New York (HedgeCo.Net) – Tired of New York’s high city and state tax rates, the New York Post reports that some hedge funds are moving to Florida’s Palm Beach County.
“You weigh all of the benefits for being here to those in New York, and they outweigh them every time,” said Evan Rapoport, CEO of HedgeCo.net, which is expanding its presence in Palm Beach County.“This fiscal-cliff issue, with tax rates continuing to go up. We’re seeing where we’re going with taxes.”
“Federal tax rates are the same in Florida and New York. But there’s no state income tax in the Sunshine State. Compare that to New York, where the state and local governments took $14.71 of every $100 earned in 2010, according to state records. The only state with a higher rate is Alaska.” The New York Post reports.
With so many people in the hedge fund industry using technology to communicate, the Post noted, picking up and moving shop is no longer a big deal.
Alex Akesson
For HedgeCo.net
alex@hedgeco.net
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