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The exodus of the ultra-rich to tax havens like Texas and Florida is accelerating — but people may still end up paying more tax than you’d expect

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People have been fleeing high-tax states like New York and California during the pandemic, leading to reports of an “exodus” to Florida and Texas — but people moving to avoid paying rates need to watch out for other surprise taxes, a tax advisor has said.

Though Florida and Texas have no personal-income tax, they still have to generate state revenue – so they hike up other types of tax, Alan Goldenberg, a tax principal at Anchin specializing in state and local tax, told Insider.

And even if you move to a low-tax state, you’ll still have details ⇒

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