New Yorkers have reason to flee to Florida in droves – way in advance of any retirement plans. This is due to the raising of NY taxes on the rich. Some wealthy (and even not so wealthy) New Yorkers are simply changing their residence to Florida to avoid State level personal income taxes. New York has had to fill in budget gaps, at the expense of the rich. This might produce a short term fix, but those who leave New York are not likely to return – especially when they get used to not having to shovel the snow off their driveways and can play sports outdoors twelve months a year! Additionally, saving 5 to 7%+ on State income taxes is a big incentive as well!
Read the full story on the Miami Herald website: http://www.miamiherald.com/business/story/1257147.html