Friday, November 27, 2009

Millionaire's Tax

"States hungry for revenue are turning to taxpayers to make up the shortfall as they deplete rainy-day and economic-stimulus funds. To avert a popular revolt, many are resorting to a so-called millionaire's tax, which puts the burden on a small group of the very well-heeled. ... In response, some wealthy residents are rethinking their financial strategies, including where they reside. They may see some sense to moving before they sell a business, for example, or stop using certain kinds of trusts. ... For the rich in California, the question can be 'do you really need to live in this state when you have a state next door that has a zero income-tax rate?' said Don Weigandt, a wealth adviser in the Los Angeles office of JP Morgan Private Bank. That next-door neighbor is Nevada", Arden Dale at the WSJ, 14 November 2009, link:

Californian, hear today's Lenin, Weigandt; vote with your feet. I first advised my California clients to move to Nevada in 1998. Go!


Anonymous said...

This is the way the wealthy hollow out a state. Next move will be out of the country. And all with IA's sterling advice. It's called the glorification of narrow self-interest, also known as greed. There is no sense of social responsibility or a viable social contract.

Independent Accountant said...

Absolutely. The millions of illegal aliens here and their progeny are no probem. The roughly $11 trillion we spent since 1965 on the "War on Poverty" is no problem. People having children they cannot support yet demand others do is not theft. You want to support poor people, take up a collection and pay for them with your own money. What does "social responsibilty" mean in English? Do the wealthy "hollow out a state", or the poor who "need" social services?


Anonymous said...

Moving when resources are depleted is older than man's use of fire... it's primal.

And moral restraint on individual behavior is used to create social order.

We got fat for so long. Blame it on the "cheap money illusion" courtesy of ZimBen and his predecessors.

Now where? The nation has been plundered by the banksters.

Either trust must be rebuilt through honestly addressing and fixing our problems or tighter control from a central planning mechanism.

Obama is choosing tighter control. We'll see if it works.

W.C. Varones said...

Yeah central planning. Thayt always works.

Anonymous said...

You are your brother's keeper, IA.

beebs said...

I didn't ever sign on to the social construct of "being my brother's keeper." I have to worry about my family and myself first.

And, anon., you know I'm right.

Independent Accountant said...

You can "prove" anything with the Bible. "If anyone does not provide for his relatives, and especially for his immediate family, he has denied the faith and is worse than an unbeliever", 1 Timothy 5:8 (NIV). Does this apply to poor people too? Anon wants to "guilt trip" me. Al Sharpton couldn't in 1966. It can't be done now. Beebs, support your family. Merry Christmas. Try to live at peace with others.