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‘Wall St.’ flees NY for tax-free Fla.
NYPOST
The city’s hedge-fund executives are flying south — and it’s not for vacation.
An increasing number of financial firms, especially private equity and hedge funds, are fed up with New York’s sky-high city and state tax rates and are relocating to the business-friendly climate in Florida’s Palm Beach County.
And they’re being welcomed with open arms — officials in Palm Beach recently opened an entire office dedicated to luring finance hot shots down south.
“Florida is a state of choice,” said Thalius Hecksher, global development chief for Apex Fund Services, who moved many of his operations to Palm Beach. “It’s organically grown. There’s no need to drag people down here. It’s a zero-income-tax jurisdiction.”
There are other perks, too — like the fact that it was 77 degrees and sunny there yesterday.
“And the lifestyle!” Hecksher added.
Federal tax rates are the same in Florida and New York.
But there’s no state income tax in the Sunshine State. Compare that to New York, where the state and local governments took $14.71 of every $100 earned in 2010, according to state records.
The only state with a higher rate is Alaska.
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thirdtwin
January 29th, 2013
Good luck with that. Rush says he gets audited by NY every year, and he fled to FL long ago.
Stranded in Sonoma
January 29th, 2013
@thirdtwin –
1 — Still love the Gravatar! P-38′s rule!
2 — Rush works in NY so he has incurred some type of income that is taxable.
3 — Solution: Repeal the 16th amendment and pass the FairTax.
jeckelmyhyde
January 29th, 2013
I now reside in back in Texas due to Ohio having higher taxes and more regulations.
Tim
January 29th, 2013
Wonder why it took em so long to figure that out?
thirdtwin
January 29th, 2013
Stranded, AFAIK, Rush cut ties with NY long ago,at least in any way that would seriously bleed him for taxes. So a tax filing every year is to be expected. But an audit every year? That is just petty harassment which undoubtedly costs the state more than they suck out of Rush. And yes repeal the 16th or implement Fair Tax.
If you can find it, read “Fork Tailed Devil” (GabelSchwanzTeufel is what German pilots called it) by Martin Caidin. The P38 has a very interesting history.
serfer62
January 29th, 2013
Money people to FL
Gun people to TX
BUT leave NY!!!!!
Stranded in Sonoma
January 29th, 2013
@thirdtwin — I have a copy of Fork Tailed Devil and Everything But The Flak, also by Caidin. Great stuff.
Boobie the Rocket Dog
January 29th, 2013
Hell, half of NYC floods Palm Beach County every year. So what’s new? They bring their liberal SHIT down here and the result is (ta-daa) the Palm Beach Democratic Club, which controls every fuc_ing election.
I have no use for New Yorker expats. NONE.
Boobie the Rocket Dog
January 29th, 2013
Exception: I like a good bagel. BUT THAT’S IT!
Nora Stritzke
February 8th, 2013
Je suis ravi d’etre passé par ici. tres bonne discussion….