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The Great Tax Escape
Who remembers the grapes of wrath, the mass migration during the depression. Well the migration is back on yet this time out of California, and this time work is not the cause but taxes and more taxes… and people are sick and tired of their states annual pound of flesh. It the case of NY and CA it’s two pounds of flesh. Now if you put a cup to the wall and listen closely, you’ll hear the opportunity.
For example. Did You know if i lived in NY and moved to Florida and i made 150k per year I’d save 48,695 in taxes. Unbelievable. If I made 200k I’d save over 64K and the numbers just keep getting better the more I make.
Did you know, if you moved to a state with no state income tax and you earned $100,000 a year, you’ll automatically save about $10,000 bucks just by setting up shop in another state. Multiply this by 20 years, and bake in a 4% annual return, you’ll come out with $310,000 more in the bank!
Even 10 years provides you with about $125,000. Hell that’s enough money to buy you a 2022 Porsche 911. I mean.. Almost new
Other no-tax states
Did you know that seven states have no state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming? Two others, New Hampshire and Tennessee, tax only dividend and interest income. Alaskan residents even get an annual oil credit. They actually pay you…. Its Alaska but still!
I’ve know people who left northern California. Made the 3 hour drive over the Sierra Mountains and posted up shop outside of Reno or Carson City and saved enough money in taxes to buy the house. It’s like…. Move to Nevada and we’ll throw in a home free of charge. At this point why wouldn’t you! And you have 7 states to choose from. Here’s the point…
Be strategic with your marketing & referral network
Loan Officers, if you are in the business of getting licensed in other states… and especially if you boarder these states… and in this order; 1st Florida, 2nd Nevada, then Texas, Washington, S.Dakota, Wyoming and then Alaska. Probably don’t worry about the last 3….
Realtors, you if you live in these states, you need to have a major outreach program to surrounding states agents to set up a referral network… you should time-block at minimum 1 hour per week for the foreseeable future and make this a marketing priority.
People are moving to tax friendly states in droves. Did you know CA and NY combined lost 90B in taxes due to migrations out of their states by biz’s and people who are sick of record and historically high taxes. COVID has just hastened the migration, and a smart agent and lender would recognize the trend and plan accordingly.
Yeah, The income losses for California and New York in 2021 were more than three-times their combined losses in 2019; before the pandemic took hold in the U.S. and is growing. Abrilliant Realtor and LO would work it together.
