Quote:
Originally Posted by mikephoen
The difference in income tax between Florida and New York is $800,000 per year on a 10M per year contract. That isn’t getting made up by road tolls or the other things you listed. All the things a normal person considers cost of living expenses are completely irrelavant to someone making $10M in base salary.
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You are correct, but only to a certain degree. Honestly, private health insurance and private education cost an incredible amount of money in the U.S. If you have several children, your costs could easily be $100 K for a year. I will say that if they're making that much money, they aren't going to worry about a few hundred thousand dollars difference over the quality of life factors. There's just a tad more culture in New York compared to Florida. In that sense the extra taxes become irrelevant to a large degree as well.
Besides which, acquiring wealth is just the first part of the game. Maintaining wealth by making smart purchases and investing well, is far more important long-term than what the taxes are.