New Yorkers fleeing to Florida taxes

New Yorkers fleeing to Florida taxes

Florida, long turned to «oasis» for retirees New York attracts more and more entrepreneurs and other wealthy residents of the Big Apple.

The reason, experts say, the new tax legislation signed at the end of 2017 President Trump.

New Yorkers fleeing to Florida taxes

We will remind, the new Tax code significantly restricts state and local tax deductions. Florida same — the situation is different: there does not income tax.

«The fear of bankruptcy forces you to think about moving to the sunshine state,» said New York Post the President of the organization for the protection of business New York City Partnership Catherine Wilde.

According to her, many wealthy new Yorkers already own property in Florida and a medical clinic in the Big Apple, such as NYU Langone and Mt. Sinai opened in the southern state branches.

The study of the New York City Partnership showed that the typical family in new York from 4 people with an annual income of $175 thousand will give to taxes about 25%. In Florida, the same family would pay in taxes, only 14%.

«New York taxes rich, and palm beach spreads out in front of them the red carpet — said the head of the business Council of Palm Beach County ToEllie Smallridge. — New Yorkers are tired of the high taxes.»

As told USA.ONE real estate agent from Florida Brenda Myers, in 2017, she sold the house the family moved from new York state. Florida annual household income increased by $30 thousand. «Two things attract people to Florida. The first is climate, the second is the lack of income tax,» said Myers.

In addition to the Florida income tax is also not charged in Nevada, North Dakota, Texas, Washington, new Hampshire and Tennessee. And in Wyoming there is still income tax.