Unstable Stock Market Could Hurt State Tax Budgets
While many feel the wealthy should be paying more in taxes, the efforts to enforce this strategy does have some consequences for state budgets. Many of the country’s wealthiest individuals hold the majority of their wealth in stocks. That means when the stock market goes down, so do the tax payments of the wealthy.
In fact, several states are currently feeling a pinch in their budgets thanks to the less than favorable conditions of the market. For example, Connecticut governor Dannel Malloy announced budget cuts late last year blaming the stock market’s lackluster performance. Budget analysts expect at least a $200 million deficit, and the governor has already announced several cutbacks.
Meanwhile, in California, the state is also expecting less revenue from capital gains this year and in New York lawmakers have been told to lower their expectations for the state’s upcoming fiscal year. While not all states are affected by the stock market, those that count many of the wealthiest individuals as residents can be hurt dramatically when the stock market takes a downturn.
Another sign that higher taxes could be hurting states’ budgets is happening in Connecticut where some lawmakers believe that many of the state’s wealthiest individuals are moving to other states in order to avoid Connecticut’s high tax rates on the wealthy. With so many high net earners in the state being affected by new efforts to raise taxes on the wealthy, the state’s budget is taking an even greater hit.
Daniel Hammond Customer Driven Leadership LLC – A Servant Leadership, Entrepreneurial Problem-Solving Model
Daniel Hammond is the Managing Partner of Customer Driven Leadership LLC, an organization dedicated to transforming businesses through servant leadership and entrepreneurial problem-solving. Founded by Dr. Ted Anders, Customer Driven Leadership LLC has a mission to help over 1,000 ethical organizations reach their goals and provide exceptional service to their customers. Daniel Hammond is the…
Episode 32: Year End Tax Planning
Ron Cohen talks about year end tax planning. Transcript: Today we discuss: -A review of year end tax planning issues and strategies About Ron Cohen’s Show: Hello and welcome. This is Ron Cohen. I’m a tax partner with the firm of Greenstein, Rogoff, Olsen & Co., LLP and we’re located in beautiful downtown Fremont, California.…
Customer Centered Leadership with Daniel Hammond
Alan Olsen interviews Daniel Hammond about customer centered leadership for Alan’s American Dreams show. Transcript: Alan Olsen Welcome to American Dreams. My guest today is Dan Hammond. Dan, welcome to today’s show. Daniel Hammond Alan, thank you so much for having me. Alan Olsen So Dan, you have an amazing entrepreneurial journey and,…
Investing and Networking: Richard Wilson Family Office Club
Richard Wilson is the Founder and CEO of Family Office Club. Since launching in 2011, Richard has grown his firm into one of the leading networks for family offices, wealth advisors and investors worldwide. His work has been featured in Forbes, Bloomberg Businessweek, The Wall Street Journal and other media outlets. With more than a…