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Old 09-26-2011, 10:11 AM
 
7 posts, read 16,362 times
Reputation: 18

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I've literally spent over a year narrowing down places to relocate, and found that by making Palm Beach my permanent residence, I will save an incredible amount, and enjoy the best.

First, Florida does not punish anyone with an income tax. I currently reside in NY and Scottsdale, AZ. In NY, motivated earners (over $1M annually) are punished with an 8.97% tax rate. If you reside in NYC, add an 8% city income tax as well. Including the Federal rate on ordinary income of 35%, the medicaid or medicare punishment of 2.97%, your total liability is about 53% or $530,000 per million.

In AZ, they punish you with a 4.54% income tax rate. Also, in AZ luxury car owner's are punished with higher registration fees. Just to renew my 06 Lamborghini Gallardo was about $2,400, my 04 was about $1,800, etc etc. I plan on purchasing the new LP-700 Aventador, but will wait until I'm in Palm Beach because AZ wants to punish me with an 8.95% sales tax and nearly $25,000 in plate taxes. Florida has a fair flat fee for everyone in regards to car registrations.

My move to FL is going to save me about $170,000 per million on ordinary income vs NY. I'm going to save tens of thousands in car registrations, etc. Also, auto insurance is much less than Scottsdale and Manhattan, and property taxes are literally about 1/5 of what I'd expect for a similar valued property in NY.

I strongly suggest that anyone not stuck in a non-competitive state (those with a business they can't relocate) to look at SE FL. No other area is competing for winners like Palm Beach, except South Dakota but who the hell would go there...
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Old 09-27-2011, 08:52 AM
 
20 posts, read 32,746 times
Reputation: 25
Interesting factual comparison, thanks. PB is a huge county... there are all kinds down here.
Quote:
Originally Posted by PalmBeachQuestions View Post
I've literally spent over a year narrowing down places to relocate, and found that by making Palm Beach my permanent residence, I will save an incredible amount, and enjoy the best.

First, Florida does not punish anyone with an income tax. I currently reside in NY and Scottsdale, AZ. In NY, motivated earners (over $1M annually) are punished with an 8.97% tax rate. If you reside in NYC, add an 8% city income tax as well. Including the Federal rate on ordinary income of 35%, the medicaid or medicare punishment of 2.97%, your total liability is about 53% or $530,000 per million.

In AZ, they punish you with a 4.54% income tax rate. Also, in AZ luxury car owner's are punished with higher registration fees. Just to renew my 06 Lamborghini Gallardo was about $2,400, my 04 was about $1,800, etc etc. I plan on purchasing the new LP-700 Aventador, but will wait until I'm in Palm Beach because AZ wants to punish me with an 8.95% sales tax and nearly $25,000 in plate taxes. Florida has a fair flat fee for everyone in regards to car registrations.

My move to FL is going to save me about $170,000 per million on ordinary income vs NY. I'm going to save tens of thousands in car registrations, etc. Also, auto insurance is much less than Scottsdale and Manhattan, and property taxes are literally about 1/5 of what I'd expect for a similar valued property in NY.

I strongly suggest that anyone not stuck in a non-competitive state (those with a business they can't relocate) to look at SE FL. No other area is competing for winners like Palm Beach, except South Dakota but who the hell would go there...
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Old 09-27-2011, 09:48 AM
 
1,070 posts, read 2,387,404 times
Reputation: 605
I was under the impression that the OP was speaking about Palm Beach the city, not Palm Beach the county.
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Old 09-27-2011, 10:38 AM
 
7 posts, read 16,362 times
Reputation: 18
Quote:
Originally Posted by ssclulow View Post
I was under the impression that the OP was speaking about Palm Beach the city, not Palm Beach the county.
Yes, Palm Beach proper..
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Old 09-27-2011, 10:53 AM
 
13,773 posts, read 33,906,848 times
Reputation: 10561
Be civil, no personal attacks, flaming, or insults. We may attack ideas (politely) but we do not attack the speaker of the idea. Be careful with your words, there is a point where being direct crosses a line into blunt, in-your-face hostility. Please, report bad posts instead of engaging in flame wars on the boards. Insulting another member or a moderator will not be tolerated anywhere on this website. This includes Direct Messages and Reputation Comments.

If you disagree with something, say so, but explain WHY.

Stay on topic. Attempts to hi-jack threads by switching topics or going off topic will be deleted and infractions issued. This is not a chat room - when people hi-jack threads by posting messages that are of interest to only few people, the threads often stop being useful discussions of initial topics.
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Old 09-27-2011, 10:56 AM
 
17,297 posts, read 25,699,152 times
Reputation: 8567
Well, I welcome anyone who wants to move to Palm Beach!

In fact, I always thought that wealthy who split time seasonally in Palm Beach and other places don't actively move or open satellite offices/headquarters of their businesses to West Palm/Palm Beach. Given the tax incentives for business as well, you'd think it would make sense, and help the economy in the area.
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Old 09-27-2011, 11:07 AM
 
7 posts, read 16,362 times
Reputation: 18
Yes, Florida will see a huge gain in companies relocating. It's already happening, although the average person doesn't realize this thanks to the Main St media.

Blue collar workers are still feeling the much needed housing correction, but that's changing for the positive every day.

I know countless people in the upper mid-west, especially Minnesota and the Northeast that are fleeing or planning to flee for FL, TX, NV, etc.

Every time a high tax blue state passes more regulation or increases taxes it benefits states like FL. I've spent some time in Newport Beach, CA so I casually read the online version of the OC Register. I love how that paper always posts about companies fleeing high regulation - high tax CA, and where they're going. 99% of the time they leave for NV, AZ, TX, and FL.
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Old 09-27-2011, 02:49 PM
 
4,995 posts, read 7,310,666 times
Reputation: 7992
South Florida in particular lacks a lot of high paying good corporate jobs dude. It has a lot of low-paying service sector jobs and things of that nature. Also, south florida is one of the most uneducated places in America. What I mean by that is it has a low percentage of it's population having a bachelor's degree or more.

I mean, it's an OK place to live, but there are better places to live.
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Old 09-27-2011, 02:56 PM
 
623 posts, read 1,106,150 times
Reputation: 143
Quote:
Originally Posted by OptimusPrime69 View Post
South Florida in particular lacks a lot of high paying good corporate jobs dude. It has a lot of low-paying service sector jobs and things of that nature. Also, south florida is one of the most uneducated places in America. What I mean by that is it has a low percentage of it's population having a bachelor's degree or more.

I mean, it's an OK place to live, but there are better places to live.

Like?
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Old 09-27-2011, 04:26 PM
 
Location: Blue Ridge Mountains
1,827 posts, read 2,616,901 times
Reputation: 2887
Tax wise Fl has many advantages but lifestyle wise, imo...it has 1 big disadvantage....the HEAT. Personally, I couldn't deal w/ it! I'm older...lol, I'm retired....I LOVE 4 seasons!!!! ENJOY!
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