We just arrived in Florida for our ‘No Responsibility February’. I took this picture with my camera drone above Melbourne Beach on a beautiful 75-degree day. We visited with some Minnesota friends that are staying here with a beautiful ocean view.
Leaving cold high-tax Minnesota for sunny low-tax Florida inevitably brings up the “should we move to Florida for 6 months and a day?” conversation. We have some good friends who just made the leap and put down a deposit on a lot.
How much would it be worth to us? It looks like quite a bit when you see how different the states are in tax burden …
Minnesota is one of the highest states for total state & local tax burden (#8), while Florida (#45) and Arizona (#48) are among the lowest.
(Ignore ND, they have taxes for gas & oil they ship to other states. Consumers in other states pay them rather than their own citizens).
The other side of the equation is the cost of living across the different states. It looks like Minnesota is close to the USA average for the relative value of $100 in spending, so we’re not getting ahead on that count …
When you look at these charts together, it is no surprise that California & New York are losing population. Along with parts of New England and Hawaii, they are high tax and high cost of living.
At least California & Hawaii have nice weather!
How does your state stack up? Would you think about trading bitter weather for better financials?
Image Credit: (c) MrFireStation.com; Charts from TaxFoundation.com