Financial information provider SmartAsset analyzed just the amount of money people with six-figure salaries in New York, San Francisco and Chicago could save.
Fox News contributor Jonas Max Ferris and Quill Intelligence CEO Danielle DiMartino Booth discuss the population exodus from Democrat states to GOP states over taxes, cost of living and crime on 'Cavuto Live.'lower taxesFinancial information provider SmartAsset analyzed just the amount of money people with six-figure salaries in New York, San Francisco and Chicago could save if they relocated to the biggest city in Florida.
A Manhattan resident earning $650,000 would save as much as $195,000 in Miami, the findings show. Wealthy New Yorkers pay some of the steepest taxes in the nation, facing a combined 45% effective rate when accounting for federal, state and local levies. That effective rate drops to about 35% in Florida, which does not have a statewide income tax. That same New Yorker who makes about $150,000 would also see the value of their pay increase, saving about $50,000 annually.
The sun sets on the skyline of midtown Manhattan, the Empire State Building and Hudson Yards in New York City on Dec. 17, 2022. "The cost of living difference between Manhattan and Miami is most drastic," the study said. Costs are about 137.6% higher in Manhattan than the typical U.S. city, but only 22.8% higher than the average in Miami.
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