Business

The wealthy were fleeing for low-tax states long before the pandemic slammed on the gas

13 days ago   |   By

Florida is seeing its wealth increase at the expense of other states.
Cliff Hawkins/Getty Images
High-tax state residents were migrating to low-tax states pre-pandemic, per IRS data.
Low-tax states, especially Florida, are getting wealthier as a result.
BofA says 'tax migration' is far from a settled area but evidence of it is adding up.
See more stories on Insider's business page .
Tax-induced migration was a key part of the narrative of 2020, but the story actually began long before that. Lower-tax states are continuing to get richer thanks to a steady influx of new residents from...
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