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Friday, March 8, 2019

Florida is a haven for rich people who hate paying taxes

Posted By on Fri, Mar 8, 2019 at 10:47 AM

Let's face it: The entire nation favors the rich when it comes down to giving back, paying one's fair share, etc. But Florida is apparently among those states particularly attractive to the wealthy as a kind of homegrown tax shelter.

According to WalletHub, a financial website that sends us interesting little tidbits, oh, every five minutes or so, Florida is the fifth best state in which to be rich from a tax perspective.

So what does that mean? Basically, that in Florida, people who make more than $150,000 a year pay a smaller amount of tax as a percentage of their overall income. Which makes sense — after all, Florida doesn't have a state income tax. And other taxes, such as sales and property taxes, and somewhat low in some areas for Florida when compared to other populous states, particularly those with comparatively desirable real estate.

Interestingly, the report also found Florida to be the fifth best state in the nation from a tax perspective for those who make a "middle income," a designation for which the report used an average salary of $50,000 per year as a metric.

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