Connecticut Get’s It
New York State’s accidental governor in an attempt to confiscate more rewards of success, has attempted to “tax ‘carried interest’ (i.e. investment profits) of hedge–fund manager’s who work here but live out of state”
Think about what he and his accomplices in the state government are trying to do. Tax an individual’s income who does not reside in his state. The company is in New York state and the profits from the organization are taxed appropriately. But the greedy serial spenders want to tax the successful hedge fund managers to get some of their personal success from them and into the public piggy bank so the elected empty suits can misspend more money.
The thought process that went into deciding to try this has to have been so far from the right thinking process that it’s scary. They were aware that some part of their population who works in New York State but reside in another state is earning success. As the tax laws are now, New York State is not entitled to tax the hedge fund managers on their success. Greedy New York State wants some of that success.
Governor Jodi Rell of Connecticut sees this as an opportunity. New York State’s tax over reach is an incentive for the hedge fund manager’s to move out of New York City and move to Connecticut. Connecticut could provide some very nice tax incentives to move a large organization with a great deal of profit and jobs out of New York, who obviously doesn’t appreciate them, and into Connecticut. Connecticut picks up some very successful companies and a whole lot of good jobs (and the taxpayers as new Connecticut residents) which will provide Connecticut with more revenue.
Success is a good thing, not a bad thing. Behavior modification is when you encourage good behavior and discourage bad behavior. When I make a lot of money and I live in your state, let me keep most of my profits and I can be happy in your state. When I make a lot of money and you get all wiggly inside trying to find ways to take a bigger portion of my profits away from me to support you and your elected spendthrifts, I become unhappy in your state. Your greedy desires are so greedy it becomes worthwhile to explore making a permanent decision on relocating. Elected officials may think the taxpayer (individual and corporate) will just sit back and take the abuse from the elected spendthrifts, but we don’t all take it. Companies and individuals are leaving New York in droves. This country is made up of makers and takers. New York State is creating a haven for takers, but in doing so the makers are running away. The New York State government is modifying our behavior. Is it worth staying in a state where so much of our success is punished and confiscated by the state? The makers are punished , but the takers are rewarded.
Does it pay to stay and surrender a large portion of my success? Other than pay more than my fair share to the state, what benefits are there to staying in this state? Maybe less greedy states will allow me to keep more of my success? Let New York keep it’s greedy elected officials and the takers, I’ll take my success to another state. Every year more companies and more individuals with significant income are running away from this state.
Governor Jodi Rell of Connecticut gets it. She sees that New York State is trying to punish successful hedge fund managers, so Connecticut wants to offer them a safe state to live and prosper in. Connecticut wants to reward success and encourage them to go to and thrive in her state.
Is this where stimulus comes from? An infusion of successful business and jobs in a community that appreciates their success and nurtures it as opposed to punish it?
Vote the Bums Out,