Wealthy Americans who live in New York, San Francisco or Chicago can save thousands by relocating to Austin, which has lower and a cheaper cost of living.
Fox News contributor Jonas Max Ferris and Quill Intelligence CEO Danielle DiMartino Booth discuss the population exodus from Democrat states to GOP states over taxes, cost of living and crime, on 'Cavuto Live.'lower taxesFinancial information provider SmartAsset analyzed the amount of money people with six-figure salaries in New York, San Francisco and Chicago could save if they were to relocate to the Texas capital.
A Manhattan resident earning $650,000 would save as much as $258,212 in Austin, the findings show. Wealthy New Yorkers pay some of the steepest taxes in the nation, facing a combined 45% effective rate when accounting for federal, state and local levies. That effective rate drops to about 35% in Texas, which does not have a statewide income tax.
That same New Yorker who makes about $150,000 would also see the value of their pay increase, saving about $64,811 annually.
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