Why More and More High-Net-Worth Individuals Move to Miami
June 10, 2019
Why are so Many High Net Worth Individuals (HNWIs) Flocking into Miami? When the Senate passed the tax bill last December, high-tax cities (New York, Chicago, New Jersey, LA (and the area of Silicon Valley), Baltimore, Washington etc) became even more expensive. That realization has caused many to consider moving from high-tax to lower-tax states. Nearly all states have an income tax, ranging from 1-13%. Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming are the exceptions because they do not tax residents’ incomes. Millionaires [...]