{"id":52667,"date":"2023-11-13T10:11:08","date_gmt":"2023-11-13T15:11:08","guid":{"rendered":"https:\/\/www.rightwinggranny.com\/?p=52667"},"modified":"2023-11-13T10:11:08","modified_gmt":"2023-11-13T15:11:08","slug":"people-vote-with-their-feet-2","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=52667","title":{"rendered":"People Vote With Their Feet"},"content":{"rendered":"

On Saturday, The New York Post<\/a> reported that in the past four years, ten billionaires have changed their residences from New York to Florida.<\/p>\n

The article reports:<\/p>\n

New York has lost 10 billionaires in the last four years \u2014 three of whom fled to Florida \u2014 leaving tax coffers lighter by tens of millions of dollars annually.<\/strong><\/p>\n

This year 62 New York-based billionaires appeared on the Forbes 400 list of the wealthiest Americans, compared to 72 in 2019 and 65 last year.\u00a0<\/strong><\/p>\n

Investor and Washington Commanders owner\u00a0Josh Harris<\/a>, whose net worth was valued at $5.7 billion last year, has grown his fortune to $6.9 billion \u2014 but he packed his bags for Florida.<\/strong><\/p>\n

Other billionaires who have relocated from Gotham to the Sunshine State in the last four years include\u00a0hedge funder Daniel Och<\/a>\u00a0\u2014 whose net worth now stands at $3.6 billion \u2014 and\u00a0investor Carl Icahn<\/a>, who\u2019s worth $6.9 billion.\u00a0<\/strong><\/p>\n

\u201cYou have this incredibly high rate imposed on all of the income of the highest earners [in New York], and living just about anywhere else will substantially reduce your tax burden.\u00a0Going to Florida<\/a>\u00a0will obviously eliminate your individual tax burden, and many of these billionaires clearly have that flexibility,\u201d the National Tax Foundation\u2019s vice president, Jared Walczak, explained.<\/strong><\/p>\n

The article notes:<\/p>\n

New York relies on the top 1% of taxpayers to pay for 42% of its tax receipts, and billionaires\u2019 incomes are taxed at the state\u2019s highest rate \u2014 a staggering 14.8%, according to Walczak.<\/strong><\/p>\n

Although it\u2019s impossible to quantify the exact loss in state taxes from billionaires\u2019 fleeing without access to private income documents, \u201cIf you had someone who was earning $100 million [a year] in New York suddenly move to Florida, that\u2019s something like a $11 million-a-year hit per year recurring to the state,\u201d said Ken Girardin, the research director for the Albany-based think tank, Empire Center for Public Policy.<\/strong><\/p>\n

Even with the tax accountants and tax lawyers that billionaires can afford to hire, eventually they reach the point where it is not worth it to stay in a state that takes more money from them then the Medieval Lords took from the peasants. I just hope that when the leave New York, they leave their big spending government ideas behind.<\/p>\n","protected":false},"excerpt":{"rendered":"

On Saturday, The New York Post reported that in the past four years, ten billionaires have changed their residences from New York to Florida. The article reports: New York has lost 10 billionaires in the last four years \u2014 three … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[12722,140,792,657,437,8321],"class_list":["post-52667","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-billionaires","tag-florida","tag-new-york","tag-new-york-post","tag-taxes","tag-the-new-york-post"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/52667","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52667"}],"version-history":[{"count":1,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/52667\/revisions"}],"predecessor-version":[{"id":52668,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/52667\/revisions\/52668"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52667"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}