Rich young professionals earning more than $100K are fleeing California and New York — here's why and where they're headed.
Florida, which boasts no income tax. The state experienced a 3,400 net inflow of wealthy young professionals, according to SmartAsset. And just like Texas, Florida has a moderate sales tax of 6%. California’s is 7.25%, while New York’s is 4% but in combination with city taxes comes out to 4.5%.
For many years now, Florida has maintained one of the lowest tax burdens in the country.
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