Billionaire hedge fund manager David Tepper most profitable move last year might have been moving from New Jersey to Miami Beach.
Can a headline get any more exciting?
Tepper will save millions of dollars in state taxes several years from now, Bloomberg News reports.
Florida has been pitching itself as a warm-weather tax haven to hedge fund managers in the Northeast, some of whom face a 2017 deadline to pay taxes on billions of dollars in performance fees that they had kept offshore for years.
A Florida native, I’ve lived all over the state from Tallahassee to Coral Gables… I’ve spent countless hours in Daytona Beach, Saint Augustine, Naples and Marco Island but there is nothing, NO-THING as fun and entertaining for the whole family as Miami. Well, maybe Fort Lauderdale as a viable alternative if you’re a boat lover but that’s a different topic. In essence, FLORIDA is where it’s at for the UHNWI looking for a new pace & place in life. Miami offers a quality life with warm weather, clean air, beautiful people, fine dining, golf, tennis, super yachts, luxury real estate along with tax benefits that are simply hard to find elsewhere. Just 6 months and a day, and you will soon be considered a permanent resident of the Sunshine State. Here you’ll find excellent advantages in having a tax strategy and alternative investment funds when it comes to wealth management.
- The NE charges the highest effective rate on owner-occupied housing
- There is a levy on both estate tax on the deceased and an inheritance tax on the heirs
- State income tax for top earners in the NE is 8.97% while state legislators push for 10.75%
The 2017 deadline was set by Congress in 2008 when it closed a loophole in the Internal Revenue Code that managers had used to defer taxes on performance fees by locating their funds in offshore tax havens. Anyone who has a large deferral coming due in 2017 – what’s easier than packing up your house in the Northeast and moving down to Miami?
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