A lesson for the climate change denier in no uncertain terms? All things are possible with GOD. True? That too?
President Donald Trump is making his move to Florida official.
His home state of New York may not let him go without a fight.
The president, a native of the Queens borough, tweeted on Thursday night that he and his family will be making Palm Beach, Florida, their permanent residence.
“I cherish New York, and the people of New York, and always will,” Trump tweeted.
“But unfortunately, despite the fact I pay millions of dollars in city, state and local taxes each year, I have been treated very badly by the political leaders of both the city and state,” he wrote.
1600 Pennsylvania Avenue, the White House, is the place I have come to love and will stay for, hopefully, another 5 years as we MAKE AMERICA GREAT AGAIN, but my family and I will be making Palm Beach, Florida, our Permanent Residence. I cherish New York, and the people of.....
The warm weather isn’t the only reason why someone would want to leave New York for the Sunshine State.
Florida doesn’t tax personal income, and it has no estate or inheritance tax.
In New York, the top state income tax rate is 8.82%. Residents of New York City also face top rate of 3.8% on income.
Making the move is even more appealing now that there’s a $10,000 cap on the state and local tax deduction. The limit is a feature of the Tax Cuts and Jobs Act of 2017, the Trump administration’s overhaul of the tax code.
“It’s interesting that he created that limitation and now he wants to leave New York for Florida, where he won’t pay state and local taxes,” said Martin Shenkman, an estate planning attorney in Fort Lee, New Jersey.
However, the president — and any other wealthy New Yorker — should anticipate a fight with the state auditor when it comes to fleeing for more tax-friendly locales.
Read the filing Trump made with the Palm Beach County clerk and comptroller