Palm Beach Market Trend…according to the Palm Beach Daily News and The New York Times just about everyone living in the Northeast, Chicago, California and other high tax states is relocating to Palm Beach and Miami.
Why are high net worth individuals, like David Tepper, Ken Griffin, Paul Tudor Jones, Kenneth Tropin, Paul Edgerley along with many of your colleagues, friends and neighbors relocating to South Florida other than the fabulous weather? It’s simple… Wealth Preservation. According to April 30, 2016 article in the New York Times “One Top Taxpayer Moved, and New Jersey Shuddered” by Robert Frank (highlights below), New Jersey’s wealthiest resident reportedly “shifted his personal and business domicile to Florida”.
Hedge-fund billionaire David Tepper declared himself a resident of Florida after living for over 20 years in New Jersey. He later moved the official headquarters of his hedge fund, Appaloosa Management, to Miami. Several New Jersey lawmakers cited his relocation as proof that the state’s tax rates, up from 6.37 percent in 1996, are chasing away the rich. Florida has no personal income tax or inheritance tax. “If you’re making hundreds of millions of dollars and you’re paying close to 10 percent to the state of New Jersey, you do the math,” said Jon Bramnick, the Republican leader in the New Jersey Assembly. “You can save millions a year by moving to Florida. How can you blame him?”
In New York, California, Connecticut, Maryland and New Jersey the top 1 percent pay a third or more of total income taxes. Some academic research shows that high taxes are chasing the rich to lower-tax states, and anecdotes of tax-fleeing billionaires abound. Millionaires and billionaires who move from the high-tax states in the Northeast to Florida, for instance, may be drawn by the sunshine, lifestyle and retirement culture, in addition to lower taxes.
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