Over the coming years, Florida and other low-tax states will gain millions of new residents fleeing states with high tax rates, economists Arthur B. Laffer and Stephen Moore wrote in the WSJ.
For years, Florida has been adding residents fleeing high-tax states, but this trend will rapidly accelerate over the next three years, they wrote.
More than 800,000 have relocated to Florida from places like New York and California since 2007 alone. During that time, Texas and Florida gained a net $50 billion in income and purchasing power from other states, while New York and California lost $23 billion.
With the new tax law signed into law limiting local and state deduction, Florida is set to gain at a much faster rate. Over the next three years alone, they estimate that California and New York will lose a net 800,000 residents (double the period from 2014-16), while Connecticut, New Jersey and Minnesota will lose 500,000.