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

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.

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

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

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

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

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

• Overcrowded beaches

• Need for increased infrastructure spending

• Higher unemployment rates

• Decreased property values