Trump, Icahn Join 60,000 a Year in Leaving New York for Florida

Trump, Icahn Join 60,000 a Year in Leaving New York for Florida

Assessment

Interactive Video

Business, Social Studies

University

Hard

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The video discusses the trend of billionaires like Carl Icahn and potentially Donald Trump moving to Florida to benefit from tax savings, particularly due to changes in state and local tax deductions. This migration is driven by Florida's lack of state income tax and lower overall tax rates compared to northeastern states. While New York has not yet seen a significant impact on its tax revenue, Florida stands to gain economically from these wealthy individuals. However, the influx of new residents poses challenges for Florida in terms of infrastructure and public services, leading to debates on how to manage these changes effectively.

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is one of the main reasons wealthy individuals are moving to Florida?

Better weather conditions

More business opportunities

Tax savings due to no state income tax

Lower cost of living

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How has the state and local tax deduction changed under Trump's tax law?

It remained unlimited

It was increased for high-income earners

It was capped at $10,000

It was completely eliminated

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What concern does New York have regarding the migration of wealthy individuals to Florida?

Loss of tax revenue

Increase in crime rates

Loss of cultural diversity

Decrease in tourism

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What potential benefit does Florida gain from wealthy individuals moving there?

Boost in real estate market

Higher federal funding

Increased state income tax revenue

More tourism

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What challenge might Florida face with the influx of new residents?

Overcrowded beaches

Need for increased infrastructure spending

Higher unemployment rates

Decreased property values