Florida Chief Financial Officer (CFO) Jimmy Patronis released a statement in response to New York Governor Andrew Cuomo’s comments blaming the state’s $2.3 billion deficit on residents flocking to Florida because it lacks a state income tax and the Trump tax cuts.
“I’d like to thank Gov. Cuomo for admitting to the world what we already know to be true: people spend their money better than government does. Early data show that there has been a surge in home purchases in our state by residents from high-tax states like New York. As a result, Florida had more people moving here in just one year than any other state. We couldn’t be happier to welcome new families to Florida. Thank you, Gov. Cuomo.
“The Trump Tax Cuts and Jobs Act has proven to be a success across the board and has made our state attractive to those looking to leave states that impose income taxes. States like New York and Illinois should look at better ways to increase revenue like cutting spending, instead of placing the burden on already over-taxed constituents.
“I invite Gov. Cuomo to come visit us here in the Sunshine State to understand why so many New Yorkers see Florida as a haven for free enterprise.”
A recent Wall Street Journal article noted that “the law capped the deduction for state and local income and property taxes at $10,000…” and that new tax rules costs residents in “New York, New Jersey and Connecticut as they have been deducting well over $10,000 every year” thereby costing them “tens of thousands of dollars more than If they lived in states like Florida and Texas that have no state income tax.”