I mentioned this before and it is happening. The other day I was talking to a business-owner in the City of Worcester, who is semi-retired and spends at least 2-3 months per year in Florida. We started talking about politics and he told me he was doing whatever he needs to do to be able to declare Florida as his residency.
- There goes his annual incomes taxes to the Commonwealth of Mass
- There goes his estate taxes to the Commonwealth of Mass
These projections for the added taxes will not only not be met, but the revenues will keep dropping each month as more and more people buy their products out of state and change their residency.
6 comments:
family probating my uncle Jack's estate in FLA right now...very wealthy guy who moved south years ago....I expect to buy a historic property within the estate that is in Pensacola
I swear I heard teh waitress the other day talking about the new sales tax..............someone said...."gee now it will be more difficult to calculate teh sales tax in your head"......to which she responded......"well if they let the local option of .75% kick in it will nicely round it from 6.25% to 7.00%"
Anyone read or heard about thsi local option being part of the new state legislation........and why do municipalities need the state to tell them when they can and can not tax a sale?............i guess for the same reason that the state can mandate unfunded regulations that cost the municipalites money????
Is Rhode Island sales tax 6% and if so will Mass now lose those Rhode Islanders who used to crossed over into Mass to save the 1% sales tax on say a large furniture purchase or other large ticket items (caaahs excluded).
If I ever build another house for myself, I am going to buy the lumber in NH and just pay em to truck in here. Still will save me $100's
FWIW, this what the Kennedy clan has been doing...........move to Fla.....beat the Mass estate tax....
Anyone with assets over 1m should have a trust set up to avoid estate taxes. Give the state nothing, for they give us nothing.
Jahn (Bill) and Bill. I know a wealthy WASP who stays in FLA. for 6 months. Bernie Maydoff proves that guys like you can never have enough. Greed is good!
Anonymous, so I guess the tax avoidance gene isnt limited to just the Irish Kennedys......Wasps do it, too.......only makes sense. Nor is it limited to occupational categories either......talk about greed.......just ask the firefighters how much they report for all the side jobs they do for homeowners......and how they're continually underbidding guys who do that type of work for a living...b/c the guy doing it for a living has to include the cost of all his benefits in his bid........whereas city ff'ers get their bennies from job #1.......talk about greeed esp. in bad times like now
So ya s'pose that when Deval unloads that $30M berkshire manse of his that he'll leave Mass-hole-achusetss and take up residence in Fla. with that $30M wad of cash? See how getting teh discrimination suits against Coca cola settled for really short money helps Deval get millions in Coke stock options???...........Nice to be a former insider with the gov't and then peddle your influence to privte sector being sued by the gov't agency that you used to work for. Would that be called greed or corruption or both???
Fact is money, w/o regard the the culture or ancestral roots of its owners, will always move to where it is least taxed.....and I know that P.O.'s you gubmint employee types...but hey Massport is coming to town sooner or later so you s/b in line for a boost in total compensation when they take over.
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