You Make $1 Billion. You Flee to Florida. Then the Tax Man Knocks.

[themickey]

As I recall, a legendary real-name ETer moved from the NY metro to Palm Beach several years ago. Ahead of the crowd!

Legend???
Lunchbox Legend?

 

[Sig]

There are quite a few taxpayers in the USA that pay well over 50% marginal tax rate, some approach 62%. For example, a single, high-income, self-employed person who lives in Manhattan, pays 37% max IRS rate, 9% max NY state rate, 3.8% max NY City rate, plus both sides of FICA Social Security and Medicare = 15.3% on the first $127,000.

And of all of those, only the 9% and 3.8% can be changed by moving to FL from NYC. If you're making several million dollars and "flee" to FL from NYC to avoid the 12.8% (which you don't really entirely avoid since FL doesn't operate it's government for $0) when you'd otherwise prefer to live in NYC you've lost perspective, that's all.

So far I've seen a whole lot of quibbling about percent rates and a bunch of other tangential crap, all of which miss the entire fricking point! If you think that the point of becoming wealthy is that you have to "flee" somewhere you'd prefer to live in order to protect that wealth from taxes so you have more money in your bank account when you die....well I feel sorry for you, bottom line.

 

[zdreg]

Legend???
Lunchbox Legend?

urban legend then he was eventally kicked off ET.

 

[volpri]

Maybe, the rich don't actually want to pay more in taxes contrary to what Warren Buffett keeps telling people in the media? The same blowhard showed his tax return to the liberal media where he showed an income of only $11 million and for which, he paid a measly sum of $1 million. Now, take note that he is worth atleast, $72 billion. At a very conservative 5% estimate on his $72 billion, he would easily earn $3.6 billion. So, where did all those monies go? Tax loopholes of course, and all legal. Of course, Warren Buffett is only paying "lip service" to the liberal media worshipping him in adoration!

LOL is he buffeting the rest?

 

[newwurldmn]

Then you moved to Palm Beach because you wanted to move to Palm Beach, yes? Taxe rates would have had nothing to do with it. If you would have preferred to live in Manhattan and instead moved to Palm Beach as an extremely wealthy individual because FL has lower taxes you've pretty clearly lost perspective, IMHO.

I think virtually all rich people will pick where they want to live first. Within the places they want to live, taxes can be a factor. And forget about billionaires who have more money than god. For me, state and local taxes in my current state would be my mortgage in a non-income tax state like Florida. It’s not an insignificant issue.

No rich person is moving to a state just to avoid taxes. They move because they also like it. Tennessee has no state income tax and also has cheap property values. Whose moving there (unless they like the Nashville country music scene)?

 

[newwurldmn]

Maybe, the rich don't actually want to pay more in taxes contrary to what Warren Buffett keeps telling people in the media? The same blowhard showed his tax return to the liberal media where he showed an income of only $11 million and for which, he paid a measly sum of $1 million. Now, take note that he is worth atleast, $72 billion. At a very conservative 5% estimate on his $72 billion, he would easily earn $3.6 billion. So, where did all those monies go? Tax loopholes of course, and all legal. Of course, Warren Buffett is only paying "lip service" to the liberal media worshipping him in adoration!

You mean the loophole of not selling his stock holdings?

 

[srinir]

You mean the loophole of not selling his stock holdings?

Ignorance is a bliss

 

[newwurldmn]

Ignorance is a bliss

Especially when you can use that ignorance to push some alt-right anti-media narrative.

 

[ironchef]

Maybe, the rich don't actually want to pay more in taxes contrary to what Warren Buffett keeps telling people in the media? The same blowhard showed his tax return to the liberal media where he showed an income of only $11 million and for which, he paid a measly sum of $1 million. Now, take note that he is worth atleast, $72 billion. At a very conservative 5% estimate on his $72 billion, he would easily earn $3.6 billion. So, where did all those monies go? Tax loopholes of course, and all legal. Of course, Warren Buffett is only paying "lip service" to the liberal media worshipping him in adoration!

It is un-American to pay more tax than is required by law. That applies to both liberals and conservatives.

He is giving almost all of his $72 billions to charity, to legally avoid tax if you are a cynical conservative, to benefit humankind if you are a liberal.

 

[smallfil]

It is un-American to pay more tax than is required by law. That applies to both liberals and conservatives.

He is giving almost all of his $72 billions to charity, to legally avoid tax if you are a cynical conservative, to benefit humankind if you are a liberal.

I am cynical alright as far as these blowhards go, because a lot of it is put out by the biased liberal media. What you are saying about that $72 billion to charity is just a pledge. A pledge is just a promise! It has not really been given away. So, he controls his monies, probably, gets a tax benefit out of it without actually, not having given out anything! The difference with liberals is they have all these good plans to benefit mankind and are fine with it as long as someone else pays for it! From the blowhard Buffett, if he really wanted to pay more taxes, why not just cut a check to the Bureau of the Treasury? He was assessed by the IRS $100 million which they say he owes and he is still fighting it? Average joes if they were in Warren Buffett's shoes would already have liens on their properties and the IRS would have already garnish your wages! Of course, being politically connected and being filthy rich, he gets preferential treatment!