You're watching...
Former LPL Managing Director Steven Black on why he moved his business to Florida.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
To the sunshine state Cheryl Casone is live in Miami Beach with more on that hi -- Well good morning Diane and taxes we'll pay -- but it's not just the taxes you pay on an annual basis every here.
Come April 15 -- tax you pay every single day every thing that you buy your gasoline your -- I don't -- things like that your rent but obviously there are expensive that businesses have to cover it -- something the difference between.
New York and Florida -- it comes to state and local taxes paid on a daily basis in New York.
At about eight and a half percent -- what if you look at Florida that combined state and local tax burden.
It is six and a half percent of the numbers right then and there.
They are astounding so -- -- business owners leaving new York and -- down to sunny and warm.
Florida outlook Stephen black is a former managing director LPL financial he did just that he joins me now here at the news cafe and Stephen you know latest figures -- years -- New York.
Europe Merrill Lynch your Bank of America -- -- you teamed up -- up want.
Florida.
-- I love the warm weather and climate.
But it also has -- tax benefits not not for a person but also for the businesses.
From a business perspective.
You can save significant dollars.
Also took -- this is that a relocating now there acts to state is actually -- -- Tax benefits and tax savings to relocate.
There's also.
Tax credits to build capital infrastructures of new buildings.
So Florida is really looking just like these businesses.
To the states.
Talk about the stated and one of the things that governor Rick Scott has been doing it's a big initiative here Florida little bit controversial.
Is to -- get international businesses of course businesses from the United States that come and to Florida.
Set -- -- manufacturing facilities but it really -- the brokerage.
Houses the hedge funds that have been coming down the Florida the last couple for years but is it is -- technology is just easier to do business in Florida.
It is I think they try to make it with less regulations.
It's not as up -- and from our regulations standpoint no they edit plus two to monitor.
And -- report.
These regulations is very closely right.
But also there is also a lot of -- benefits for the employee standpoint.
You have but he did -- we'll cross delivered.
Compared to New York -- able -- -- -- quite a larger house maybe 3040%.
Larger.
So what does that mean your family that a has it that a quality of life.
There's also the ability to Sharia and who who employees -- a lot of companies in New York having difficulties.
Right.
Recruiting people because they just don't wanna have that lifestyle and -- those according tax.
So I'm twentysomething.
Broker freshman -- college not got maybe a white and a couple of kids.
The -- -- have a New York City conventional less -- haven't Florida I mean there's just no comparison there is no -- Paris and I know that from an example I worked in Merrill -- new York and and I relocated.
Merrill Lynch in Florida years ago.
And it and it is it's night and day.
And I I just truly believed.
When you have a better quality of life -- have that if staff that are more productive.
Do you think that you know what everything he's he told me earlier that really that that -- New York is no longer the financial.
-- the world that we -- just become anti business what do you mean by that.
Well -- chest.
Everyday you turn around there's a new regulation there is more taxes.
And there is.
And then the cost of real estate there's no incentive for these businesses to stay in new York and with the modern age of technology.
You really could run your business elsewhere.
If you look around a lot of the New York trading systems.
There at a New Jersey they're not even in New York.
So it just shows that you don't have to be in the -- Manhattan I believe Charlotte's another example that they they became one of the largest pubs so unreal.
I don't mean I think it's highly -- tell you -- at this summit of the group of Brooklyn and that as you note.
Is that you know you're doing pretty well cared Florida's great to have you thank you very much server about a Donovan is that they -- -- say.
-- I mean really when you look at the overall structure the corporate tax structure of the art vs Florida and that's we're gonna be covering all day today it's very very different.
Capital in the 11 o'clock hour of markets now the -- -- how -- grants -- some -- it actually lives in new York and Florida he has a residence in both places.
I advisory chief analyst Erik Howard believes that is exactly what Steve was saying that that it's easier and to get.
Better talent better employees down her Florida off several -- tomorrow.
Fox Business called a -- -- -- -- -- -- Miami international -- -- big economic.
Boat coming to Florida Diane from the boat show that's all -- tomorrow right here on Fox Business back -- -- -- -- -- Casone live from Florida thanks Sheryl.
