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(Yahoo)   If you have to be rich, you don't want to be rich in California   (finance.yahoo.com) divider line 220
    More: Sad, Mr. Young, high taxes, University of Nevada, Gerard Depardieu, cnnmoney, income taxes, Phil Mickelson, David Geffen  
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16095 clicks; posted to Main » on 08 Feb 2013 at 1:18 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-02-08 04:42:54 PM

MrSteve007: The trick is to do things like keep your yacht at a native American owned marina . . . no taxes!


Let's be realistic.  This is what the wealthy would do if they wanted a yacht.

1.) Set up new "C" corporation.
2.) Have corporation buy yacht with borrowed money with yacht as collateral - no luxury tax if it's a capital investment (just like Delta buying a 777)
3.) Rent the yacht from your corporation to yourself when needed - invite at least one business associate so you can have a "weekend strategic planning session"
4.) Write off this totally valid business expense on your taxes.
5.) Make sure the yacht company was just barely above break-even every year but retain the earning "for future growth"
6.) If hard times come quit renting the yacht, bankrupting the company and defaulting on the loan.
 
2013-02-08 04:45:04 PM

Sharksfan: MrSteve007: The trick is to do things like keep your yacht at a native American owned marina . . . no taxes!

Let's be realistic.  This is what the wealthy would do if they wanted a yacht.

1.) Set up new "C" corporation.
2.) Have corporation buy yacht with borrowed money with yacht as collateral - no luxury tax if it's a capital investment (just like Delta buying a 777)
3.) Rent the yacht from your corporation to yourself when needed - invite at least one business associate so you can have a "weekend strategic planning session"
4.) Write off this totally valid business expense on your taxes.
5.) Make sure the yacht company was just barely above break-even every year but retain the earning "for future growth"
6.) If hard times come quit renting the yacht, bankrupting the company and defaulting on the loan.


That works with dancing horses, too.
 
2013-02-08 05:18:57 PM

Sharksfan: MrSteve007: The trick is to do things like keep your yacht at a native American owned marina . . . no taxes!

Let's be realistic.  This is what the wealthy would do if they wanted a yacht.

1.) Set up new "C" corporation.
2.) Have corporation buy yacht with borrowed money with yacht as collateral - no luxury tax if it's a capital investment (just like Delta buying a 777)
3.) Rent the yacht from your corporation to yourself when needed - invite at least one business associate so you can have a "weekend strategic planning session"
4.) Write off this totally valid business expense on your taxes.
5.) Make sure the yacht company was just barely above break-even every year but retain the earning "for future growth"
6.) If hard times come quit renting the yacht, bankrupting the company and defaulting on the loan.


Mmmm, I think it may be better to incorporate as an LLC. Then you wouldn't have to list any board of directors, liability is even less and there are no shareholders. Although if you were a C-Corp, and the shares were divvied between you and your business associate, you could likely deduct those investment losses when the company goes bankrupt.
 
2013-02-08 05:21:59 PM
Welp someone has to pay for the crumbling infrastructure, abysmal roads, gridlock traffic, corrupt police, and terrible schools I guess.

Give the government more money, more money is always the answer.  The worse your kids do in school the more money you should give them, it's an income problem.
 
2013-02-08 05:26:19 PM
49 other states, Phil. Pick one.

This isn't hard.
 
2013-02-08 08:07:03 PM

MrSteve007: Mmmm, I think it may be better to incorporate as an LLC. Then you wouldn't have to list any board of directors, liability is even less and there are no shareholders. Although if you were a C-Corp, and the shares were divvied between you and your business associate, you could likely deduct those investment losses when the company goes bankrupt.


The only reason to go "C" corp is to get out of personal responsibility when it all goes belly up.  You can do that with LLC's and S Corps but it's harder.

But I'm no CPA or tax attorney, I was just being flippant.
 
2013-02-08 09:46:37 PM

Notabunny: There are quite a few reasons why it costs more to live in California. Move to Kansas and discover some.


If I could find work there, I would totally live in Kansas. But I'm not trying to chase women - I'm old now.
 
2013-02-08 09:49:08 PM

Ed Willy: Brontes: We'll gladly take your millionaires in Texas.  Move silicon valley over to Austin while you are at it.

Problem is no Silicon Valley computer scientist wants to live in a state where the education board is dominated by creationists, no matter the low tax rates.


Both of our girls went to Allen High School ( yes, the one now with the obscenely ginormous stadium ) and were very well prepared.
 
2013-02-08 09:52:36 PM

ongbok: Brontes: We'll gladly take your millionaires in Texas.  Move silicon valley over to Austin while you are at it.

The problem with living in Austin is that eventually you will have to venture out into real Texas, and real Texas is a horrible place. From what I've been told.


There's a lot of Texas to go around.Some of it is good, some not so much. Frankly, my view of Austin is pretty negative, but it's a bias. Seems overcrowded and worn out to me.
 
2013-02-08 10:47:32 PM
In Texas, you can drive for hours, but you'd still be in Texas.  However, in California, you can drive for hours and still be in California!

Also, we're having a terrible storm here in So Cal.  I had to literally get my umbrella out of my closet today, just in case.  As it turns out, I didn't have to deploy it, but still.
 
2013-02-08 10:51:23 PM

AverageAmericanGuy: If you rich people don't want to pay your fair share, then get the hell out.


What is needed is some kind of law to prevent them from leaving. or, if they are allowed to leave, they have to forfeit all their ill-gotten gains to the People.

/some Farkers will actually support this idea.
 
2013-02-08 10:53:47 PM

uselessgit: I'm waiting for the flood of rich liberals who are going to flock to CA in order to be good citizens and pay the highest tax possible.


No no no, you don't understand. Rich liberals are very moral and ethical people. And they work hard to make sure that other people pay enough taxes, so they are moral and ethical also..
 
2013-02-08 11:00:17 PM

Gdalescrboz: Lorelle: witness protection: If you have to be rich, you don't want to be rich in California

FTFY

I'd rather be here than in a flyover state full of ignorant Teabaggers.

Do all of you douche-bags get this butt-hurt when someone pokes fun of you?


Yes, yes they do.
 
2013-02-09 01:10:05 AM

davidphogan: inclemency: davidphogan: fat boy: davidphogan: I had the option when I worked in Washington to move there and skip Oregon's 9% or whatever income tax rate, but still get to shop in Portland with a 0% sales tax.  The problem was, Vancouver would suck to live in, and Portland doesn't.  That 9% penalty was worth it.

I wasn't making anywhere near the $1m to hit the levels they're talking about in the article, but 9% of my salary wasn't enough to live in a shiathole.  You get what you pay for.

Oh now, Vantucky taint all that bad

It's not the worst place I could live by any means.  But, I don't want to live there.

I could have saved a lot of money, saved some time, and sucked it up and dealt with living in Riverside instead of choosing between LA/OC/SD.  I chose San Diego because quality of life is more important than money sometimes.

If people are willing to relocate to somewhere shiattier to save the kind of money in a month that would be a retirement fund to someone like me, great.  Go for it.  It just means that places that are actually decent to live become a little cheaper because you don't have some millionaire asset taking up as much space.

I'd rather live somewhere with a few less millionaires but people who care about having a good place to live.

Your Vancouver hate is perplexing. It's an excellent city to live in.

/lived there two years
//now back in Toronto
///thank god I don't live in Ethiopia or Haiti or America or any other 3rd world nation

I was referring to Vancouver, Washington. I wasn't commuting from Oregon to BC.


Sorry, my bad.
 
2013-02-09 02:42:04 AM
If you're rich and being taxed... you still happen to be rich after the taxes.  Just sayin'.
 
2013-02-09 07:03:40 AM
"I am happy to pay my taxes, whatever they are: no problem with me," said David Geffen ...

That's some pretty scary revolutionary rhetoric.
 
2013-02-09 12:26:16 PM

Meatybrain: You deduct state taxes. It doesn't add to your tax burden, it just moves it around a bit.

If you're too stupid to realize this, you don't deserve to be a farking millionaire, you gilded asswipe.


Yeah, as someone who has such a lucid grasp on what tax deductions are, you have every right to call random people asswipes. No irony there, no sir.
 
2013-02-09 02:01:48 PM

SN1987a goes boom: If, after taxes, you still make more than 10X the amount of the median national income, then you can go piss up a rope about your tax complaints.


Came to say this, leaves satisfied.
 
2013-02-10 01:49:57 AM

AverageAmericanGuy: TwistedFark: I never really understood this, how much money do you need? I live in a very expensive city, in a very expensive country, with a very high tax rate. I make more money still after taxes and paying my mortgage/bills than the average American makes - actually more than double. Oh, and also about 9% of my income goes yearly towards a retirement account.

I'm not even a "millionaire", but I'm quickly starting to wonder how much more do I need? If had about double the amount of disposable income as I have now, I can't even think about what I would spend it on.

Could you have an debilitating accident that rendered you unable to work and still live off whatever income, insurance, and/or savings for the rest of your life?

If not, then you probably don't have enough.


I live in Australia, so - yes.
 
HBK
2013-02-11 01:05:44 AM

GBB: Real rich people don't pay taxes, regardless of what the tax rate is.


[citation needed]
 
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