Posted on 05/04/2002 3:41:42 PM PDT by l33t
I would disagree. Immense amounts of effort are expended in Silicon Valley to shelter income and assets in Nevada. Where the Federal brackets fall now for income and capital gains is probably right around the maximum and perhaps a little high. When states like California tack another 10% on top of that, people start to look for tax dodges. People who are perfectly sheltered in Nevada, on the other hand, seem to be far less concerned with the amount of tax they pay. Personally, I find the California tax system egregious, but I can work with the Federal system, no matter how much I detest it. The dozens of well-off friends I have in Silicon Valley agree with me, almost all of whom are sheltered to one extent or another in Nevada. Nevada, in its wisdom, has chosen to reap the benefits of Silicon Valley money indirectly rather than through punitive taxation. As long as California continues its hideous tax system, it will lose revenue through the wholesale sheltering of assets and income in Nevada.
If I had to pull a number out of the air for the maximum aggregate tax rate that will not evoke massive sheltering, it would be around 20-30%. Anything more than this and people will start doing things with their money that will eliminate revenue for the government. And rightly so.
Nah, there wouldn't have been any room. All those eggheads would be busy trying to explain why Sweden has such a great economic model that it is sure to outpace the US in the near future in per capita GDP, and that importing the worlds criminals and creating slums for them is a good idea, too.
Then they would have to leave right when class ends to go sip cappucino with you.
That's thinking small. You should assert that you loaned him the pencil. Or, better yet, that you bought him the french fries that gave him greasy fingers that caused him to reach for the napkin, which inspired him to grasp his moment in history.
LOL.. . Stop me when you get the punchline.
No, not of itself.
A toddler is probably safer on a Norwegian street than sitting with his parents inside many American restaurants.
Yep and for those that can't afford to go away for their holiday, they have that bitchin' heroin program. LOL
You wanna discuss MONEY, you better be on the 'literalism' thread.
You apparently are not aware of how many companies in Silicon Valley have divisions in Reno and Las Vegas. Damn near all of them. Why? So their employees and they themselves do not have to pay California taxes if they so choose. It is a bloody selling point when trying to get employees. The corporations (e.g. Oracle, Sun, and other major players) all have Nevada tax shelters and are set up in such a way that their employees can take advantage of it as well. You'd be surprised how many major tech companies have "offices" in Reno or Lake Tahoe. It is SOP in the Silicon Valley; maybe it is different where you live. And the State of Nevada encourages it.
"Living in Nevada" is a pretty easy trick to accomplish, despite the fact that California has tried to clamp down on it. I know lots of people that "live in Nevada", either figuratively, technically, or literally that nominally work in Silicon Valley. Not being a California resident is encouraged in Silicon Valley from the top down in a great many companies, and the entire private infrastructure actively supports this dodge. I own lots of property in Nevada, and have lived there at various times, and so I have a pretty good idea of what's involved. Any moron can move their residency if the company they work at is tacitly supporting it.
BTW, you may substitute "Wisconsin" for "California" in your quote. At this time, WIs D of Rev is suing a well-known Wisconsin based retail chain for $800K in tax, penalty, and interest, for establishing an asset-rich income-earning operation in Nevada to which the Wisconsin company sends all its Wisconsin earnings in payment for 'trademark rights.'
The dodge was put together by Deloitte at a cost of around $600K and INFURIATES the rapacious Wisconsin tax men.
You're not a Torie, You're a Marxist.
That's common ground, I guess.
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