New York’s wealthiest residents are considering fleeing to Florida ahead of income-tax hikes in the state, according to a report

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New York’s mega-millionaires are set to start paying the nation’s highest income-tax rates, and some are already considering moving to states with lower taxes, CNBC reported Thursday.

This includes Florida, which doesn’t have a personal-income tax.

New York Gov. Andrew Cuomo revealed plans on Thursday to hike personal-income tax for those earning more than $1 million, with the wealthiest New York City residents set to pay 14.8%, the highest rate in the country.

Francis Suarez, the mayor of Miami, told CNBC that he’d already spoken to some of New York’s biggest firms about possible reallocations to details ⇒

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