1/3 of Maryland Millionaires Missing
The WSJ notes that since the state of Maryland imposed its new millionaire tax last year, one-third of all millionaires in the state have disappeared. No doubt a good part of that is economic related, but many have also picked up and left the state.
On those missing returns, the government collects 6.25% of nothing. Instead of the state coffers gaining the extra $106 million the politicians predicted, millionaires paid $100 million less in taxes than they did last year — even at higher rates.
Taxes To Move Microsoft Jobs Overseas
Microsoft Corp. Chief Executive Officer Steven Ballmer said the world’s largest software company would move some employees offshore if Congress enacts President Barack Obama’s plans to impose higher taxes on U.S. companies’ foreign profits.
“It makes U.S. jobs more expensive,” Ballmer said in an interview. “We’re better off taking lots of people and moving them out of the U.S. as opposed to keeping them inside the U.S.”
Oil Companies Hoping To “stay out of reach of Barack Obama” Move To Switzerland
Reuters: The tidy towns and mountain vistas of Switzerland are an unlikely setting for an oil boom.
Yet a wave of energy companies has in the last few months announced plans to move to Switzerland — mainly for its appeal as a low-tax corporate domicile that looks relatively likely to stay out of reach of Barack Obama’s tax-seeking administration.
Emerson Electric Co. Chief Executive Officer claims us is hurting manufacturing
Emerson Electric Co. Chief Executive Officer David Farr said the U.S. government is hurting manufacturers with regulation and taxes and his company will continue to focus on growth overseas.
“Washington is doing everything in their manpower, capability, to destroy U.S. manufacturing,” Farr said today in Chicago at a Baird Industrial Outlook conference. “Cap and trade, medical reform, labor rules.” . . . Farr, in his presentation, also said manufacturers are being hurt by taxes and regulation. He said companies will create jobs in India and China, “places where people want the products and where the governments welcome you to actually do something.” –Bloomberg
Notes to self – NY and CA exodus….
The Wall Street Journal, MAY 27, 2009, Millionaires Go Missing
Maryland’s fleeced taxpayers fight back.
Bloomburg, Ballmer Says Tax Would Move Microsoft Jobs Offshore (Update3) , Ryan J. Donmoyer, June 3, 2009 16:12 EDT
reuters Corporate oil booms in low-tax Switzerland, Wed Mar 11, 2009 9:50pm EDT, Sam Cage