Under New Tax Bill, Wealthy New Yorkers Would be Better Off in Florida

December 21, 2017

According to an analysis performed by the Partnership for New York City, most New York City residents will see a far fewer benefits from the tax overhaul than their counterparts in Florida. The Partnership, which represents some of the city’s most prominent businesses, stated the difference is particularly stark for the state's highest earners.

Under the revised tax bill, the virtual repeal of state and local tax deductions means New York taxpayers will save little or nothing, despite a small cut in the top federal rate. The City’s millionaire earners, in particular, could be paying tens or even hundreds of thousands of dollars more in combined federal, state and local taxes next year.

The tax bill will effectively widen the cost of living and working in New York, especially when compared to low- or no-tax states, such as Florida. This difference could see the state's weathy residents lured away to greener pastures.

Source: NY Post


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