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
Starting a New Business? – Be Prepared for Taxes
Starting and owning a new business can be very exhilarating but it can also be very stressful. There are so many important things to keep track of and dozens of tasks that need your attention. One thing that can get lost in the shuffle is your taxes. First, the taxes you owe and how…
Why Is Integrity So Important for Building Trust?
One of the greatest attributes a business can have is trust. Trust is so important between a company and its customers, as well as between the leaders of a company and the rest of the staff right on down the line. Trust can take a long time to build, but it can be lost…
The State of the Private Equity Industry—Is It All Down Hill From Here?
In the past private equity has been a solid way of investing taking in trillions of capital, but with the ever changing world we live in, what is the state of the industry? Private equity investments typically consist of money being placed in a company by venture capital firms, private equity firms or angel…
How the Wealthy Save on Taxes
Whether you make minimum wage or you’re in the richest 1 percent of earners, every taxpayer likes to keep as much of his or her hard-earned income as possible. There are hundreds of ways to save on taxes and many of these strategies are universal to all taxpayers no matter which tax bracket they…