Trump's hometown leads the nation in wealth migration gain: IRS data

Key Points:

• Palm Beach County, Florida, President Donald Trump's hometown, led the nation by attracting over $3 billion in taxable income from households migrating from other states, making it the biggest winner in the race for wealth and prosperity.
• Neighboring Collier County also saw significant gains, with a net increase of approximately $2.25 billion in adjusted gross income driven largely by newcomers from outside Florida.
• In contrast, major metropolitan counties like Los Angeles, Queens, the Bronx, Orange County, and Suffolk County experienced substantial losses in taxpayers and taxable income, reflecting an ongoing outflow from large coastal population centers.
• Manhattan uniquely recorded the largest net gain in tax filers but lost about $922 million in taxable income, indicating that incoming residents generally earned less than those who left.
• These migration trends highlight a broader economic shift favoring lower-tax Sun Belt states like Florida, which benefit from the influx of high-income households, while states like New York face declining taxable income despite population growth.