Billionaire Carl Icahn moves hedge fund to Miami: Report
New York tax exodus to Florida
New York State Republican chairman Nick Langworthy on the exodus of New York residents from the state tax and prospects for the New York economy.
Billionaire activist investor Carl Icahn moves to Florida, and his employees can take a payout to relocate or seek unemployment.
Icahn wrote a letter to his employees in May inviting them to make the move while moving Icahn Enterprises' offices from New York City and White Plains to Miami next year, the New York Post reports.
All employees who make the move will earn at least as much in pay and bonuses next year as they did in 201[ads1]8, and anyone who gets fired before the end of March 2023 will receive a payout for the same amount, according to reports. They will also receive a $ 50,000 "moving benefit" after the move.
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For employees who want to be in New York, Icahn wrote that the company "won't dispute your unemployment claim," according to the report. But employees can expect to earn a maximum of $ 11,700 over 26 weeks – far less than today's earnings.
Icahn allegedly wrote in the letter that moving to Florida was "not an easy decision to make."
"After spending my entire career in New York, while certainly not wanting to withdrawing, I have decided that at this time in my life I will enjoy a warmer climate and a more relaxed year-round pace, ”quoted Posten from his letter.
Aerial twilight in Brickell Miami
Florida has a reputation as a popular place to move for aging Americans, but it has seen a boom in the population thanks to President Trump's 2017 tax cut and job law.
Someone earning $ 650,000 can save more than $ 69,000 in taxes per year by moving from New York to Florida, FOX Business previously reported. For someone like Icahn, whose net worth, according to Forbes, is $ 17.6 billion, these savings can really add up.
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