Written by Jeffrey Skatoff • December 30th, 2013
Florida continues to gain population at the expense of New York and other states in the Northeast. Florida has no income tax, no estate tax, and no inheritance tax. In contrast, New York has some of the highest taxes in the country, including a combined state and city income tax levy for New York City residents of over 10%.
New York also has an estate tax that tops out at 16%, with an exemption of only $1 million. New Jersey has an estate tax rate that tops out at 16%, with an exemption of only $675,000. In contrast, the Federal estate tax exemption for 2014 is $5,340,000. The disparity in estate tax outcomes between living in a state with an estate tax and living in a state without an estate tax, such as Florida, has never been greater.
Recent census reports show that Florida is about to overtake New York as the third most populous state.