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Another Reason Why Wealthy Americans Are Moving

Many of these wealthy Americans are moving to Florida, Texas, Tennessee and Nevada—states with no income tax and warmer weather.

By Les Shaver | June 08, 2021 at 07:43 AM

It’s becoming apparent that, along with other economic segments of the population, the wealthy are moving more than usual. A recent report from Goldman Sachs sheds some light on why.

According to Goldman, the state and local tax (SALT) dedication cap raised taxes by 4% for those top earners in California and New York, as reported by CNBC. Additionally, it increased taxes by as much as 12% versus what they would pay in no-income-tax states.

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