New York’s super-rich migrating south for better value

Quitting New York is making financial sense for many of the city’s super-rich.

Analysts say a growing number of New York’s financial elite believe that fleeing the city for other states with lower taxes and costs in order to protect their wealth is a total no-brainer — particularly since the 2019 UBS/PwC Billionaires Report found that the collective net worth of their peers globally has plunged heavily for the first time in years.

“The wealthy are migrating out of high-income-tax states such as New York to lower- or no-state-income-tax locations, more than ever,” according to Michele Lee Fine, president of Cornerstone Wealth Advisory and a financial adviser in Jericho, New York.

“Much of the tone and focus of the recent political agenda has been attacking the wealthy directly at the wallet,” she added. “Whether you’re a billionaire or millionaire, there is cause for concern.”

And while President Trump and tycoons such as legendary corporate raider Carl Icahn — both of whom are swapping New York for lower-cost Florida domiciles — are grabbing headlines, dozens of lesser-known, highly successful wealthy New Yorkers are also plotting escapes.

“The exodus continues from this tax-heavy city,” the New York-based CEO of a small high-tech transportation company, who declined to be named, told The Post. “Most of the uber-wealthy I know in New York now spend the majority of their time in Florida or Texas, where they are not obliterated by taxes.”

John O’Shea, executive chairman of the broker-dealer Global Alliance Securities, knows the feeling.

About a year ago, O’Shea relocated his company from 100 Wall St. in lower Manhattan to Charleston, South Carolina. He and his wife Jennifer vacated their New York home for a gated community in a tony section of this South Carolina paradise, paying just over $1 million for a luxury waterfront property on almost an acre.

“You can make more money and keep more of it in South Carolina,” O’Shea said.

With a local property tax rate of 0.4%, it means O’Shea pays just over $4,000 annually to live in the lap of luxury — a small fraction of what the owner of a comparable home in many parts of New York would pay in property taxes. And with a maximum of only $10,000 in local property taxes now deductible against federal taxes, O’Shea is making out just fine.

That’s unlike many New York residents who live in some of the fanciest ZIP codes — some with annual property taxes starting at $40,000.

“The quality of life is also much better down here,” O’Shea told The Post. “I have a much larger property than what I would pay for something similar up in New York — and I also have lower costs for my business and in my home.”

At 100 Wall St., where O’Shea once ran a sprawling operation, at least three other firms also recently left the building for offices in the US sunshine states, according to people familiar with the moves. Management for the building didn’t respond to a request for comment.

 

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Paris Shops Hit By Transport Strikes

Transport strikes in France have left shops in Paris virtually empty. In the run up to Christmas shops ought to be full, with December traditionally the month where business is at its peak. However many shop owners, particularly independent shops, are worried for their survival.

The strike has been termed as “unlimited” and could last until Christmas.

Paris businesses have been affected by a year of yellow vest protests, police strikes and firefighter strikes.

Read More: France 24

Whoaaa! Nearly 700,000 people moved out of California last year

Just under 700,000 people said goodbye to the Golden State last year. The top two reasons for moving out are the high cost of housing and high taxes.

Nearly 700,000 people moved out of California last year.

U.S. census data shows that only a half million moved TO California during that same time. That means there are 200,000 more residents going out than coming in.

A recent poll by UC Berkeley’s Institute of Governmental Studies found that half of California voters have thought about moving out.

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NYC pushed out of top 10 world destinations

It’s official: New York City and America are no longer the center of the world by any measure beyond swagger. In fact, the continents of North and South America have fallen off the must-see map altogether according to Euromonitor’s Top 100 City report, which tracks visitor arrivals. This year’s 1.5 billion trips predominantly headed to:

  1. Hong Kong, 26.7 million
  2. Bangkok, 25.8 million
  3. Macau, 20.6 million
  4. Singapore, 10.8 million
  5. London, 10.6 million
  6. Paris, 19.1 million
  7. Dubai, 16.3 million
  8. Delhi, 15.2 million
  9. Istanbul, 14.7 million
  10. Kuala Lumpur, 14.1 million

New York City remains America’s top destination, ranking 11th internationally. Miami ranks 29th, and Los Angeles 33rd, and Las Vegas 38th. Only 13 of the top 100 cities are in the Americas; 43 are in Asia, firmly shifting the tourism industry East.

Report author Rabia Yasmeen writes that while Asia’s tourism markets expanded rapidly, America’s travel numbers were actually a feat, considering circumstances. “Despite high concern for safety and security among visitors, stringent policies and a travel ban under the Trump administration, most U.S. destinations performed well during 2018.” The report suggests that to remain competitive, American cities need to become safe places that people can easily access, which is accomplished by improving visa policies, mitigating crime and safety concerns, and boosting sustainable tourism.

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John Kerry Launches Group to Tackle Climate Change

Former Secretary of State John Kerry has launched a group to tackle climate change. The cross-party, celebrity studded group have pledged to tackle the cause with “war like” zeal.

The initiative’s launch has coincided with the an international Climate Summit COP25 in Madrid on Monday. President Trump will send a low level delegation to the summit.

However Kerry believes Climate Change poses a global security threat. His new group called World War Zero, includes admirals, generals and celebrities like Leonardo DiCaprio and Sting.

Read More: France 24

London Bridge Terror Attacker Had Terrorism Conviction

It has been confirmed that the recent terror attack on London Bridge was by a convicted terrorist. Usman Khan, 28, was convicted in 2012 for terror offences. However he was released on license a year ago. Part of his parole conditions were he had to wear a tag, and part part on the government’s desistance and disengagement programme.

The attack started at an event run by Cambridge University on prisoner rehabilitation. Two people were stabbed in the incident, both worked for the university in the field of prisoner rehabilitation.

Police shot Khan after members of the public tried to disarm him.

Read More: BBC

Muslim Nations Silent Over Chinese Treatment of Uighurs

The muslim minority group in western China, the Uighurs have found little support form other muslim nations.

“Sorry, but I do not wish you a good Ramadan,” wrote the head of the Uighur Institute of Europe in Paris, in a cri de coeur railing against Muslim countries’ indifference to the plight of Uighurs in China’s far-western Xinjiang region, published by French weekly L’Obs in May.

In the UN there has been a divide between those condemning China and those who have not. Western nations like the US and UK have condemned the treatment of Uighurs. However many Muslim nations have remained silent.

When contrasted by the unilateral condemnation of Myanmar for its military crackdown of Rohingyas Muslims many might wonder why.

However, many Muslim nations like Turkey, Egypt and Saudi Arabia have highly valuable trade agreements with Beijing.

“There is less solidarity than there is for the Palestinian or Rohingya causes,” noted Sophie Richardson, director for China at Human Rights Watch. “China has managed to win these countries’ support because they need Chinese investment.”

Read More: France 24

Leaked Documents Show How China “Brainwashes” Prison Camp Detainees

Newly leaked documents show how the Chinese government is systematically brainwashing thousands of inmates in their detention camps. The camps, which the Chinese government has long denied exist, are in Xinjiang region. They have thousands of inmates mostly from the Muslim Uighur community.

The document includes rules and guidelines for the camp:

  • “Never allow escapes”
  • “Increase discipline and punishment of behavioural violations”
  • “Promote repentance and confession”
  • “Make remedial Mandarin studies the top priority”
  • “Encourage students to truly transform”
  • “[Ensure] full video surveillance coverage of dormitories and classrooms free of blind spots”

The documents reveal how every aspect of a detainee’s life is monitored and controlled: “The students should have a fixed bed position, fixed queue position, fixed classroom seat, and fixed station during skills work, and it is strictly forbidden for this to be changed.

“Implement behavioural norms and discipline requirements for getting up, roll call, washing, going to the toilet, organising and housekeeping, eating, studying, sleeping, closing the door and so forth.”

Inmates will only be released after it can be proven they have transformed their behaviour and ways of thinking. The Chinese government  had said the camps were voluntary education programs.

However the documents also show details like in 2017 15 000 people were detained in the camps in one week alone.

Read More: BBC

 

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