Florida Looking to Lure More Wealthy Taxpayers
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.
Which Tax Law Is Really Hurting Silicon Valley?
Silicon Valley is known for a lot of things. Some of the world’s greatest technological advances and ideas have come from companies located in the Silicon Valley. Likewise, some of the world’s most innovative and largest companies were born in Silicon Valley and still call it home today. Many people have found great success and…
More Proof the Wealthy Are Paying More Taxes
Depending on whom you ask, the wealthiest Americans either don’t pay enough in taxes and should be forced to pay more, or they pay way too much already and should be given a break. As with most cases, there are three sides to every story: yours, mine, and the truth. According to the Tax Foundation,…
Do You Know How to Stay Wealthy?
Most wealthy people work tirelessly to obtain their wealth and then continue to practice the same principles to maintain that wealth. However, achieving wealth and maintaining wealth over the long haul are two entirely different things. Therefore, it’s important to have the right advance plan in place if you wish to hold onto the wealth…
How Do Profitable Traders Save on Their Taxes?
Stock trading is an up-and-down endeavor and investors can win big, lose it all or maintain an even keel. For those investors that achieve a high level of success and become profitable traders the next trick is to learn how to save on taxes. That can be a completely different game in and of itself.…