Posted on 07/07/2023 11:44:08 AM PDT by nickcarraway
Over the last year, a record number of people have moved to Florida. Specifically, in 2022 over 400,000 people migrated to the sunshine state.
And statistics show that more high earners moved to Florida between 2019-2020 than any other state.
Moreover, a recent study indicated that someone who earns in the high six figures and then moves to Florida from cities like New York City and San Francisco could save as much as $200,000 per year in taxes.
However, one millionaire is swimming against the tide of this trend. He decided to move from Florida, (typically thought of as a low-tax state due to not having a state income tax,) to California, (which has state income taxes as high as 12%.)
Who is David Nixon and What is His History in Florida?: David Nixon leads a genomics company and is a member of the Patriotic Millionaires, who, according to the group's website, are a group of high earners that have opposed tax cuts for the wealthy. In other words, these are millionaires who want to be taxed more.
SubmitSubmit The group has published a book entitled "Tax the Rich: How Lies, Loopholes, and Lobbyists Make the Rich Even Richer."
Nixon previously lived in Florida's St. Pete Beach but decided to follow the Patriotic Millionaires philosophy and move to a state that places higher taxes on the wealthy - California.
What David Nixon Believes that California Offers that Florida Does Not: In an Op-Ed published in Fortune Magazine, Nixon disputes the assumption that wealthy residents wish to leave highly taxed states for states with lower taxes.
Specifically, Nixon points to data from a Cornell Professor indicating that only 0.3% of millionaires move to lower-tax states.
Nixon stressed that high-tax states can keep millionaires in their states by offering a "better quality of life," which he feels many low-tax states do not offer.
Nixon told Fortune:
"While I might be paying a bit more in taxes in California, I like to think that what I’m getting in return for it–cleaner air and water, better schools, better parks, better hospitals–is more than worth it. In fact, I’m wealthy enough that I really won’t even feel the extra squeeze on Tax Day in any noticeable way." Differing Opinions: While Nixon finds California more desirable than Florida, other wealthy business owners have different opinions.
Many business owners have moved their headquarters from other states to Florida - so much so that West Palm Beach is currently called "Wall Street South" by some.
Michael Weaver is one executive who now enjoys a lower cost of living since moving to Florida, explaining to Bloomberg:
“A lot of people that are making the move down... a common thread among the finance people who are now in Florida: We want to continue to be in the business but don’t want to pay the implicit and explicit costs anymore.”
That’s his right and his choice. Thankfully, we can all choose where to live, and most of us are heading away from California, not toward it. I don’t say that with anything but sadness - I spent my entire life in CA. But I’m glad at least this millionaire will be there to turn the lights off.
What’s that saying?” A fool and his money...”
A fool and his money…
There’s certainly a value to the quality of life items this guy lists.
There’s still the homeless and illegals invasion thing, though.
🤔
5/100 of a second…
I never ceases to amaze me how someone so stupid got rich.
The above quote reminds me of the initiation scene of the preppy frat in Animal House, where Kevin Bacon gets spanked and he says after multiple spankings, "please sir may I have another".
Trying to figure out how an idiot becomes a millionaire. Cleaner air? No
Better Parks? Probably but they’re overcrowded
Better Schools? Definite NO
Better Hospitals? Definite NO
If he’s high up in the company, he may have most of his income deferred so he doesn’t get a big bite on the income side of taxes.
When he retires, he’ll probably move back to FL.
If you’re living in Florida but are a California dreamer—please get hell the out—most Floridians think California is a literal sh!t hole and that anyone who voluntarily moves there from here is mentally ill.
People like this dumb az were the inspiration for the often quoted phrase, “more money than sense”
His call. At least he is consistent.
I call BS. Release his taxes.
HE has been totally buffaloed about “Better Schools”.
I moved from Wisconsin to So Calif.
All I heard all my life was HOW GREAT THE CALIF SCHOOLS WERE.
Bought a house in 1966 in San Fernando Valley.
NEXT DOOR NEIGHBORS had 2 girls in high school.
NEITHER ONE COULD MAKE CORRECT CHANGE FOR A DOLLAR.
THAT “better School” bubble got burst rather quickly.
The schools have NOT gotten better-—actually worse -—9 or so different languages of Illegal Invaders vying for an ‘education’.
Voter pamphlets printed in 63 different languages & dialects in Los Angeles county.
Left there over 30 years ago.
BEST move I ever made.
Stupid is, is stupid does. But at least he’s putting his money where his mouth is unlike hypocrites like Buffett.
While living in Florida, what was keeping him from adding an extra 200k to his tax return?
He’s got more money then most of us could fathom. I’m sure 200,000 more in taxes is like us getting a 100 increase.
I can’t blame him. I could never live in a state where the highest point is a hill 345 feet above sea level.
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