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As wealthy individuals change residency to lower tax jurisdictions, and major finance companies move non-business development personnel to outside of NYS, the socialists running NYS and NYC will progressively become less and less able to balance the budget. Or maybe they think that the $15/hr jobs can fill the void left by departing millionaires and Wall Street employees. LOL
FWIW there is a LONG list of athletes and the rich that have moved to FL from high-tax states using various excuses so as not to hurt their brand. Tiger Woods, Venus and Serena (at least one of them) and many many others.
When you make 50mil a year, going from CA to FL is millions of dollars a year in tax savings.
And other benefits too. And supposedly whether a person actually resides in FL is not a factor. So don't get too happy NY.
Best decision he could make! Welcome to Florida! NY politicians may be hateful in their farewell words, but in the end there is a lot of money leaving the State.
When Trump leaves, even if the family will shop and buy stuff in NY they easily can have it shipped to Florida and avoid paying sales tax in NY as we do. We buy at Bloomingdales and have them ship it to Florida and pay the same amount of sales tax as Florida!
When they tax you up your eye balls, you have to be smart and think about what is best for you and your family!
So many of my family members and friends are planning or already have left NY!
While living in Texas, I bought a new car in Florida, and I paid cash.
Texas has a 6.25 base sales tax rate, and local jurisdictions can charge up to an additional 2%. My area charges the additional 2%.
The dealership charged me 8.25% sales tax on the car.
When I went to register the car in Texas, the clerk told me that the dealership had overcharged me. That the sales tax for vehicles is restricted to the 6.25% minimum statewide (no local add ons) in Texas. This makes sense, as allowing the local add on would favor dealerships in areas that don't have any local add on and might prompt some people to try to obfuscate their personal location to save 2%.
In the mail, literally the night of the same day the clerk told me I had been overcharged, I received a check for a number of hundreds of dollars from the dealership. I don't know if their accounting department caught what the sales department was trying to pull, or if some government agency in Florida instructed them to do it.
The base sales tax in Florida is 6%, and then there are widely varying local amounts in various areas and, IIRC, differing amounts for various big ticket items in various locations, and various cutoffs where the local amount only applies above the cutoff. The percentage that the dealership applied when issuing the refund was the odd amount that resulted from applying all the local and state rules in Florida simultaneously. The effective rate ended up being just a tiny smidge over the flat 6.25% Texas rate that they should have charged me. The difference, IIRC, ended up being under $20 or $30....not worth the phone calls and having to think about it/possibly having to follow up on it, so I just cashed the check.
But here is the heart of the problem. Yes the cities are a joke, the politicians have done little to nothing, but there are a lot of people there - some of them good people, many of them deadbeats -- and they all have a vote. It's going to be tough for republican candidates, be it Trump or anyone else, to win the popular vote for quite a while, IMO.
NEWSFLASH: African Americans aren't going to wait in line to vote for Joe Crime Bill Biden.
And? Most successful people with money are leaving NY for more business-friendly, lower tax states.
Most?
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