Rich New Yorkers are thinking about fleeing the Big Apple and moving to states like Florida and Texas where they’ll get to keep about 15 percent more of their take-home pay, NYC Partnership President Kathy Wylde warned Sunday.
“If you’re in a high tax bracket in New York City paying city, state and federal taxes, if you move to Florida there are no state or city income taxes. So right away your take-home pay goes up as much as 14% or 15%,” she said.
Read more at NY POST.
With the exception of a few long term California homeowners who benefit from the “Welcome, Stranger!” provisions of Proposition 13, my New York City property tax rates are lower than anyone I know in the US and lower than just about anywhere I can find in any urban or suburban area. Yes, Florida has no individual income tax, but sales taxes are almost as high and property tax rates are much, much higher. And in parts of the state you can’t get anywhere without paying tolls. Florida also has a corporate income tax and significant business taxes as well.
Florida is also flat, hot, and humid! 😉
But if rich folks want to flee, it will ease some of the pressure on housing prices. New York City is the fastest growing city in the US and will likely continue to grow in the future.
and it will also free up some parking spaces….
@Charlie You are missing the point! Obviously you are not rich and not paying much in income tax (and possibly on welfare), but to the rich it is a difference between 30K in property tax and millions in State and City income tax. Simple choice. They are not moving their business, so they don’t care about corporate tax.
You should also remember, with every rich person leaving, YOUR tax portion will have to go UP!
Fake news. The rich are always complaining that their taxes are too low. Just ask Buffet, Bloomberg, Zuckerberg, Clinton, Cuban, Obama, Gore, etc… They’re always kvetching that their secretaries pay more taxes than them.
What, liberals only want US to pay hire taxes but not them?
south carolina (where i live) super cheap. just saying…
flat, hot and humid is alot better than cold, windy and dirty
Well maybe I am not rich so my taxes are insanely high. If I wasn’t frum I would move out of NY in a heart beat. My kids are too big to relocate without causing them difficulty.
I live in Sunny (it was 103 and dry today – no humidity) Los Angeles, California. My property tax on a 2 million + Dollar home is just under $6,000 per year because of proposition 13. We have 13 Kollelim in the area. I could walk to at least 30 shuls from my house within 5 minutes. (La Brea/Beverly area) In the Pico/Robertson area there are at least twice as many shuls within a half mile radius. BUT, I’m jealous about one thing that New York has: Moishes Grocery Store. I read their ads every week in the Jewish Press and cringe! Why are the exact same groceries 3 to 4 times as much in L.A.??? I just paid $29.00 a pound for Pupa shmurah matzos! $16.95 for a Gefen 7 ounce, Kusher for Pesach Taster’s Choice Coffee. Etc. Etc. We’re being ripped off!!!