January 28, 2013

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 05:25 PM
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