Yes.. Florida is fine, and the weather is even nice 3-6 months/year depending on your basis of comparison.
But if you are unfathomably rich, it's missing a lot of the culture/arts/schools/dining/tier 1 medical care/things to do of a big blue city like NYC/Bay Area/whatever. It's also culturally a place who already made their money elsewhere go to flaunt it. It's a very different vibe than places people work and grow wealth.
So a lot of the uber rich already have 5 homes, one of which is Florida, and they spend exactly enough days there, creating exactly enough of a paper trail to show Florida is their primary residence.
In practice it may just be adjustments around the edges to where they already spend time. Most only do this if they are childless, the kids are out of the house, or they are extremely divorced.. since it's disruptive to kids being in school.
- they move their official residence and happen to stay most of the time at the "totally just rented" place in the same state anyway
- or keep telling everyone how they're going to move, but don't actually do.
Because let's be honest - if there wasn't a big reason to live where they do, and it wasn't a pain to work from another state, they wouldn't be there to begin with. They're paying the higher taxes because they benefit(ed) in some way.
They also benefit from being famous and threatening to leave.
A number of my friends who belong in these very high upper brackets have suggested to me, more in sorrow than in anger, that if I am reelected they will have to move to some other Nation because of high taxes here. I shall miss them very much but if they go they will soon come back. For a year or two of paying taxes in almost any other country in the world will make them yearn once more for the good old taxes of the U.S.A.
President Franklin D. Roosevelt
Address at Worcester, Massachusetts
October 21, 1936
It's always a bluff like a kid throwing a temper tantrum going to "hold their breath".
They threaten to do this every single time there is an election in NYC. And studies have shown that they are lying. To try and manipulate people. The rich are actually far less likely to move.
Every election you have celebrities and wealthy individuals threaten to leave the country, etc. Nearly none of them follow-through, and of the ones that do, many ultimately move back.
Page left California specifically because of the so-called "Billionaire Tax", and is taking with him his family (which will inherit his vast riches), his philanthropy, his non-profits, many jobs, taxes and more. The effect will be generations of lost benefits to California.
Yeah; there's absolutely no way he could possibly support philanthropic efforts in one state from another. Nope; everyone now loses out because of it!
There is absolutely 0 reason that someone worth $270 billion needs to worry about the 5% tax. The 5% tax will reduce his estimated worth by $13.5B bringing him to a paltry $256.5B.
To put $256.5B in perspective: over two /lifetimes/, he would need to spend around $4.5MM a day to exhaust that number, assuming it did not grow exponentially over that same time.
steveBK123|3 days ago
But if you are unfathomably rich, it's missing a lot of the culture/arts/schools/dining/tier 1 medical care/things to do of a big blue city like NYC/Bay Area/whatever. It's also culturally a place who already made their money elsewhere go to flaunt it. It's a very different vibe than places people work and grow wealth.
So a lot of the uber rich already have 5 homes, one of which is Florida, and they spend exactly enough days there, creating exactly enough of a paper trail to show Florida is their primary residence.
In practice it may just be adjustments around the edges to where they already spend time. Most only do this if they are childless, the kids are out of the house, or they are extremely divorced.. since it's disruptive to kids being in school.
kcplate|3 days ago
My guess is you haven’t spent much time in Miami or Florida. It’s most definitely not just theme parks and beaches.
viraptor|4 days ago
- they move their official residence and happen to stay most of the time at the "totally just rented" place in the same state anyway
- or keep telling everyone how they're going to move, but don't actually do.
Because let's be honest - if there wasn't a big reason to live where they do, and it wasn't a pain to work from another state, they wouldn't be there to begin with. They're paying the higher taxes because they benefit(ed) in some way.
They also benefit from being famous and threatening to leave.
georgemcbay|4 days ago
It isn't unheard of.
Adam Carolla has been threatening to move out of California for like at least a decade at this point.
486sx33|4 days ago
[deleted]
serf|4 days ago
they threaten to move to push legislation which way they want.
burnt-resistor|4 days ago
President Franklin D. Roosevelt
Address at Worcester, Massachusetts
October 21, 1936
It's always a bluff like a kid throwing a temper tantrum going to "hold their breath".
unknown|4 days ago
[deleted]
tkel|4 days ago
[1] https://fiscalpolicy.org/migration
Alupis|4 days ago
Page left California specifically because of the so-called "Billionaire Tax", and is taking with him his family (which will inherit his vast riches), his philanthropy, his non-profits, many jobs, taxes and more. The effect will be generations of lost benefits to California.
garciasn|4 days ago
There is absolutely 0 reason that someone worth $270 billion needs to worry about the 5% tax. The 5% tax will reduce his estimated worth by $13.5B bringing him to a paltry $256.5B.
To put $256.5B in perspective: over two /lifetimes/, he would need to spend around $4.5MM a day to exhaust that number, assuming it did not grow exponentially over that same time.