NEW YORK (CBSNewYork) – President Trump is skipping town; saying he’s leaving New York City and moving his official residency to Florida.
The announcement came with complaints about New York state politicians.READ MORE: New York's COVID State Of Emergency Coming To End, Along With To-Go Alcohol
The president unleashed a string of tweets, telling New Yorkers to give his regards to Broadway, he’s making his permanent residence in Mar-a-Largo, Florida. There is no state income tax in Trump’s new home.
The President said “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. Few have been treated worse. I hated having to make this decision, but in the end it will be best for all concerned.”
“A lot of people from New York move to Florida. A lot of people from the Northeast move to Florida. When they retire so maybe the President is planning on retiring, I don’t know,” Gov. Andrew Cuomo said.
Gov. Cuomo said “good riddance” to Mr. Trump, and also claimed it’s the president’s real estate tax policies that have alienated New Yorkers.READ MORE: At Least 1 Dead, Several Injured After South Florida Condo Partially Collapses
“He raised New York’s taxes when he passed the federal tax reform bill with the so-called SALT, the elimination of the state and local tax deductibility cost New York $15 billion.
Tax experts say it’s that even if the president changes residences, he will still almost certainly have to file here.
“If he owns any interest in any entity that owns real estate in New York, he’ll still have to file if he works one day in New York he comes the U.N. for a speech in September as he does every year he’ll have to file New York taxes,” tax attorney Mark Klein
The Manhattan District Attorney is suing Mr. Trump for the release of his taxes. Cuomo predicts that the president will make a legal move to dodge the suit, by claiming he’s no longer a New York resident.
“Just because you moved out doesn’t mean you’re not liable when you filed them in the state of New York, so this is a desperate measure, but these are desperate times for the president,” Cuomo claimed.MORE NEWS: NYC Board Approves Rent Increase For Rent Stabilized Apartments
New Yorkers who live more than half the year in the state must pay full taxes, but tax experts say that changing your residence to out of state usually invites an audit, especially among the very wealthy.