President Trump isn't the only rich guy out there trying to slash his state and local tax bill by declaring a change of residency from New York to Florida. Thousands of other wealthy New Yorkers have tried this move, too. After all, Florida has some of the lowest taxes in the country, while New York has some of the highest.It's interesting isn't it? Did you know that you can do a similar thing by becoming a non-resident of a high tax country and becoming a perpetual tourist. You get to pay no tax at all but there are costs to set it up and you do need to make sure you never stay in one place too long over the course of a year. How long? Varies by country but typically it's about 6 months in total and about 3 months at any one time. This lifestyle would suit some but not all. I did read about one lady who spends her years on various cruises.
2 Tax Breaks Trump Will Get by Moving from New York to Florida, maybe.
This is one example of how the rich get richer by paying less while the poor don't have the same options and therefore end up paying more. This is really how the rich get richer and the poor get poorer. Poor and middle income people don't have sufficient resources (usually surplus cash) to take advantage of better tax breaks, bulk purchases, special offers, bargaining power etc. You can but you do need to put some time into budgeting, saving and then taking advantage of offers. Once you do that you do get richer and you massively improve your lifestyle. Kiplinger's Personal Finance wrote: