Shark Tank star Kevin O'Leary reveals why he was forced to flee East Coast state for the South

Kevin O'Leary of Shark Tank fame has revealed that he near Massachusetts for nan sandy shores of Florida because of nan precocious taxes successful nan East Coast state.

The multi-millionaire businessman, who had a location successful Boston, called nan New England authorities 'Taxachusetts' during an quality connected Maria Bartiromo's show connected Fox Business.

'I near location successful "Taxachusetts." I moved to Florida. Most of my neighbors wherever I unrecorded are each from hometown Boston and we can't spend to unrecorded location anymore,' he said.

He besides sanction dropped Sen. Elizabeth Warren and squad leader Rep. Alexandria Ocasio-Cortez, citing various policies projected by them complete nan years to summation taxes connected rich | people.

'These ideas don't work, they conscionable don't work,' O'Leary, who now lives adjacent Miami Beach pinch his wife, said.

First, O'Leary mentioned what he called Warren's 'super tax.'

What this refers to is nan Massachusetts senator's repeated attempts to walk a measure called the Ultra-Millionaire Tax Act, which would spot high-net-worth individuals get taxed 2 percent connected each dollar they make supra $50 million.

For households worthy complete $1 billion, Warren wants to complaint them an further surtax of 1 percent.

This billionaire taxation would besides use to trusts arsenic well, financial vehicles commonly utilized by able group to negociate and administer their assets.

Rep. Pramila Jayapal reintroduced this enactment alongside Warren and a smattering of progressive co-sponsors successful March, but it hasn't yet near nan committee.

O'Leary didn't specifically mention AOC's taxation proposal, but backmost successful 2019 erstwhile she was first elected, she suggested raising nan apical marginal income taxation complaint to 70 percent. 

The past clip apical marginal rates were this precocious was erstwhile President John F. Kennedy was successful office, and he really trim nan complaint from 90 percent down to 70 percent  

But neither of these policies person travel to pass, and moreover if they did, they'd beryllium broadly applied to each Americans who meet nan projected income thresholds, not anyone from immoderate 1 peculiar state.

So what really forced O'Leary retired of Boston?

It's apt a ballot measure Massachusetts voters approved successful 2022 that hiked taxes for anyone making $1 cardinal aliases more.

Essentially, immoderate taxable income supra that $1 cardinal bracket is now taxed astatine 9 percent alternatively of nan erstwhile 5 percent.

The authorities government said nan caller taxation has generated an further $1.8 cardinal successful revenue, which will salary for various proscription and acquisition initiatives. 

But Florida, wherever O'Leary chose to officially relocate, has nary authorities income taxation astatine all.

Texas besides doesn't person an income tax, which is partially why many Californians person fled to nan state, connected apical of cheaper lodging and amended activity opportunities. 

O'Leary's contention is that nan policies of comparatively higher taxed and much stringently regulated states for illustration California, New York, New Jersey and Massachusetts lead to them becoming 'uninvestable.'

He besides commented connected France's caller left-wing leaders vowing to bring a 90 percent taxation complaint for yearly income supra 400,000 euros.

'The French person tried this before,' he said, adding that able citizens 'all moved to Monaco...or to Switzerland and they conscionable made judge their domicile was not France.'