By Hilary Johnson
For years, wealthy retirees from high-tax states in the Northeast and Midwest have been streaming to sunny, low-tax Florida. That stream is now turning into a flood.
We haven’t had a situation like this in quite a few years,” said Greg Rosica, a tax partner at Ernst & Young LLP.
“We have this impending tax increase, and people are trying to look for ways to hide from that, but they’re not seeing many from the federal perspective. One of the ways they’re looking to do it is changing their state income tax rate,” Mr. Rosica said.
