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
Robert Zuccaro – Why this is the Worst Environment for Bond Investors
Interview Transcript of: Robert Zuccaro – Why this is the Worst Environment for Bond Investors Aaron: Hey, welcome to American dreams. I’m here today, right now with Robert SU carro and he is one of our investment market gurus out there. And I’m how are you doing today, Robert? Robert: Very well. Aaron: So w…
Scott Donnell – Helping Kids Understand Money
Financial literacy is one of the most important skills for individuals to acquire especially for children as they grow up and venture into the world. But how do parents go about teaching financial skills in a meaningful way? Scott Donnell has created an app, GravyStack, which helps parents teach their children the necessary financial skills…
Chad Willardson – Teaching Kids Values
Children need to be taught about the uses of money; how to spend it; how to make it; even how to invest it. “How is that possible?” Is the question that many people pose. Chad Willardson describes how parents can effectively teach their children how to make and use money. Episode Transcript of: Chad…
Avoid Tax Audit Tips 4, 5, & 6 (of 10)
Avoid Tax Audit, Tips 4, 5, & 6 (of 10) From our series of the top 10 ways to avoid a tax audit, we thought we would go into greater detail as to how our list was created and delve into each suggestion. Today we will address the top three tips from our article posted…