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Nov 01

Billionaires continue to flee socialist New York; the latest is Donald Trump

New York’s high taxes and regulations have driven yet another wealthy New Yorker to flee to a lower tax state.

This time, the billionaire in question is Donald Trump himself.

The pro-government (and government supported) New York Times reported that “White House officials declined to say why Trump changed his primary residence, but a person who is close to the president said that the decision was made primarily for tax purposes.”

“Leaving New York could also save money for Trump’s heirs at the time of his death. New York imposes a top estate tax rate of 16 percent for estates larger than $10.1 million.”