One of our friends who spends time in Florida received this invitation to a seminar on the advantages of Florida residency over Minnesota. Click to enlarge:
A few points to note:
* The event will take place in Naples, which has long been known as the Winter home of many Minnesotans.
* The speaker will explain how to change one’s legal residence from Minnesota to Florida. Many people have a choice as to what state they want to select as their residence for tax purposes.
* Considerations to be discussed include income, estate and property taxes. Florida does not have an income tax, while Minnesota has one of the highest income taxes in the country. Florida does not have an estate tax, while Minnesota has one of the highest estate taxes in the country.
* Seminars of this sort are offered by major banking organizations like BMO Harris Bank because there is demand for them. Many people are interested in switching their residence from Minnesota to Florida and other states.
The most notable work that has been done on Minnesota’s income migration problem is the Center’s 2016 study, Minnesotans on the Move to Lower Tax States 2016. That report documented the fact that every year, Minnesota suffers a net loss of residents to other states, almost exclusively, on a net basis, to lower-tax states. While attention tends to focus on the exodus of higher-income taxpayers from Minnesota, the Center’s report documents the fact that Minnesota suffers a net out-migration at every household income level from $25,000 on up. Only relatively poor households choose Minnesota, on net, over other states.
This is a huge problem, about which most of our politicians have been far too complacent.