InvestmentNews says that more residents of high-tax states, mindful of looming federal tax hikes as well as higher state taxes, are moving south. As Ernst & Young tax partner Greg Rosica tells author Hilary Johnson:
We haven’t had a situation like this in quite a few years. We have this impending tax increase, and people are trying to look for ways to hide from that, but they’re not seeing many from the federal perspective. One of the ways they’re looking to do it is changing their state income tax rate.
A cottage industry exists to help people with this transition, overseeing everything from changing driver’s licenses to veterinarians.
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