Residents Flee Rhode Island Death Tax
Posted by Brian Garst on May 8, 2011
Looking at the migration of citizens out of Rhode Island for the Ocean State Policy Research Institute, J. Scott Moody found that the death tax played an instrumental role:
The most significant driver of out-migration is the estate tax, especially considering that the number one
destination state for former Rhode Island residents is Florida, a state with no estate tax (or individual
…The data in this report shows that migrants have become especially sensitive to Rhode Island’s estate tax, or “Death Tax,” that is the 3rd worst in the country. As a result, income out-migration to Florida has dramatically accelerated since the elimination of their estate tax in 2004. Other analysis also shows a negative post-2004 effect on Rhode Island’s capital income (interest, dividends and capital gains) and high-income taxpayers.
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