Millionaires Flee 'Socialist' Mayor, Not Their Tax Havens
Miami realtors are reportedly seizing the moment, marketing South Florida as a sanctuary from New York's 'socialist' menace. The article, behind a paywall, implies this 'flight' is driven by fears of political shifts. What the FT conveniently glosses over is that Florida has no state income tax, making it a well-established haven for the hyper-wealthy, regardless of who's running New York. The
'Mamdani effect' is just convenient branding for long-standing tax avoidance strategies. One might wonder if Miami realtors were equally concerned about democratic socialists when New York's millionaires were busy funneling campaign donations to politicians who'd maintain their tax advantages. Funny how 'freedom' for the wealthy often means 'freedom from contributing to society', framed here as
concern over a mayoral race. It appears the real flight is from progressive taxation, not progressive politics.