Anthony LoPinto
When the President signed into law the new tax reform act at the end of 2017, the elimination of the state and local tax deduction set in motion what was likely to be an exodus from the high-tax states such as New York and California. Well, it's happening. The front page of today's Wall Street Journal reports that public officials in those states are alarmed that the high-income executives are “bolting” to low-to-no tax states. New York's Governor Cuomo blamed the states $2.3 billion budget shortfall on the new federal tax which is driving people to leave the state.
The flip side of this story is that in Florida, where many are fleeing to, there is no state income tax and real estate is a bargain by comparison.
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Anthony J. LoPinto
Tony LoPinto is the Global Sector Leader of Korn Ferry’s Real Estate Practice and founder of SelectLeaders. For the past 18 years LoPinto has been serving his clients with deep knowledge and perspective on talent needs and organizational challenges to public and private companies – knowledge gained from a 25-year career in real estate. Prior to his current position, he founded and served as chief executive officer of a boutique real estate executive search firm, where he oversaw offices in New York, Chicago, Washington, DC, San Francisco and Los Angeles. He has successfully led several high profile search engagements for chief executive officers, directors and a wide-range of executive level positions across all industries and sectors. He earned a Bachelor of Arts degree in European history from Loyola University in Chicago.
