Scott Durkin: Wealthy are migrating to states like Florida, Texas because taxes

Scott Durkin, CEO and president at Douglas Elliman, joins "Squawk Box" to discuss what's in store for the real estate market in 2020.

If you’re living in the northeastern part of the country, chances are that you’re paying some hefty income taxes.

New Yorkers paid the most in state income levies — $2,249 per capita during the 2017 fiscal year, according to the Tax Foundation.

Connecticut followed in second place with $2,218, while Massachusetts came in third with $2,146.

In all, seven states don’t tax individual income: Alaska, Florida, Nevada, South Dakota, Texas, Washington state and Wyoming.

Residents in Tennessee and New Hampshire don’t face taxes on wages, but income from interest and dividends is subject to a levy.



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