Tuesday, January 29, 2013

Moving to Avoid State Income Taxes

Several stories are out recently revealing how many high earners move to avoid onerous state taxes.  It makes me happy that in the process they help starve the blood sucking parasites that make up the electorate and governments of our most socialist states (e.g. CA and NY).

This story for example, reveals that Tiger Woods saved about $100 million in CA taxes over a 16 year career.  While this story highlights a potential developing trend of hedge funds and private equity firms leaving NYC to relocate to Palm Beach, Florida.

Another beneficial result is that several states are discussing reducing their income and corporate taxes to become more competitive.  Not only will this make the movement of high income earners  more pronounced -- it might also eventually allow activists in high tax states to successfully promote freedom over tax, spend and regulate. (I know, the latter is probably wishful thinking, the leaders in these states seem to be willing to completely bankrupt their states rather than even consider changing their ways.)


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