How funny would it be, and how suicidally maddening to the likes of Bloomberg and Schumer if this trend continues, proving all along that Rush Limbaugh was right AND ahead of the crowd!
In today’s society people who invest and make big deals don’t have to actually live there.
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.
And Florida residents lost 3.31 percent of their income in total taxes, versus New Yorkers, who pay just over 5 percent, according to the National Tax Foundation’s latest report, which used 2009 Census figures.
That’s a substantial difference in bottom line for those who stand to make millions of dollars a year in income.
Also, commercial property values are much cheaper in Florida, and New York City will likely become even less friendly to businesses when Mayor Bloomberg leaves office next year, hedge-fund executives said.
“You weigh all of the benefits for being here to those in New York, and they outweigh them every time,” said Evan Rapoport, CEO of HedgeCo.net, which is expanding its presence in Palm Beach County.
“This fiscal-cliff issue, with tax rates continuing to go up. We’re seeing where we’re going with taxes,” he said.
“In our industry, the people we’re talking about are $1 million-a-year earners. So when you’re talking about tax rates, it’s more meaningful.”
“Then,” he said, echoing Hecksher, “there’s the lifestyle issue.”
The demand is so high that officials in Palm Beach County have set up an entire office to answer questions from city hedge-funders looking to relocate.
Listen, if Rick Scott is smart he’ll jump all over this. Florida is no longer a backwater vacation spot, we have great airports linked to the entire world, high speed highways (unlike gridlock New York), good weather, solid infrastructure, and a large and reasonably priced workforce. (Again, unlike New York- a union state)
So what is the downside? Well you won’t have Bloomberg telling you what to eat or how to live. You won’t have to turn on the television, see Schumer, and have to say “that guys represents me.”
Nope, nothing like that. Instead, you’ll golf every day, boat, fish, camp, hike, ride your bike without fear of a mugging and on and on.
I imagine Schumer will try to pass a “you can’t leave with your money or I’m going to hold my breath till I turn blue” exit tax. As he does think he owns your cash…until you cross that state border for the last time.
All I ask from you is your leave the New York liberal mindset behind. It is what got you into this mess and it will screw up our state if you don’t change. If you find yourself unable to adjust I suggest you look at someplace else, like New Jersey.