Tax collectors from New York are escalating their battle with wealthy residents fleeing to low-tax states across the country; “chasing” high-income workers who recently relocated to Florida and Texas.
“The cat-and-mouse game between state tax collectors and wealthy New Yorkers who are moving to Florida has reached new levels — and gone high tech,” reports CNBC.
“New federal tax laws limiting the deduction of state and local income taxes have created incentives for wealthy New Yorkers to move to Florida or other lower-tax states. New York Gov. Andrew Cuomo last month blamed wealth flight for the state’s $2.3 billion revenue shortfall in December and January,” adds the report.
“Tax the rich, tax the rich, tax the rich,” said New York Governor Andrew Cuomo weeks ago. “We did. Now, God forbid, the rich leave.”
Read the full report at CNBC.