Trump tweeted on Thursday night that — while he hopes to stay at 1600 Pennsylvania Avenue for another five years — he will be making Florida his permanent residence, saying “few have been treated worse” than him.
Cuomo celebrated the news in a tweet saying, “Good riddance. It’s not like [Donald Trump] paid taxes here anyway.”
New York City Mayor Bill de Blasio chimed in, saying, “Don’t let the door hit you on the way out or whatever.” He also sent his “deepest condolences to the good people of Florida”
Don’t let the door hit you on the way out or whatever. https://t.co/bLu88AzKVf— Mayor Bill de Blasio (@NYCMayor) November 1, 2019
Our deepest condolences to the good people of Florida as Trump attempts to outrun his past (and near future). https://t.co/QFqeYO7xTq— Mayor Bill de Blasio (@NYCMayor) November 1, 2019
The New York Times reports that Trump’s decision to become a resident of Florida was largely for tax purposes. Trump claimed he pays millions of dollars in taxes, but it is unclear how much he pays in New York taxes since he has not released his tax returns.
Florida has no income tax which could save Trump money after he leaves office. The state also has no inheritance tax, which could save Trump’s family money after his death, New York’s estate tax rate tops out at 16% for estates over $10.1 million.
However, as the Times points out, merely filing to be a resident of Florida does not necessarily mean Trump can avoid New York’s taxes.
If Trump spends more than 184 days at his Trump Tower in mid-town Manhattan, he would have to pay New York State income tax. It wasn’t immediately clear if he would try to sell Trump Tower.
The president’s change of residence could also be a bid to prevent New York investigators from releasing his tax returns and probing him and his business dealings. New York’s Attorney General Letitia James campaigned on a promise to investigate Trump and his business dealings.
New York investigators have gone to court to get his tax returns, and in May, the state legislature passed a law allowing Congressional committees to get their hands on Trump’s state tax returns.
While New York officials cheered Trump’s departure, Sen. Rick Scott (R-Fla.) welcomed the news in a tweet saying, “Great to have [Donald Trump] as a full-time resident of the Sunshine State! Welcome, Mr. President!”