The New York Yankees’ star shortstop Derek Jeter has become the latest to flee the Empire State as spendthrift state officials target the rich. Jeter put his 70th-floor, 5,425-square-foot Trump World Tower condo on the market for a reported $20 million. He had bought it in 2001, after signing a 10-year contract with the Yankees. He will now make his undisputed residence in Tampa, where a 30,875-square-foot, seven-bedroom mansion is nearing completion.
The reason for this move has little to do with his loyalty, or lack thereof, for New York. Rather, it’s likely a simple calculation: New York City is among the highest-taxed places in the U.S., including hefty state and city income taxes. Florida doesn’t have an income tax, so Jeter, whose contract pays him $18.9 million annually, will be able to save a bundle.
New York State tax officials have harassed Jeter for years, objecting to him filing tax returns that claimed Florida as his state of residence. They insisted that he had “immersed himself in the New York community” and that he had made “numerous statements professing his love for New York” – and therefore, they reasoned, he ought to pay New York’s income taxes…
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