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.”
Look at ALL the really stupid, brainwashed sheep with masters degrees, PHD’s, they are EVERYWHERE!! Not ONE OUNCE of common sense, NOT ONE OUNCE of critical thinking, TOTAL group think!! What amazes me is not how they became rich BUT how so many of them were so easily brainwashed!! You can become rich being focused on ONE THING that is your business and how to get BIG FAT government subsidies!!
Welcome to the Money Pit. More money for reparations and other nonsense.
If California wasn’t California I would love to move back. When I lived there it was great. Good schools, nice weather, beautiful scenery, started my first business there. Then the democrats took over.
Does this include the principals in a family owned plumbing parts manufacturer in Toledo Ohio?
It’s his money..................for now...................
Proof that millionaires are not the brightest bulbs in the box...🤓
California is great for the rich and New York City is a paradise for the super-rich.
Who wouldn’t want an estate in the wine country or on the coast if they could handle or even enjoy liberal government and afford it?
I bet San Francisco is still great for many of the super-rich there.
...and evidently more potent recreational drugs. Buy a submarine, and shut up.
Yet another rich delusional libturd
Leftist cultist wants to live in the cult state. No big surprise there.
so far left just had to go to California and next China ,LOL
But have yet to send a single check to the IRS above what they absolutely have to.
Hypocrites.
Total fool. Higher taxes do nit equate to cleaner air & water, better schools, etc.
CA schools suck. The water isn’t any cleaner than anywhere else and the air quality sucks.
I’m a Freeper living in California. If you’re making money remotely, don’t have a business, live in a gated enclave, it’s not bad. The state taxes are offset by Florida’s high home insurance costs. Property taxes low compared to Texas. Home prices are consistently rising since 2007 is another bonus.
Better Schools?!?!? Don’t make me laugh
California always ranks low in schools
Kids who love from CO to Missouri have to go into remedial classes to catch up because of how bad California schools are.
Schools in California are worse than other places
I have to disagree with his air quality assessment. CA, especially LA is known for its smog, and the smell of human feces in LA, SF, and Sac count as well. Meanwhile, there is so much rain and high wind in Fl that bad air doesn’t stick around. Of course, there are exceptions in every state, but in general, the air is better in Florida.
Well, let us know if the reality matches what you think you are getting.
Does anybody believe he packed up his homestead and business to move to CA without big dollar tax planning? Ny guess is he lives in Florida for 7 months of the year and CA for 5 months or so...
So they find one rich ahole and make him the Rule, Not the Exception, or at least they tried.
Just because you are rich doesn’t mean you are smart or sane. However I bet this clown doesn’t live in a tent in Downtown L.A. or SF or San Diego.
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