Trump appears to want to reduce the tax burden of becoming a Florida citizen and win support from the state in the 2020 election.

President Donald Trump's decision to turn from a citizen of New York to a Florida citizen is surprising throughout the United States. The shocking information, which Trump released in a series of tweets on October 31, said he was being questioned by New York officials who investigated his businesses and urged him to file a tax return. unfair treatment. According to experts, this "move" actually helps Trump get certain benefits.

By declaring Palm Beach, Florida, his official residence and abandoning Manhattan, New York, Trump transformed from a high-tax state to a lower-taxing state.

Trump also changed from a green state (which tends to support the Democratic Party) with only 37% of the electoral votes voting for him in the 2016 presidential election to the purple state (which tends to support the Democratic Party and Republic of parity), where 49% of voters supported him in the race to the White House three years ago.

Although Trump has often confronted Palm Beach officials for decades, he has repeatedly complained about the unfriendly political environment in New York. The Manhattan District Prosecutor once subpoenaed Trump to publish his tax return. It is not clear how Trump's move will affect this legal battle.

In addition, the governors of Florida and New York are also people at two opposing extremes. Florida Governor Ron DeSantis fervently supported Trump while New York Governor Andrew Cuomo publicly expressed an aversion to him.

"A good step. Anyway, Trump doesn't seem to have paid taxes in New York," Cuomo, a Democrat, wrote on Twitter. "He is yours, Florida."

For his part, Trump still expressed his love for New York but did not hesitate to show his dislike for the political leaders here.

"Unfortunately, despite the fact that I have spent millions of dollars on city, state and local taxes each year, I am still being treated badly by political leaders in both cities and states." , Trump wrote on Twitter, referring to New York.

Florida does not tax income. By contrast, New Yorkers pay the highest state and city income taxes up to 12%. The new tax package announced by Trump in 2017 has increased the burden on New Yorkers and other high tax states through the end of federal tax deductions for state and local taxes.

"For my clients, I strongly advise them to become Florida citizens because now, you can't deduct state taxes anymore," says Eugene Pollingue Jr tax attorney at Saul Ewing Arnstein and Lehr law firm in Palm Beach, for or.

Florida had no taxes on the property of the deceased before it was passed on to the heirs. CNN calls this "the death tax". In contrast, New York has the "death tax" in the highest row, 16%.

According to the Florida TaxWatch research organization, New Yorkers pay more state taxes and local taxes than people in any other state. The annual tax burden of New York is about 11,810 USD / person, while Florida ranked only 40 with 5,733 USD / person.

However, Trump will not be able to completely evade taxes in New York by "moving house" to Florida. He still has to pay income tax on revenues earned from New York, such as profits from real estate investments.

Those who are really rich will save a lot of money by moving to Florida, Richard Rampell, accountant at Palm Beach said. He has a client who has moved from California to Florida and has reduced his state income tax from $ 11 million to $ 0.

"This has been going on for years," Rampell said. "Every year, we have one or two customers who move from high-tax states to Florida."

Another benefit for the rich is that Florida allows residents to protect their homes from creditors when they go bankrupt. Florida residents are allowed to request a waiver of foreclosure provided that the property they own is in their name and not through any business organization. Trump owns the Mar-a-Lago resort club through Mar a Lago Inc.

On the other hand, according to commentator Errol Louis from CNN, Trump's move to Florida still has a political calculation behind it. In 2016, Trump won against Hillary Clinton in Florida with a margin of only 1.2 percentage points. The US president certainly wants to repeat his victory in Florida to be re-elected in the 2020 election.

Trump's move to Florida has also contributed to empowering the state and its value in the market as a cheaper alternative to New York.

"By becoming a Florida citizen, Trump can win support here by shaping himself as a 'native child' rather than a regular tourist," Louis emphasized.