Why do so many wealthy people want to live in a state with a high state income tax? "In 2001 for example Ohio University economist Richard Vedder published research which revealed that between 1990-99, three million Americans voted with their feet – moving out of states that levied income taxes and into states that didn’t."
All those old people ought to start thinking: Let's sell the bank and move to Florida.
People will tell you the other taxes (real estate, sales, etc.) in the no-income tax tates are higher. Well, duh, check the sales and real estate taxes at the Beach!
You're better off in Florida: "It is worth noting that during 2006 and 2007, the seven states with no income tax whatsoever, Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming, led the nation in net population growth."