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Rich people will do anything to avoid state income tax. Florida is one of the US East Coast states with no state income tax. Right after the "dot bomb", sever
by redis_mlc 7y ago
Rich people will do anything to avoid state income tax.
Florida is one of the US East Coast states with no state income tax.
Right after the "dot bomb", several SV VCs moved to Florida or Texas to avoid California state income tax.
Amazon's reason for re-investing all profit was to pay zero tax (in the USA you can do that, but in some countries they just tell you what percent is the minimum.)
- moron4hire 7y agoYou don't get rich off of wage income.
- rurp 7y agoEh, I think you're just using a different definition of "rich" than the OP. A person who makes $350k/year and is a millionaire would be considered rich by quite a few people, though not everyone. A person like that would benefit quite a bit by avoiding state income taxes.