Bailing
From the
New York Daily Post:
�Wall St.� flees NY for tax-free Fla.
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.�
And the tax in question?
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.
Quite the bite -- commercial office space is a lot cheaper too. No reason that Miami couldn't become the replacement for Wall Street.
Posted by DaveH at January 28, 2013 5:25 PM