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
Will Equifax Breach Open Door to Tax Scammers?
Will Equifax Breach Open Door to Tax Scammers? The tax season is always ripe with challenges, not the least of which is dealing with another wave of tax scams. Scammers are constantly looking for newer and more deceptive ways to steal your hard-earned money, including your tax refund. Although, the tax-filing season is still a…
How to Manage and Beat Stress
How to Manage and Beat Stress There are really two kinds of people in the world: people who act and people who wait to be acted upon. Of course, that’s a generalization, but the reality is, most people fall into these two categories. My father used to say something similar; “there are two kinds of…
Five Mistakes That Can Destroy your Career
Five Mistakes That Can Destroy your Career There all kinds of ways people can end up hurting their careers. Sometimes they make honest mistakes, and in other cases, people make poor choices that can totally ruin their careers. In most cases, people don’t get the boot or destroy their career by one big mistake or…
New York Mayor Wants to Improve Subway System With the Wealthy’s Money
New York Mayor Wants to Improve Subway System With the Wealthy’s Money Have you taken a ride on New York’s Subway system recently? If you have then you might have noticed that it’s in need of some work. Like many other forms of infrastructure, the Subway is getting old and worn down from years of…