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Wealthy New Yorkers are ditching city’s high taxes for Miami

Wealthy New Yorkers are ditching city’s high taxes for Miami

Call it fight and flight. Affluent New Yorkers, financially distressed by recent changes to the nation’s tax laws, are bucking the Big Apple’s high costs and heading for an economic paradise : Florida’s Miami-Dade County area. The famed resort is luring the disgruntled urbanites with the prospect of a considerable annual tax and cost-of-living savings of between $20,000 and $120,000 for high earners.

“After cautious idea and thought, I’ve formally chosen to leave the Big Apple to move to the genuine my indisputable favorite: Downtown Doral in Florida,” expresses the standard letter on the Unhappy New Yorkers site of Downtown Doral.

The government Tax Cuts and Jobs Act marked into law in late 2017 carried with it major developments that restricted derivations on state and nearby charges — with citizens especially hard hit in New York, New Jersey and Connecticut, which are among the states with the most elevated pay and property charges.

As per US Census Bureau information, Florida had the most noteworthy number of migrants from different states, with New York contributing the most with 63,722 individuals as of half of the year in July 2018.

 

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