When I go to the Tax Prof Blog I always think that Professor Paul L Caron should give up his attempt at a beard.
On the other hand, his mind is sharp, as sharp as an IRS audit.
Today he is talking about Oregon and their extra tax on millionaires. The good news for Oregonians is that two-thirds of their millionaires stayed put this year, after the legislature and the voters passed this extra tax on the well to do.
It is hard for the poor to move, either to avoid taxes or find new jobs. For millionaires it is not so hard. I know someone who was once a middle class working stiff, but who took a chance with his career, did well and now has a home in Orange County, California, and a Condo in Seattle, Washington, and a healthy sized boat that he and his wife have taken as far north as Alaska. Money produces mobility, and so do taxes.
Regards — Cliff
1 comment:
This problem is most acute when people who commute to a particular city have multiple choices of states to live in...new jersey lost a huge # of millionaires in the last decade because the ny workers can flee to ct or ny and the Philly workers can bolt for pa or even de. 'eat the rich' may play well for the crowd, but when it erodes your tax base, it hurts!
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