President Donald Trump says he will be making Palm Beach, his permanent residence after he leaves the White House, rather than returning to Trump Tower in New York.
Trump tweeted late Thursday that he cherished New York. But he added that “despite the fact that I pay millions of dollars in city, state and local taxes each year, I have been treated very badly by the political leaders of both the city and state.”
The New York Times reported earlier that Trump had filed a “declaration of domicile” paperwork changing his “predominant and principal home” to his Mar-a-Lago resort in Florida.
Trump, who was born in New York, says “it will always have a special place in my heart!”
The decision was likely for tax purposes, according to an unnamed person close to the Trumps, the Times reported. Residents of Florida pay far lower income taxes, and the state does not have an inheritance tax on those with wealth greater than $10.1 million.
It’s unclear how beneficial the move will be for the president and his children since Trump has so far refused to hand over his tax returns and give the public insight into how much wealth he actually has. The Manhattan district attorney has filed a subpoena to obtain those documents as part of an investigation into Trump’s alleged hush-money payments, but Trump’s attorneys have repeatedly sued to block the release of his returns.
Trump Changes Primary Residence from New York to Florida