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‘Wall St.’ flees NY for tax-free Fla.

Home - by - January 29, 2013 - 14:43 America/New_York - 10 Comments


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.

more here


  1. thirdtwin

    January 29th, 2013

    Good luck with that. Rush says he gets audited by NY every year, and he fled to FL long ago.

    Thumb up +4

  2. 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.

    Thumb up +6

  3. jeckelmyhyde

    January 29th, 2013

    I now reside in back in Texas due to Ohio having higher taxes and more regulations.

    Thumb up +4

  4. Tim

    January 29th, 2013

    Wonder why it took em so long to figure that out?

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  5. 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.

    Thumb up +4

  6. serfer62

    January 29th, 2013

    Money people to FL
    Gun people to TX

    BUT leave NY!!!!!

    Thumb up +5

  7. 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.

    Thumb up +3

  8. 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.

    Thumb up +2

  9. Boobie the Rocket Dog

    January 29th, 2013

    Exception: I like a good bagel. BUT THAT’S IT!

    Thumb up +1

  10. Nora Stritzke

    February 8th, 2013

    Je suis ravi d’etre passé par ici. tres bonne discussion….

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