Connecticut to super-rich residents: Please don’t leave us

Associated Press ^ | Feb 9, 2015 2:58 PM EST | Stephen Singer

[Olog-hai]

If you’re a billionaire living in Connecticut, chances are the tax department is keeping an eye on you.

In a state home to some of the richest Americans, tax officials go to some lengths to keep them—or, more accurately, keep the billions of dollars in revenue their income taxes generate.

Connecticut tax officials track quarterly estimated payments of 100 high net-worth taxpayers and can tell when payments are down. Of that number, about a half-dozen taxpayers have an effect on revenue that’s noticed in the legislature and Department of Revenue Services. […]

Two years ago, tax officials were alarmed that a super-rich hedge fund owner might leave and reduce the state’s income tax revenue. They met with the unidentified taxpayer to stay. The effort was partly successful, with the taxpayer leaving Connecticut but agreeing to keep the hedge fund here. …

[proxy_user]

Prior to Weicker’s income tax, they had a 14% tax on dividends and capital gains. This encouraged high-income workers to live in Connecticut, but discouraged the really wealthy. When the tax on dividends dropped from 14% to 4.5%, many wealthy people came over from NJ and NY.

[Labyrinthos]

Connecticut did not even HAVE an income tax until Lowell Weicker got one imposed 20 years ago.

It was supposed to be a temporary, stop-gap tax.

[N. Theknow]

Connecticut did not even HAVE an income tax until Lowell Weicker got one imposed 20 years ago. Did not take them long at all to come to THIS point.

Good thing it was NEVER going to increase and neither would the sales tax. Connecticut was going to have a balanced budget for years into the future.

At least that is what Marie Herbst, Republican who caved and gave Weicker the last vote needed to pass the income tax, told me when when I dared question her about stabbing taxpayers in the back.

I escaped just in time and moved to Florida and live in the most conservative county in the state. Added benefit, Grady Judd is my Sheriff. Google him when you get a chance. He puts criminals in their place, either the ground or in jail. Their choice.

[GeronL]

Does Kerry still park his Yacht in another state?

[Dr. Sivana]

There is property tax on cars in Connecticut. However, the legislature passed a bill that declared all cars more than 20 years old to be worth $100. This was supposedly to help some guy in Greenwich who had a collection of vintage Ferraris.

Ah, but it also helped me when my daily driver was a '66 Dodge Dart. $4.33 a year, folks!

[GeronL]

wow

[GeronL]

and these people are never held to account for these promises either

[Jewbacca]

“NJ already has an exit tax.”

I don’t think a state can do that.

[GeronL]

and that woman was still in politics until last year??

http://patch.com/connecticut/vernon/herbst-seems-happy-after-the-last-dance

[Jewbacca]

I thought that’s a myth, and it is:

http://njhomesreport.com/2014/11/05/the-new-jersey-exit-tax-mything-something/

[GeronL]

I also didn’t think a state could tax someones’ income who was just visiting but New York does it to athletes and business travelers.

[Alex Murphy]

Connecticut tax officials track quarterly estimated payments of 100 high net-worth taxpayers and can tell when payments are down. Of that number, about a half-dozen taxpayers have an effect on revenue that’s noticed in the legislature and Department of Revenue Services....Two years ago, tax officials were alarmed that a super-rich hedge fund owner might leave and reduce the state’s income tax revenue. They met with the unidentified taxpayer to stay. The effort was partly successful, with the taxpayer leaving Connecticut but agreeing to keep the hedge fund here.

PFL

[9YearLurker]

I’m getting ready to leave this year—and the weather is only half of it. Malloy and his corrupt crew’s dystopic vision is enough to choke off the smallest of entrepreneurs. That’s right, I’m not one of the state’s billionaires.

[austinaero]

God, please don’t come to Texas! We have enough libs AND illegals right now to deal with.

[BeauBo]

“I’ll say this again (as I have in the past year), 2014 will be the absolute worst tax collection year for the IRS in several decades”

Destructive policies are shrinking the pie, but the Government is taking a much bigger cut out of it.

2014 is actually a record year for revenue from tax collection. The biggest tax increase in human history has been put in place, and they are raking it in.

They are still spending more than they take in, and the high rate of taxation is further reducing growth, however.

[Olog-hai]

You don’t want God to come to Texas?

[jsanders2001]

> 2014 is actually a record year for revenue from tax collection. The biggest tax increase in human history has been put in place, and they are raking it in.

They may be demanding more but that doesnt mean they’ll be collecting more. We’ll see...

[NRx]

The problem with socialists is that sooner or later they run out of other people's money to spend." -Margaret Thatcher

[CGASMIA68]

Ct has a “vintage tag” for over 20.No emissions test either
My POS 97 Taurus is getting close but I will be back in Fl by then

[9YearLurker]

New England used to specialize in the Weiker style of disingenuous RINO sellouts.

But now they’ve gone national.