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
Alec Atkinson – Founder of Harvest React
Alec Atkinson, founder HarvestReact. HarvestReact was founded in June of 2021. The company, geared in the a social media marketing realm, helps individuals setup drop shipping stores in the e-commerce realm. Prior to founding HarvestReact, Alec served as a missionary for The Church of Jesus Christ of Latter-day Saints. Alec is also a student at…
Steph Curry: Undeniable Greatness in 3 Takes
Having met Steph Curry in person, I think I can offer an opinion which might make sense to some. Namely, very few NBA players are undeniable great. If you ask any 10 highly informed NBA aficionados to list the top 10 greatest players of all time, you’ll get at least 25 different lists. It’s impossible…
Giacomo Marini – The Man Who Builds Tech Giants
Giacomo Marini, the cofounder of Logitech, a Silicon Valley-based entrepreneur and investor with extensive hands-on management experience in starting and growing new businesses, identifying, and leveraging emerging technologies, developing, and growing great management teams capable of operating on a global level. Marini has been Chairman and CEO of Noventi Ventures, a Silicon Valley-based technology investment…
Goodbye 2021, Hello 2022!
Goodbye 2021, hello 2022, finally! Here’s a brief review of our 2021; goals for 2022 to follow shortly. In so many ways we are glad 2021 is behind us. It was a very difficult year for many businesses and individuals; too many had businesses closed, experienced hardships and lives were shattered and lost. Our heartfelt…