Zero firms with taxable profits as defined in the irc after credits and nols owed no federal income tax. Did I get it right?
You could pick some other way to define profit unrelated to the tax system and get a positive number, but that would be cheating...
@goodtaxtakes@kirkstark I didn't want to interject my thoughts on the article which is very neutral (and well-done!), but, I agree that where there is legal ambiguity and complexity, the well-advised and well-represented thrive!
Recently on the Tax Research Network, we recently featured an excellent article by @kirkstark on what it might take for California billionaires to not be residents in California. Punchline? Its more complicated than detractors and proponents of the wealth tax suggest.
@Tyler_Menzer@RichardHanania No.
But at age 5, 10, 15, etc. you won't notice them with the exact same crazy abilities, preferences, tastes, idiosyncrasies, looks, etc., as you, and love them in a different way as you realize they are an approximate average of you and your best friend.
Genetics are a thing!
"Massachusetts Lost $4.2 Billion in Income After Millionaire Tax Took Effect" https://t.co/l9rDsiuirP
"top earners were responsible for 70% of the $4.2 billion in net outflows in 2023, a jump from the previous year and more than double the level from 2019."
Does only CAMT tax book income? Nope. Amazingly, the @davidsgamage, @BDGesq, et. al. wealth tax in California also has GAAP-based income and asset values in the tax base. Please just leave book income out of the tax base. We have been down this path before. Thoughts:
Andrew Belnap and I recently did a survey of tax directors about the CAMT. It is really complicated and hard to comply with, yet few people actually pay anything. The worst of both worlds!
@davidsgamage@ajobst@joshrauh 1. Do you think the people who already moved, who Forbes records as being in CA, will move back to be taxed? Why not correct the number for them?
2. Do you think the valuation of assets as per Forbes will be the same as on a tax return?
@davidsgamage encouraged me to closely read how @joshrauh came up with his revenue score and compare it to his. I had. But, took a closer look, and I wrote a brief comparison for everyone else.
@VincentGeloso I imagine the founding fathers sitting around thinking of why they were establishing a government..."TO EXTRACT AS MUCH FROM THE PEOPLE AS POSSIBLE !!!!"