study, 1 in 4 residential properties can be purchased by the New Yorkers in the community of 60,000 in the Downtown Doral.
The Unhappy New Yorkers website has made a study that shows around $25,000 of savings can be made by each New Yorker on an annual income of $100,000 in Dade County.
As a reputed International Tax Consultant in Toronto, at The Accounting & Tax, we deliver valuable recommendations so that our clients in New York can reap each and every tax benefit while staying in Miami. They will get our expert’s advice about the issues related to tax filing and paying license fees.
