In order to avoid New York's high taxes, the billionaire Carl Icahn is planning to move his home and business to Florida, according to Infobae

By Miami Diario Newsroom

In this icon on Wall Street for decades. Icahn is 83 years old and was born in the Far Rockaway neighborhood of Queens, New York. In the 90s, he bought a mansion in the exclusive enclave of Indian Creek Island in Miami's Biscayne Bay.

It was found out that the move is scheduled for March 31 and employees who don't will be out of work, said the sources, who asked not to be identified because the matter was private. A representative for Icahn declined to comment.

It should be noted that hedge fund billionaires have relocated to Florida for tax reasons for years – David Tepper, Paul Tudor Jones and Eddie Lampert are among the most prominent. But Florida officials have been aggressively pushing Miami as a destination for money managers since the Republican-led tax overhaul. Signed into law by President Donald Trump in 2017, it capped state and local tax deductions at $10.000, including income and real estate taxes.

As is known, Florida is one of the seven states with no personal income tax, while New York's top rate is 8,82%. Florida's corporate tax rate is 5.5%, compared to 6.5% in New York. Icahn's move was reported earlier by the New York Post.

With this move, Icahn could save himself dramatic expenses. He is the 47th richest person in the world with a personal wealth of $20.400 billion, according to the Bloomberg Billionaires Index.

Icahn Enterprises LP, its investment vehicle, has a market value of $13.600 billion and reported adjusted earnings before interest, taxes, depreciation and amortization of $1.600 billion in 2018, according to data compiled by Bloomberg.


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