International News

New York may still try to get income tax from Trump even though he’s moved to Florida

0
new-york-may-still-try-to-get-income-tax-from-trump-even-though-he’s-moved-to-florida

After President Trump announced he was leaving New York City and relocating to Florida, Governor Andrew Cuomo and Mayor Bill de Blasio said they were happy to see the back of him. 

But officials may actually try and keep the Commander-in-chief as a Big Apple resident for tax purposes, according to a new report in The Palm Beach Post. 

The New York state and city tax codes mean that Trump potentially pays 12.6 percent of his income to the government, and officials will not be keen to part with that cash. 

Experts say the state is reluctant to let residents leave, and those who have relocated have to go to great lengths to prove that they no longer live there, should they be audited by The New York State Department of Taxation and Finance.

‘It is a heavy burden. New York doesn’t have to prove a thing. You are still a New Yorker until you prove you are not,’ tax attorney Paul Comeau told The Palm Beach Post. 

Officials may actually try and keep Donald Trump as a New resident for tax purposes, according to a new report in The Palm Beach Post.

Trump has changed his voter registration to Florida and filed a ‘declaration of domicile’ listing his new permanent address as Mar-a-Largo, but that will not be enough for inspectors. 

Additionally, obtaining a new driver’s license and changing an address with a bank is still inadequate proof that a person permanently left New York state. 

To satisfy auditors, emigrants must additionally show that they spend less than 183 days per year in New York. Under the law, these do not have to be full days, so if Trump was simply passing through the state on his way elsewhere, that would count towards the 183 day tally. 

In some instances, auditors have subpoenaed cell phone records and credit card receipts to make sure ex-residents are telling the truth. 

The New York State Department of Taxation and Finance is known for being particularly fastidious and they conduct more audits than similar agencies in other states.    

‘If he steps foot in New York for more than 183 days, he’s going to be deemed a resident of New York State,’ certified public accountant Mark Nickerson told The Palm Beach Post. 

However, inspectors may still demand even more of Trump. 

Trump’s main residence has long been his personal quarters in Trump Tower on Fifth Avenue (pictured) . In September 2019, he filed new documents listing Mar-a-Largo in Palm Beach, Florida as his new permanent address 

President Trump and First Lady Melania are pictured at Mar-a-Lago with Japan’s Prime Minister Shinzo Abe and wife Akie Abe in April 2018

The Palm Beach Post reports that ‘New York has a secondary test for determining residency. ‘

According to experts, ‘that test assesses five factors and is far more subjective than the 183-day residency test: A taxpayer’s true home; active business involvement; time spent at the home; family connections; and where the taxpayer keeps items that are ‘near and dear”.

Given that many of the President has a residence inside Trump Tower filled with important belongings, he may not have meet the threshold for that final criteria. 

Trump has changed his voter registration to Florida and filed a ‘declaration of domicile’ listing his new permanent address as Mar-a-Largo, but that will not be enough for inspectors

The President first announced he was relocating to Florida back in September 2019. 

He shared a post on Twitter which stated: ‘1600 Pennsylvania Avenue, the White House, is the place I have come to love and will stay for, hopefully, another 5 years as we MAKE AMERICA GREAT AGAIN, but my family and I will be making Palm Beach, Florida, our Permanent Residence.’ 

‘I cherish New York, and the people of New York, and always will, but unfortunately, despite the fact that I pay millions of dollars in city, state and local taxes each year, I have been treated very badly by the political leaders of both the city and state,’ he continued. 

‘Few have been treated worse. I hated having to make this decision, but in the end it will be best for all concerned,’ Trump continued.

‘As President, I will always be there to help New York and the great people of New York. It will always have a special place in my heart!’ Trump wrote.

 His political adversaries in New York, Democrat Governor Andrew Cuomo and Democrat NYC Mayor Bill de Blasio reacted with glee. 

‘Don’t let the door hit you on the way out or whatever,’ de Blasio wrote.   

‘Good riddance. It’s not like @realDonaldTrump paid taxes here anyway… He’s all yours Florida,’ Cuomo wrote. 

In more recent months, Trump – who is a born and bred New Yorker – has hit out at both Democrats for ‘ruining’ his beloved city. 

He has also touted the fact that Florida has no state income tax.  

What are the tax benefits of moving to Florida? 

Florida is one of the nine U.S. states that has no state income tax.

New York state, on the other hand, has a top tax rate of nearly 9% and New York City has an additional top rate of nearly 4%.

Prior to 2017, New York residents could deduct their state and city taxes on federal tax returns — but that all changed in 2017, when the Republican tax reform eliminated many of those deductions.

Since the tax change passed, wealthy New Yorkers have been fleeing the city, many of them heading for Florida. 

Kenosha shooter Kyle Rittenhouse, 17, is released from custody after posting $2M bail

Previous article

Africa: African2020 to Offer France a Freshs, New Look At the Continent of Africa

Next article

You may also like

Comments

Leave a Reply