How to Keep the Wealthy From Fleeing Connecticut
When it comes to saving on taxes the wealthy have to continually consider all their options because lawmakers never seem to stop pushing for more legislation aimed at making the wealthy pay more taxes. Lately, it seems that there are more and more reports of the nation’s wealthiest individuals living in high-tax locations deciding to pack up their bags and head for states that are more tax-friendly.
Connecticut continues to face this problem because the state reportedly continues to spend more than it should. Because of the overspending the state keeps creating new efforts to squeeze more taxes from its wealthiest citizens. The problem is, many of these wealthy individuals are moving out. According to a recent report in the Hartford Courant, two of the biggest offenders are Connecticut’s estate tax and it’s gift tax.
Connecticut relies on wealthy taxpayers more than most states, but the number of wealthy individuals coming to the state is slowing down, while the number of wealthy taxpayers leaving is increasing. In fact, after the state introduced a huge tax increase in 2011, more than 27,000 residents moved out and took close to $4 billion in annual adjusted gross income with them.
Perhaps the best way to deter the exodus of high net worth individuals is to repeal, or at least reform the estate tax and to completely eliminate the gift tax, as Connecticut is the only state with a tax of that kind.
www.courant.com/opinion/op-ed/hc-op-smith-repeal-ct-estate-tax-0515-20160513-story.html
Passive Funds in U.S. Stock Market Have Nearly Equaled Active Funds
Passive Funds in U.S. Stock Market Have Nearly Equaled Active Funds What kind of an investor are you: passive or active? Chances are if you’ve been following the recent trend you find yourself on the passive side. But what does that mean exactly? It’s not so much the way in which you invest, but more…
Do You Know Enough About the Death Tax?
Do You Know Enough About the Death Tax? No one really wants to think about his or her own death. But death is inevitable. And if you’re a high net worth individual then you really can’t afford to ignore the subject. That’s because if you’re not prepared when your time comes, your beneficiaries could be…
Are You Practicing These Important Leadership Skills?
Are You Practicing These Important Leadership Skills? Imagine if you had the greatest tool in the world but you never used it. What good would that do you? Obviously, the tool would be useless. Now imagine you’re in a very important leadership position, with many significant responsibilities. You worked hard and learned several valuable leadership…
How to Invest for Your Grandkids
How to Invest for Your Grandkids Have you reached that pinnacle of life yet? Do you know the one where you’re a grandparent? Having grandkids is an amazing experience and opportunity. But with all of the fun, comes more responsibility. Now you have even more people to worry about. In fact, for some grandparents, taking…