What's Luring Billionaires to Florida?
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What is the main topic discussed in this episode?
Here's your Money Briefing. I'm J.R. Whelan at The Wall Street Journal in New York. President Trump is the latest billionaire to pick up and reestablish roots in Florida. But it's not just the hot sun and crystal blue water drawing the wealthy to move south. So what is it about Florida? We'll discuss with a Wall Street Journal reporter. First, some money and market news you should know. Alibaba set another record during its Singles Day shopping event this year, selling $38.3 billion worth of goods. That was up 26% from its previous record of about $30.8 billion set last year. Singles Day combines elements of Black Friday and halftime of the Super Bowl. And on Sunday night, American pop star Taylor Swift performed at an Alibaba party in Shanghai this year.
that was broadcast across the country in the minutes before the clock struck midnight, kicking off 24 hours of bargains. And shoppers started to snap up discounted items right away, everything from sneakers and personal electronics to an annual supply of tissue paper. By 12.02 a.m. on Monday, Alibaba had already sold 10 billion yuan, or $1.4 billion of goods, and by 1.04 a.m. the tally was 10 times that. Alibaba alone sells more online on Singles Day than all U.S.
What is driving wealthy Americans to move from New York, New Jersey and Connecticut to Florida?
retailers collectively sell on Black Friday and Cyber Monday combined. Sneaker giant Adidas says it is closing factories in Germany and the U.S. and shifting the rest of its production to Asia. It's a policy reversal. Adidas opened the two so-called speed factories in Atlanta and Ansbach, Germany, three years ago to bring their products closer to shoppers in the West and compete with fast fashion retail. Earlier this year, they promoted limited-edition shoes made in Georgia for the Atlanta-hosted Super Bowl. But while Adidas has been gaining market share in the U.S., it's reported lagging sales in Western Europe in recent months. The company says about 200 jobs will be affected by the two factory closings, raising questions about the feasibility of bringing manufacturing jobs back to developed markets.
How did the host introduce market news and Alibaba’s Singles Day impact?
And the rising cost of college and more debt is leading teenagers to question whether getting that higher education is worth it. And a majority now say they think a high school diploma is enough. In a recent survey, about half of Americans aged 13 to 29 said their high school education has provided the skills they need to get a good job after graduation. And 40% think a bachelor's degree prepares people only somewhat well or even poorly for today's economy. But that's not supported by the data. According to the Labor Department, last year the median earnings for workers with only a high school diploma was $730 a week. Those with a bachelor's degree took home $1,200. But the pay increase was smaller for those with a master's degree, just $200 more a week compared to a bachelor's.
Many billionaires made their money living in states like New York, New Jersey, or Connecticut. But at some point, they moved their fortunes to Florida. And it's not just because the Sunshine State offers year-round warmth and beautiful beaches. Wall Street Journal reporter Juliet Chung is here to discuss. So, Juliet, the fact that Florida, Wyoming, and a handful of other states do not have income tax is a big factor here.
Yes, and it's become increasingly important. President Trump signed into law in 2017 the so-called SALT cap. And what that does is it limits to 10,000 how much individuals can deduct from their federal income taxes. So what that cap essentially has done is widened the gap between residents of areas with no income tax and Florida. So previously, the top federal rate was 37%. And residents of New York City, for example, could deduct state and local taxes from that 37%. Now it comes on top of that 37%.
And so SALT we're talking about is state and local taxes. It's a component of the tax law passed in 2017. Besides President Trump, what other high-profile billionaires have made the move to Florida in states with no income tax?
You know, there's a long tradition of that.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:05–1:21
2
What is driving wealthy Americans to move from New York, New Jersey and Connecticut to Florida?
1:21–2:09
3
How did the host introduce market news and Alibaba’s Singles Day impact?
2:09–4:40
4
What do Alibaba’s Singles Day sales and Taylor Swift’s performance reveal about consumer trends?
4:40–6:59
5
How are manufacturing shifts illustrated by Adidas closing U.S. and German factories?
6:59–7:49
Speakers
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