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Fri Feb 1, 2013, 07:19 AM

There's A Reason Bill Gates And Jeff Bezos Both Call Washington State Home

http://www.businessinsider.com/washington-best-state-for-the-wealthy-taxes-2013-1



Why does the wealthiest man in America live in Washington?

The answer is in a report released this week by the Institute on Taxation and Economic Policy.

Washington’s tax system is the most disjointed in the nation, leaving rich residents — including Bill Gates, the country's richest — with more money in their pockets, and the poor with even less to scrape by on.

The wealthiest 1 percent in the state of Washington — who bring in an average income of $1.1 million — pay only 2.8 percent of their income toward state taxes. By comparison, that state's poorest 20 percent — earning an average income of $11,500 — shell out nearly 17 percent of their income to the government, according to the report.

In fact, Washington is one of nine states in the country without a personal income tax. Instead, it relies heavily on sales taxes, which often hit lower- and middle-income families the hardest, and property taxes.


Read more: http://www.businessinsider.com/washington-best-state-for-the-wealthy-taxes-2013-1#ixzz2JeJhSuqc

17 replies, 2089 views

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Reply There's A Reason Bill Gates And Jeff Bezos Both Call Washington State Home (Original post)
xchrom Feb 2013 OP
Honeycombe8 Feb 2013 #1
HiPointDem Feb 2013 #5
Honeycombe8 Feb 2013 #6
HiPointDem Feb 2013 #7
Honeycombe8 Feb 2013 #13
HiPointDem Feb 2013 #14
Honeycombe8 Feb 2013 #15
Warren Stupidity Feb 2013 #2
dixiegrrrrl Feb 2013 #10
CBGLuthier Feb 2013 #3
HiPointDem Feb 2013 #4
Logical Feb 2013 #8
liberal_at_heart Feb 2013 #9
sadbear Feb 2013 #11
AngryAmish Feb 2013 #12
bluestate10 Feb 2013 #16
octoberlib Feb 2013 #17

Response to xchrom (Original post)

Fri Feb 1, 2013, 07:32 AM

1. Well, that's the smart thing to do. If I'm able to retire, I want to live where taxes are low for me

That's the smart thing to do. I certainly wouldn't want to move somewhere that would tax me more. That doesn't make sense. So unless I just really want to live in some location with high taxes, I wouldn't do it.

Washington state is beautiful, though. So that's probably another reason.

He didn't devise the state tax systems. Neither did I or you. We just move to where it's better for us than where we are now, if we can.

I want to move somewhere, or stay where I am, where the state does not have state income taxes at all, actually. But they get you coming and going...if they don't have a state income tax, then other taxes will be higher. They're still gonna get the money from you.

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Response to Honeycombe8 (Reply #1)

Fri Feb 1, 2013, 07:44 AM

5. he's a 4th generation washingtonian. he didn't move there to avoid taxes.

 

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Response to HiPointDem (Reply #5)

Fri Feb 1, 2013, 07:59 AM

6. Oh, well, there you go. Ba-da-bing. Some people see a boogey man under every bed. nt

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Response to Honeycombe8 (Reply #6)

Fri Feb 1, 2013, 08:02 AM

7. in bill's case, there is a boogeyman. just not the one the op thinks. since bill's a major force

 

behind the push for a state income tax.

he's not worried about his own taxes; he has ways of avoiding them.

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Response to HiPointDem (Reply #7)

Sat Feb 2, 2013, 10:34 AM

13. I thought Washington already had a state income tax. nt

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Response to Honeycombe8 (Reply #13)

Sat Feb 2, 2013, 03:42 PM

14. no. oregon does.

 

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Response to HiPointDem (Reply #14)

Sat Feb 2, 2013, 03:44 PM

15. Well, then I don't understand the OP, I guess. He's saying BG lives in Washington 'cause he pays les

state income taxes.

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Response to xchrom (Original post)

Fri Feb 1, 2013, 07:35 AM

2. I'm pretty sure billg lives in wa because, like Microsoft and everything.

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Response to Warren Stupidity (Reply #2)

Fri Feb 1, 2013, 10:10 AM

10. He does..or did..live on the shore of Lake Washington, outskirts of Seattle

in a huge house which was the subject of much press and magazine coverage back when he had it built.

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Response to xchrom (Original post)

Fri Feb 1, 2013, 07:40 AM

3. FFS Gates was BORN there

After being in Albuquerque for a few years he moved his company back to his hometown. But lets bash him for that.

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Response to xchrom (Original post)

Fri Feb 1, 2013, 07:42 AM

4. bill gates lives in wa because his great-grandparents, grandparents & parents did. and he's the

 

one *pushing* a state income tax.

because, like all rich people, he can easily avoid it. he can avoid the sales tax too.

bezos, otoh, is actually an alien. a real alien.



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Response to xchrom (Original post)

Fri Feb 1, 2013, 08:52 AM

8. Gates was fucking born there! Nice try at slamming gates for no reason! n-t

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Response to xchrom (Original post)

Fri Feb 1, 2013, 09:22 AM

9. I don't know why he lives here but you are right

It is nearly impossible to live in this state unless you have a tech job. I seriously don't know how fast food workers live in this state at all. There are a few low income citites but compared nationally even they are expensive. We do have a higher minimum wage than other states, but I don't see how it can possibly make up for the cost of living that people have to pay to live here. I know some people who have chosen to move to Idaho to get away from the cost of living here in WA state.

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Response to xchrom (Original post)

Fri Feb 1, 2013, 10:13 AM

11. If that were true, then why doesn't he live in a state WITHOUT state income tax.

That's why the BFEE is in Texas and Florida.

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Response to xchrom (Original post)

Fri Feb 1, 2013, 10:17 AM

12. He doesn't earn income. Capital gains.

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Response to xchrom (Original post)

Sat Feb 2, 2013, 03:47 PM

16. Both people moved to the state before they became rich and loved living there.

Not everyone think taxes in every waking minute.

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Response to xchrom (Original post)

Sat Feb 2, 2013, 03:54 PM

17. Washington state has the most regressive tax system. Not that this is Bill Gates' fault.

Ten states — Washington, Florida, South Dakota, Illinois, Texas, Tennessee, Arizona, Pennsylvania,
Indiana, and Alabama— are particularly regressive. These “Terrible Ten” states ask their poorest residents
— those in the bottom 20 percent of the income scale — to pay up to six times as much of their income in
taxes as they ask the wealthy to pay. Middle-income families in these states pay up to three times as high a
share of their income as the wealthiest families

• The main finding of this report is that virtually every state’s tax system is fundamentally unfair, taking a
much greater share of income from middle- and low-income families than from wealthy families. The
absence of a graduated personal income tax and the over reliance on consumption taxes
exacerbate this problem in many states.
http://www.itep.org/pdf/whopaysreport.pdf


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