Breaking News: President Trump is moving!
Don’t worry, he isn’t moving out of the White House just yet.
But when he DOES leave the White House—either in 2020 or 2024— he will be making his Mar-a-Lago resort in Palm Beach, FL, his new home.
Trump tweeted that his family would be making Palm Beach, FL their new permanent residence.
He also tweeted that he was leaving New York because of the fact that he has to “pay millions in city, state and local taxes each year. I have been treated very badly by the political leaders of both the city and state. Few have been treated worse.”
No one should fault Trump for making the move to the Sunshine State. The taxes are much lower and the government is less intrusive than in the Empire State.
Naturally, New York Governor Andrew Cuomo and New York City Mayor Bill de Blasio had to make immature remarks in response, like they were two kids on a playground.
Cuomo said, “Good riddance. It’s not like Trump paid taxes anyway. He’s all yours, Florida.”
(As somebody who lives and works in Florida, I say welcome, Mr. President.)
De Blasio said, “Don’t let the door hit you on the way out or whatever…Our deepest condolences to the good people of Florida as Trump attempts to outrun his past (and near future).”
Geez, I can’t imagine why de Blasio was polling at 0% in the Democratic primary field. He seems like such a nice guy.
Trump isn’t the only New Yorker moving to Florida.
Tax rates in New York and other northern states are outrageous, and many businesses have had enough; they are moving to the Sunshine State in droves.
Florida has a generous tax code, there is no state income tax, and the state has a small corporate tax. The weather and beaches are appealing too.
Fox Business reported, “According to a study from LendingTree, which analyzed IRS data from 2016, Florida is the number one beneficiary from relocations out of all 50 states—by a landslide.”
Florida drew in a net influx of about $17.7 billion in adjusted gross income(AGI)- most of which (72 percent) came from those aged 55 and older. It is consistently one of the most popular destinations for retirees due to affordability and low taxes.
Florida’s 17.7 billion in net AGI dwarfs the remaining 19 states that saw a positive net influx of income—which combined for a total of $19.4 billion.”
The U.S. Census Bureau showed that while Florida received more movers from other states last year, New York’s outflows to the Sunshine State were the highest—67, 772 people. New York had the third-largest outflows of any state, with 452,580 people moving out within the past year.
Individuals earning $650,000 can save more than $69, 700 in taxes per year by moving from New York to Florida.
It is a shame that Trump is moving away from the city he helped rejuvenate. When he started building in Manhattan, New York was in disarray.
He built Trump Tower and other high profile buildings and helped rejuvenate the city.
Now, he has been forced to relocate to another state to live out the golden years of his life.