Modeling a Wealth Tax

Re:Modeling a Wealth Tax by refurb on Tuesday August 18, 2020 @11:27PM (#24206859)

Then how do you explain all the millionaires taking up residency in Florida to avoid NYC taxes? They obviously vote with their feet.

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Re:Modeling a Wealth Tax by culturestate on Wednesday August 19, 2020 @03:48AM (#24208134)

> how do you explain all the millionaires taking up residency in Florida to avoid NYC taxes

They treat Florida residency like a flag of convenience[1]. There are some who legitimately retire or move to Florida for a lifestyle change - not exactly a new phenomenon - and a bunch of young professionals who choose to live in Miami because it's Miami, but for most it's just paperwork.

David Tepper is a great example. He "lives" in Florida and moved Appaloosa to Miami, but Charlotte is now the center of his personal life and he spends almost half of his time there.

1. https://en.wikipedia.org/wiki/Flag_of_convenience

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Re:Modeling a Wealth Tax by rattray on Wednesday August 19, 2020 @07:18AM (#24209205)

This is the exception that proves the rule; even with high taxes and low-tax alternatives reasonably close by, enough millionaires continue to choose NYC that it's among the most likely places you'll find one. Same goes for California.

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Re:Modeling a Wealth Tax by refurb on Wednesday August 19, 2020 @06:39PM (#24217650)

I'm responding to the grandparent comment "They never left.", which is clearly not true.

Saying that some still remain doesn't refute my statement.

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Re:Modeling a Wealth Tax by rattray on Wednesday August 19, 2020 @07:01PM (#24217864)

I think if you saw a headline claiming "The millionaires have left New York" you'd spit out your drink.

Sure, some millionaires have left, but not nearly enough to call it an exodus - "the millionaires" as a class are still there; they never left.

Indeed, according to Forbes, there are more billionaires living in NYC than any other city in the world: https://www.forbes.com/sites/giacomotognini/2020/04/07/world... And according to this cnbc article, the same is true for millionaires: https://www.cnbc.com/2019/01/18/new-york-city-has-more-milli...

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Re:Modeling a Wealth Tax by dragonwriter on Wednesday August 19, 2020 @10:09AM (#24210502)

> Then how do you explain all the millionaires taking up residency in Florida to avoid NYC taxes?

NYC has the highest concentration of millionaires in the world.

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