“Mr. James’s net present value tax savings on his salary are between $6 million and $8 million by living in Miami versus his home town of Akron.” High taxes cause wealth to flee.It's also the reason Rush Limbaugh moved to Florida.
From TaxProf Blog:
While LeBron's departure got extraordinary media attention, it is hardly unique. In the early 1990s, Ohio was the home of 43 Fortune 500 companies. Twenty years later the number is 24. Census Bureau data show that from 2004-2008 Ohio saw a net outmigration of $6 billion of income and some 97,000 taxpayers. Even Ohio's famously liberal Senator, the late Howard Metzenbaum, moved to Florida late in his life to reduce his estate taxes.
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