that is chris mayer, columbia business school professor.oming up, we will continue on this topic, our focus on the tax system, and discuss how hedge funds and others are extending -- are expanding their presence in states like florida. this is bloomberg. ♪ are focuseday, we on the u.s. tax system and how the wealthy find ways to avoid it. billionaire investor jeffrey dunlach tweeted -- joe: one way to avoid taxes is to move to a state where they are very simple. a bond manager complaining about california, saying realtors in low tax, low governance states should give me a call. romaine: you have states like california where he is based out of, states like new jersey raising or trying to raise income taxes. if you look at what the proposal is herein california, going up to 70%. new jersey up to 11%. you compare that to a state like florida, there is a reason people move there. zero. you are not moving there. joe: i am staying here. andy, fund managers, all you have to do is click some buttons on a computer. they are always threatening to mov