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. …

[EagleUSA]

Socialists never learn.

[jttpwalsh]

Remember when Maryland instituted a “millionaire’s tax” a few years back, and the following year, the amount of millionaires who lived there declined by 1/3 ?

[ropin71]

NJ already has an exit tax...

[Ray76]

“Exit tax”?

Interstate commerce clause....

[Buckeye McFrog]

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.

[vpintheak]

Love to hate them, and hate to love them. Socialists are so stupid! Too bad so many people believe their lies.

[GeronL]

or when they raised taxes on yachts and private planes and a lot of middle-class people lost their jobs who produced these products

[baltimorepoet]

I like that idea of living on a boat-nation, and flipping the Socialist/Nanny State the middle finger.

[amnestynone]

I think I it is fair for the rich socialists and rinos in the nutmeg state to pay these taxes. After the way they are trying to shove amnesty and global warming and MSM lies down our throats they sure deserve to pay everything they have frankly. Real conservatives don’t live in places like that.

[SkyDancer]

And will be charged a departure tax ....

[BigEdLB]

Don’t leave? If you don’t want the wealthy to leave then quit voting for the self-appointed Robin Hoods to the legislature....

[jttpwalsh]

when they raised taxes on yachts and private planes and a lot of middle-class people lost their jobs

---

I was a deliveryman, one of my areas was in Costa Mesa, where they built yachts for the Newport Beach folks. I hated going there, all the parking lots were full, with boats, under construction, so the workers would park in the street. I was lucky to get a spot within 200 yards of the delivery address, and then had to bust my behind, with the packages, to their door. I switched routes, and didn’t go there, for almost two years.

One day I filled in for the guy, that took my place. This was after they passed the tax you speak of. I was dreading the stop, and couldn’t believe my eyes. If I was hauling a cannon, and fired off a shot, down the street, there wouldn’t have been anything to hit, it was deserted.

I guess that showed those rich folks who was the boss ! /S

[jsanders2001]

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 and it can be directly attributed to The One” sitting in the WH (or more likely on the greens). Why. The ACA killed millions of jobs and caused is responsible for a very large number of businesses closing. They’re really going to crap their pants when they see all the young single temp workers filing that don’t have to pay in and will get just about all of it back. Pretty soon they will be getting IOUs out instead of checks at this rate...

[SkyPilot]

Yes, there are very bad parts of Connecticut that need the theft of other people's money.

[KosmicKitty]

Why Mr Kitty moved to CT. No income tax. And so we met.

[GeronL]

New Jersey pays those people to stay

[proxy_user]

My brother told me about one interesting accommodation.

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.

[jttpwalsh]

Lowell Weicker

---

I was never a “Weicker Liker”. He came to my workplace, when he was a Senator, he was unctuous. I moved West, before he became Governor, I remember my Mom speaking poorly of him, and his push for the income tax, that was more “fair”, because the rich would be forced to pay, and everyone else’s taxes would be reduced. My Mom wasn’t rich, and her taxes didn’t decrease, either :(

[Maine Mariner]

I have done a bit of research on the yacht tax. A 20% tax on new yachts over $200,000 built in the U.S.A. If you bought a new yacht built in Italy and registered in the Cayman Islands you did not pay the tax.

To avoid some tax on MA yachts, MA senator and now Secretary of State Kerry, registered his Australian yacht in Rhode Island for a while.