So long New York, sayonara New Jersey!??Many residents of high tax states are getting out.??This according to Fox Business.??A United Van Lines Movers Study showed that last year more Americans left high tax states than moved there.??In New York, 61.5% of moves were outbound.??The average individual pays 13% of income for taxes.??New Jersey, where the total tax burden is 9.86% of income, saw 67% of movers leaving.??62% of moves from Connecticut were outbound.??The average individual there pays 9.7% of income to state and local taxes.??Certified financial planner Benjamin Sullivan tells The Street that moving from a higher tax state to a more lenient one doesn’t guarantee you will escape your original state’s taxes entirely.??Unless you move at the very beginning or end of the year you will need to track how many days you lived in each place to figure out how to handle your nonresident or part-year resident returns for the year of your move.??So be sure you do your research before you just pack up and go.??
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