Billionaire Paul Singer to relocate massive NYC hedge fund to Florida: Report
Singer is reportedly relocating Elliott Management to West Palm Beach
By Brittany De Lea FOXBusiness
Billionaire activist investor Paul Singer is reportedly the latest Wall Street bigwig looking to relocate his hedge fund from New York City for Florida.
Singer is taking his $41 billion firm, Elliott Management, to West Palm Beach, according to a report from Bloomberg, which cited people familiar with the matter.
While planting a new headquarters in West Palm Beach, Singer will also keep space in Midtown Manhattan and open offices in Greenwich so that all of his employees are not required to relocate, the publication said.
Why would anyone want to own a business in New York City with the lack of police protection (mayor DiBlasio’s disrespect and lack of support for police) and the periodic lockdowns of businesses?
Florida is more people-friendly and business friendly.
Also, one of the best Governors (DeSantis) vs. one of the worst (Cuomo).
Here is one obvious reason to move:
Summary: Florida income tax 0%, New York: up to 8.82 %
Florida estate tax 0% New York: up to 16%
Florida property tax 0.98 % New York: 1.68%
For total tax burden Florida is approximately half of New York, and there is now a cap on the deductibility of state taxes for your federal tax. If you throw in better weather, New York could soon be empty, at least for rich people who want to leave something for their families.
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