States Turn to 'Millionaire's Tax'
States hungry for revenue are turning to taxpayers to make up the shortfall as they deplete rainy-day and economic-stimulus funds. To avert a popular revolt, many are resorting to a so-called millionaire's tax, which puts the burden on a smaller group of the very well-heeled. A flurry of rate increases occurred this year, and tax analysts say the trend will accelerate in 2010. In response, some wealthy residents are rethinking their financial strategies, including where they reside. They may see some sense to moving before they sell a business, for example, or stop using certain kinds of trusts. Doug Stanley,...
Original Article: Forum: News/Activism
Tags: Doug Stanley, Economic Stimulus, Financial Strategies, Millionaire, Moving, Rainy Day, Rate Increases, Revolt, Shortfall, Tax Analysts, Taxpayers, Trusts, Wealthy Residents