President Donald Trump confirmed last week that he filed paperwork to become a resident of Florida.
Trump is joining a growing number of New Yorkers who are moving to Florida and saving on taxes. Fellow billionaire New Yorker Carl Icahn also recently announced a move to Miami, joining 63,722 New Yorkers who moved to Florida in the past year.
New York State has a top income tax rate of 8.82% while New York City adds as much as 3.876%. Recent tax law changes make it impossible to deduct those payments from federal taxes, making them much more costly.
In practice though, New York doesn’t give up on its income tax easily. There is a “100 percent chance” that New York state will audit Trump, a tax accountant told the AP, since they want to be sure he really has relocated.