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you're a wealthy person. do you get out of paying california's massive taxes? if by wealthy you're talking people with tens of millions or more net worth (maybe that's you too, i don't know), that's different.
florida has a pretty unique advantage compared to most states... it gets huge amounts of sales tax, hotel tax, fuel taxes, and other taxes from visitors. that's one reason it can afford to not have to tax its residents as much. also, the ton of people who don't live in florida but own a property here... they pay a LOAD more property tax as they don't have a 'homestead exemption'.
Well, I'm glad you think I'm wealthy, what I am actually is in "good shape" due to spending habits. As far as taxes, due to RSU's, stock grants and other benefits from my employer over the years I've had to use professional accountants that are good at finding loopholes, write-off's etc to help cut my tax burden. The State of California gives more generous write-off's then the Federal government, so I pay way, way more taxes to the Feds and am able to write off much more when doing my state taxes
Florida is one of the lucky states with all the East Coast snowbirds flocking there, which means more taxes for the state
Also, states that don't have personal income taxes get it another way.
Florida might be different, I don't know how you guys are taxed, but I'm sure if I did, they tax you in other sneaky ways. That said, I love your beaches, just amazing!
It's not difficult at all to figure out why FL has no state income tax....in fact, IMO, it is obvious. Millions of tourists from states further north (Steve and his family are among them LOL) come down to Florida each year and spend tons of money in the state, at places like Disney World, Sea World, in hotels, restaurants, shops, etc...and it adds up.
Basically the same in Nevada, because of all the tourists and money spent at the Las Vegas and Reno casinos and hotels.
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