Part 5/11:
One of the most significant factors motivating this shift is the heavy tax burden imposed on individuals and businesses in New York. The top personal income tax rate hits 10.9%, with an additional 3.9% city tax for New York City residents. For high earners making $200,000 annually, that extra tax amounts to roughly $13,000 annually—funds that could be invested locally but instead flow out of the city.
Business taxes are equally burdensome. Corporations face a combined marginal tax rate that can reach 6.5%, with additional fees and burdensome regulations. Moving to states like Florida, with a corporate tax rate of just 5.5% and zero personal income tax, can save a company millions—up to $7.5 million annually for a profit of $1 million.