Have you counted the cost?

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Bradley R. Schiller, a professor of economics at the University of Nevada, Reno, said the argument that high taxes were not pushing people defied the obvious. Gerard Depardieu, a French actor, left his home country to avoid what he described as a severe increase in income taxes, drawing a storm of criticism from France and fellow citizens. Accordingly, Mr. Schiller said, high-profile millionaires are unlikely to want to draw attention to decisions to decamp for lower-tax states, thus making the migration harder to track.

"Taxes have to be a very important of the equation," Mr. Schiller said. "If you are talking about an income tax of 13 percent on a millionaire in California and an income tax rate of zero percent on a millionaire in Nevada, to argue that it doesn't affect a millionaire's locations decision is to say all millionaires must be stupid."

Mr. Schiller, who was born in California, now makes his home in Nevada.

Hmmmm?
#cost #count #counted
  • Profile picture of the author John Rogers
    This post has been brought to you by the Department of the Completely Obvious...
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    • Profile picture of the author Cool Hand Luke
      It's a good point and a relevant subject for me, seeing as I'm a Nevada resident with a Nevada LLC, but I also live part-time in San Diego.

      Unfortunately, the tax situation is one of the main reasons I don't move to San Diego full time and just pay CA taxes for the time I spend there (effectively keeping my liabilities and tax rates lower), and I know a lot of people with similar arrangements. I've talked to dozens of people who own property in or make their primary residence in NV primarily for the tax situation and friendly business environment while also spending time and owning property in CA. This includes everyone from middle-class earners to a land developer worth in excess of $50 million...

      As long as CA has laws and tax codes in place that continue to get harsher for higher earners, the more of them are going to leave or find ways to reduce their tax liabilities.

      As it is, there are actually more millionaires entering CA than leaving, but more middle income earners are leaving than entering. It will be interesting to see how the trend continues or if they'll even be able to accurately track this kind of data.
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    • Profile picture of the author WallyKyle50
      My man, you would be surprised how many of my friends don't get it. la de la de da! That is their world. Daisies and popcorn.
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      " You Are Cordially Invited To Discover The Fastest Way To Start Making $200...Or More A Day. No Hype. No Drama. No Secret Ingredient."

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    • Profile picture of the author footbag_man
      Originally Posted by John Rogers View Post

      This post has been brought to you by the Department of the Completely Obvious...
      ding ding ding ding...

      Ouch!!

      :p
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  • Profile picture of the author tomerep
    I also find no relevance of this post. maybe you should've posted this on the news forum or something.
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    • Profile picture of the author Cool Hand Luke
      Originally Posted by tomerep View Post

      I also find no relevance of this post. maybe you should've posted this on the news forum or something.
      For the thousands of people in our industry incorporated in Nevada or who make their homes in CA/NV, it has a lot of relevancy.
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  • Profile picture of the author MartinPlatt
    I don't see the relevance, other than possibly saying that "Taxes are important".

    In fact, why did I just leave a comment
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    Martin Platt

    martin-platt.com

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