1/28/2013

More evidence that taxes matter: financial firms fleeing NY for Florida

This fleeing from NYC will be even worse with Obama's tax increases.  If you increase the top Federal rate from, that means that the higher NY take a greater percentage of what is remaining.  From the NY Post:
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. . . . 
“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.” . . . . 
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. . . . 
“In our industry, the people we’re talking about are $1 million-a-year earners. So when you’re talking about tax rates, it’s more meaningful.” . . . .

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