New York Assembly Toys With Prospect of Millionaire's Tax...(NY State Takes Another 'Axe)

...Recently, New York Assembly Speaker Sheldon Silver, has recommended the implementation of a millionaire’s tax, which would fall on the shoulders of 75-85 thousand New Yorkers who pull in (before being subject to an array of high level taxes of course) $1 million per year. This millionaire’s tax would be compounded on New York’s already existent millionaire’s tax. This particular tax, at its core, is no more than a fiscally punitive action taken against hard working Americans. The millionaire’s tax, simply put, derives from a lack of budgetary prowess on behalf of state legislators. This lack of budgetary prowess then forces top earning, taxpaying Americans, who are already paying an exorbitant amount in taxes, to shoulder a large portion of the state’s fiscal burden.

Given that the state of New York’s cumulative exodus level was 1.7 million people between 1999-2008 (and the highest in the country), it is no secret that hard working Americans have been, and cotninue to be serious about dodging poorly justified tax hikes for the sake of settling where taxes are lower and fewer...

As long as someone somewhere, someplace pays Sheldon Silver's salary and votes him into office, he could care less what happens. (Or is he being paid off surreptitiously by Chris Christie, and governors of other states...conspiracy?)

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Just because you work and live in a State does not mean that you are a resident of that State. The last time they pulled this stunt, it was noticed that suddenly, lots of rich people who also had a house in Florida, suddenly became residents of Florida.

The trick is the “six months plus one day of the year” rule for State residency. In this case, it could become a job perquisite for a major company centered in New York, to set up a major branch office in Florida. Million dollar plus executives would have a rotation there, where they would live and work in Florida for “6 + 1”, then live and work in New York for the rest of the year.

The biggest expense would be the heavy teleconferencing involved, which is not a serious technical problem. Just an adaptation of corporate culture that live and teleconferenced are the same thing.

So even though the corporation was based in New York, all its executive paychecks are paid in, and subject to, Florida taxes.

As an added bonus, if Florida could encourage enough New York corporations to do this to build an entire, upscale city, if the State of New York became too obnoxious, which it has come close to doing several times, much of the stock exchange could clone itself in Florida, leaving the NYSE to sort of wither away.

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