The city’s hedge-fund executives are flying south — and it’s
not for vacation. An increasing number
of financial firms, especially private equity and hedge funds, are fed up with New York ’s sky-high city and state tax rates and are
relocating to the business-friendly climate in Florida ’s
Palm Beach County Palm Beach recently
opened an entire office dedicated to luring finance hot shots down south.
“Florida is a state of
choice,” said Thalius Hecksher, global development chief for Apex Fund
Services, who moved many of his operations to Palm Beach . “It’s organically grown. There’s
no need to drag people down here. It’s a zero-income-tax jurisdiction. And the
lifestyle!” Hecksher added.
Federal tax rates are the same in Florida
and New York . But there’s no state income tax in the Sunshine State New York , where the state and local
governments took $14.71 of every $100 earned in 2010, according to state
records….
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