December 12th, 2012

Fleeing taxes

Taxpayer migration? Shhh, let’s not talk about it.

22 Responses to “Fleeing taxes”

  1. Lizzy Says:

    Here’s the problem: included in those who are fleeing states like California are people who actually supported the candidates & policies that led to the state’s demise (e.g., just because Google moved its assets to Bermuda doesn’t mean they’ve stopped supporting Obama and other Democrats).
    And these former Californians will continue to support like-minded candidates and policies in their new state. Maybe CA is harmed by the loss of revenue, but the fled-to red state loses because it is gaining more “blue state” voters.

  2. Sam L. Says:

    There was a bumper sticker I read about: Don’t Californicate Oregon.

    Didn’t work.

  3. T Says:

    And of course add Gerard Depardieu to the list. This is really no different than the WaPo paying out its dividends now so that its shareholders can avoid next year’s higher taxes while simultaneously advocating for next year’s higher taxes (or John Kerry advocating higher taxes while trying to avoid use tax on his yacht).

    It just goes to show that there really aren’t any socialist liberals, just capitalist liberals who espouse socialism. Who’d a thunk it?

  4. parker Says:

    “It just goes to show that there really aren’t any socialist liberals, just capitalist liberals who espouse socialism.”

    The capitalist liberals are supreme hypocrites. Buffet is the worst of this sorry lot. Just write the check Warren.

  5. T Says:

    Parker,

    Buffet is being a good capitalist. His firm, Berkshire-Hathaway owns much stock in numerous insurance companies. Life insurance is a primary tool for passing wealth from one generation to the next (it’s federal and state income tax exempt) and also for creating instant cash to pay estate taxes at death.

    The higher and more permament the taxes, the more effective a tool life insurance becomes. Thus, Buffet’s espousal of high tax rates and continued estate taxes is an attempt to maintain/increase the profitability of those insurance companies in which he holds stock. It’s pure capitalism, not altruism at all. Again, no socialist liberals . . . .

  6. Geoffrey Britain Says:

    The left has already thought of this;

    IRS Launches New Global Program to Target ‘High Wealth Individuals’

    “The IRS has hired agents and specialists to examine high-wealth individuals and their related enterprises” for tax compliance.

    (CNSNews.com) – The Internal Revenue Service has launched a new global program to target what it calls “high wealth individuals,” IRS Commissioner Douglas Shulman said Monday.

    “Through our new global high wealth operating unit we are taking a unified look at the entire web of business and economic entities controlled by high wealth individuals so we can better assess the risk such arrangements pose to tax compliance.

    The IRS initiated its Global High Wealth Industry group in the fall [of 2009]. Schulman told an October 26 meeting of the American Institute of Certified Public Accountants that it would be part of “the globalization of tax administration,” which he called a “game changing trend” in tax enforcement.

    “This brings me to another important development–a game-changing trend–the globalization of tax administration,” said Shulman.

    “While we are in the early stages of this work, this new unit will centralize and focus IRS compliance expertise involving high-wealth individuals and their related entities – which can often have an international component,” Shulman said. “Tax agencies around the world, including those in Japan, Germany, the UK, Canada and Australia, have also formed high wealth groups.”"

  7. Geoffrey Britain Says:

    Addendum to the above:

    Socialism first goes after other people’s money. They progress to greater and greater theft of the producers income. When that proves insufficient, as it must, given the never ending growth in dependency and entitlements, they then turn to the seizure of the assets of the haves, through one variation or another of our death tax.

    We are on the precipice of raising both the percentage taken and lowering the threshold of our death tax. Warren Buffett just publicly stated that he’s in favor of doing so.

    The same scenario applies to the eventual insufficiency of assets, that applies to income. Then, private property itself is outlawed to feed the state and, communism with its denial of individual rights is triumphant.

    Incidentally, Lenin predicted that it would be the bourgeois socialists of the West that would eventually ensure the triumph of communism.

    Turns out he knew whereof he spoke.

  8. artfldgr Says:

    and france metrosexual leaders in are trying to pretend they are women and will shame the men back to pay 75%.. england lost 66% of their wealthy. and as i said to a friend, now that the wealthy are leaving, your going to be the new wealthy they are going to go after!!!! (and too bad we didnt put out that solution. one company now has 1% of the market which is 900 million, with a 20% or greater growth. and we are sitting on a solution that can go through a Zettabyte of unstructured, unindexed big data in under a year… )

    so… they are going to have to squeeze him hard
    i am a pauper so they can squeeze, but aint nothing going to come out

  9. parker Says:

    T,

    I realize Buffet is a capitalist. Good for him. His vast wealth is sheltered — for now. If the leftwing achieves their goal they will, as GB notes, come after everything.

  10. Geoffrey Britain Says:

    “i am a pauper so they can squeeze, but aint nothing going to come out”

    artflgdr, you perhaps better than anyone know that when the state discovers you have little material assets to seize, that it will look to determine where your ‘usefulness’ might best be used. After the reeducation camp, perhaps digging for shale in the new western gulag? Or failing all else, as fertilizer.

  11. IGotBupkis, Legally Defined Cyberbully in All 57 States Says:

    }}} The very idea of people voting with their feet is uncomfortable to some politicians.

    And yet it is EXACTLY the Founders’ purpose with regards to the States concept.

    Each state becomes a laboratory for various ideas and policies, with people “voting with their feet” for the least odious ones and which appeal to them the most.

    Not just taxes, but all public policies.

  12. thomass Says:

    Geoffrey Britain Says:

    “The left has already thought of this;”

    Can always switch you citizenship….

  13. Occam's Beard Says:

    Can always switch you citizenship

    Actually, you can’t, at least not easily.

    In an especially draconian bit of US tax law, the IRS can still gong on an American who renounces his citizenship for tax purposes. Who decides whether the citizen’s motivation was to avoid taxes? Why, the IRS, that’s who.

  14. IGotBupkis, Legally Defined Cyberbully in All 57 States Says:

    }}} There was a bumper sticker I read about: Don’t Californicate Oregon. Didn’t work.

    The one that’s gotten really screwed is Nevada.

    At least Oregon was already halfway there, with all the hippies and such…

    Nevada was fairly libertarian once…. *once*.

  15. parker Says:

    Democrats see the ‘fiscal cliff’ as a rising tide.

    http://tinyurl.com/amtngh8

    Enough is never enough.

  16. Occam's Beard Says:

    Nevada was fairly libertarian once…. *once*.

    Hell, California was fairly libertarian once…. *once*.

  17. thomass Says:

    Occam’s Beard Says:

    “Who decides whether the citizen’s motivation was to avoid taxes? Why, the IRS, that’s who.”

    Some of the countries with the easiest entry requirements (re: for citizenship) also tend to not cooperate with the IRS. They want you to move there because your bringing money. Been doing some research since the election. ;)

  18. Surellin Says:

    Right, T – Gerard Depardieu left the land of 75% taxation. The guy has 9 movies that have not even been released yet, according to ImDB – he works like a dog and probably figures he deserves the pay. On an allied note, I was searching the real estate ads for stately houses in France (hey, I can dream, can’t I?). Funny that the split-level in the rather remote southern Midi-Pyrenees was 300,000 euros, whereas your basic 10-bedroom chateaus in the Loire or Bordeaux were a mere 2 million. Looks like a particular demographic in France is trying to go cash-heavy and real estate-light.

  19. T Says:

    . . . and speaking of Warren Buffet:

    Instapundit:
    UNPATRIOTIC BILLIONAIRES: The Day After Calling for Higher Estate Taxes on the Rich, Warren Buffett Helps Billionaire Save Millions in Taxes.

    The link:

    http://taxprof.typepad.com/taxprof_blog/2012/12/the-day-after-calling.html

  20. Occam's Beard Says:

    Some of the countries with the easiest entry requirements (re: for citizenship) also tend to not cooperate with the IRS. They want you to move there because your bringing money.

    Good to know!

    Gotta be a little careful in choice of country, because some of them strongly favor their own citizens over foreigners (what a concept, eh?).

    (E.g., a neighbor’s friend who got divorced from his Mexican wife learned that she owned the house – straight up, no other consideration – because she was a Mexican citizen, and he was not.)

    And, of course, Third World countries’ politics can be so mercurial, so even one favorably inclined today may not be after tomorrow’s coup.

    Still, good to know.

  21. davisbr Says:

    Hell. I was one of those who fled California. One year, one month, and one week ago exactly …and just 6 weeks shy of being in California for 60 years.

    Trust me on this: we brought our conservative values with us (to the somewhat less blue – and entirely less wacko – state of Washington …didn’t want to leave the west coast). We’ve met and talked with other Cali’ emigrants since moving here. They’re uniformly conservatives.

    Same story.

    Fed up.

    Packed it up.

    Done.

  22. davisbr Says:

    Huh?

    Heh.

    Hahaha.

    HAHAHAHAHA

    Redstate: BTW: The GOP just took control of the Washington state senate

    And more, from Michael Barone: Reddish behaviour in blue states.

    D a y u m m m.

    Now ain’t that interestin’.

    Must be way more of us ex-Californio’s moving north than even I thought.

    …and I swear that I didn’t see those articles until after I commented above.

    Pinkie-swear.

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