Florida Looking to Lure More Wealthy Taxpayers

Florida,Fl,Money,Map,Cash,Economy,Dollars,3d,Illustration

The reports regarding many of the nation’s wealthy packing up and moving to different states in order to avoid the high taxes where they currently reside continue to mount. According to one such report, David Tepper, the president of Appaloosa Management L.P., who is the wealthiest resident of New Jersey, is in fact no longer a resident of New Jersey.

Mr. Teppert reportedly registered to vote in Florida last year and then later in December, he took the necessary legal measures to become a resident of state, thus leaving New Jersey in the dust. Then, in January of this year he followed his own move with a business reorganization that also moved his company to Florida. So, why Florida? The state does not have any income or estate taxes.

While those who know him said taxes where not Mr. Teppert’s only motive for the move, his decision could save him hundred of millions in tax dollars. Florida is fast becoming a relocation haven for many of the nation’s wealthiest individuals and state officials recognize the opportunity and are seizing it.

The state has been actively trying to lure many of the wealthiest individuals that currently live in the Northeast, in places like New York, New Jersey, Connecticut and Massachusetts. It appears those efforts are working, as Mr. Teppert is not the only billionaire to make the transition to Florida in the last few years. From 2012 to 2014 the number of firms that run private pooled vehicles, like hedge funds for example, increased in the state from 37 to 62.

It appears that the sunny weather isn’t the only draw to Florida for many of the country’s wealthiest taxpayers.

Posted in
income tax

U.S. Income Tax Issues for Resident & Nonresident Aliens

U.S. Income Tax Issues for Resident & Nonresident Aliens Part 2: United States Tax Laws – A Perspective for Foreign Companies and Individuals Doing Business or Living in the United States Determining U.S. residency status There are two basic tests to determine the U.S. residency of alien individuals: the green card test, and the substantial…

Appendices

Appendices United States Tax Laws – A Perspective for Foreign Companies and Individuals Doing Business or Living in the United States Appendices Flowchart for determining residency status Copies of forms 1001, 1040, 1040NR, 1042, 1042S, 5471, 5472, 8300 and TD F 90-22.1 Appendix 2 Forms 1001- Ownership, Exemption, or Reduced Rate Certificate 1040 US Individual…

SELF EMPLOYED REFINANCING PROBLEMS – WHAT CAN BUSINESS OWNERS EXPECT?

Self Employed Refinancing Problems – What Can Business Owners Expect?

Self Employed Refinancing Problems – What Can Business Owners Expect? By Tristan Hunt Self Employed Borrowers at Greatest Risk of Foreclosure It’s a hot topic. Millions of self-employed borrowers who purchased or refinanced a home in the past 5 years under liberal “stated income” or “no documentation” mortgage programs are finding they cannot qualify to…

The importance of life insurance in estate planning

The Importance of Life Insurance in Estate Planning

Life Insurance for Estate Planning As part of the estate planning process, you may talk to any number of advisors—from lawyers, accountants and trust officers, to financial and retirement planners. These advisors often provide not only valuable services, but also may be in the business of selling investments, annuities and insurance. You will need to…