Fisher Investments Moves from WA to Texas Over Taxes

[margaretBartle]

Originally Posted by jabogitlu

I have no idea who Fisher is. As a Washingtonian I'm more concerned about the quality of our roads, education, healthcare system, social safety net, affordable housing, etc.

So, bye Fisher. Peace!

But as the tax-paying base leaves, who is going to pay for those roads, school systems, healthcare system, and affordable housing? Million of illegal immigrants, illiterate in their own language, in poor health, and few job skills? Drugged-out loafers, camped out in the woods, on city streets, or in low-barrier subsidized housing projects?


At some point, the Feds are going to quit giving cities and states free money to support all these social services, and the locals are going to have to pony up for the costs. Unlike the Feds, the locals can't do deficit spending. With our borrowing limits maxxed out, how do you think the taxpayers are going to continue to support this safety net of free food, housing, transportation, education, child care and health care to the indigent?



Why do you think they are pushing so hard for income tax? You think it is to relieve property tax or sales tax? Dream on!



As you say, people will tend to move when conditions are sufficiently better than where we are. And that goes for peole in Asia, Africa, and South America, as well.


I used to lobby our elected officials about the problem of outsourcing our high-tech sector to Asia, and the issue of massive immigration would sometimes come up. The elected officials (or their staffers') response was a variation of "when things are no better here than where they came from, they'll quit coming."


Think about it.

[jabogitlu]

The tax paying base isn't leaving. That dude didn't pay extra in taxes, because we had (and mostly have) our state taxation system set up so that he didn't have to.

He wasn't contributing anything (related to taxes) more than me. And to be honest, for big ticket purchases (sales tax), it looks like he was mostly living in Texas anyway.

Good riddance to bad rubbish.

If you want to live in a state where the SUPER wealthy don't pay more in taxes than me and you, then have at it - move to Texas with this dude. If not, Washington is still here and vibrant.

[StealthRabbit]

Originally Posted by jabogitlu

..That dude didn't pay extra in taxes, ...
He wasn't contributing anything (related to taxes) more than me. And

to be honest, for big ticket purchases (sales tax), it looks like he was mostly living in Texas anyway.

....

Probably his (and others) 'big ticket' purchases (sales tax / registration) was done by a MT LLC. That's legal, and not hard to do.

[kavm]

Whatever you think of the WA State Supreme Court decision, Fisher's move was never about taxes - it was about politics.

https://www.washingtonpost.com/busin...081_story.html

Hard as it might be to believe, Texas is a state with higher property taxes than Washington. Anyone really moving to get away for the tax reasons ought to move to Alaska, not Texas. The tax situation in AL is much better, if the temperatures are not

[jabogitlu]

Alaska's also the only state with a UBI, so not the worst situation. My first PFD paid for my snow tires.

However the lack of income going to the state also drives some subpar results. When I lived there the restrooms between the Kenai & Anchorage were shut down due to lack of programming funds. That's a long drive, although to be fair most Alaskans are used to peeing in the woods lol.

[kavm]

Originally Posted by jabogitlu

Alaska's also the only state with a UBI, so not the worst situation. My first PFD paid for my snow tires.

However the lack of income going to the state also drives some subpar results. When I lived there the restrooms between the Kenai & Anchorage were shut down due to lack of programming funds. That's a long drive, although to be fair most Alaskans are used to peeing in the woods lol.

We are talking about Ken Fisher - and why the move from WA to TX was not about taxes. Alaska is just to highlight that a pure tax move would not be to TX. Where Alaskans pee or poop would normally not be a consideration for a tax saving move

[jabogitlu]

? Yes, I have been a participant in this thread for a minute. But thank you for the reminder of the topic, I guess? (aka: what?)

[MtnSurfer]

Originally Posted by kavm

Whatever you think of the WA State Supreme Court decision, Fisher's move was never about taxes - it was about politics.

https://www.washingtonpost.com/busin...081_story.html

Hard as it might be to believe, Texas is a state with higher property taxes than Washington. Anyone really moving to get away for the tax reasons ought to move to Alaska, not Texas. The tax situation in AL is much better, if the temperatures are not

I always wonder why wealthy people move to TX. I think the main reason is for the lack of state income tax. But if wealthy, why not live is the nicest places with most beautiful scenery (mountains, forests, beaches), mild weather, etc...?

I would guess that its a financial advantage and then they travel wherever they want to for however long they want while claiming state residency. My prior wealthy landlord in Monterey lived in Nevada near Tahoe for similar tax reasons for 'part of the year.'

I don't think property tax matter as much to wealth as income tax on a relative scale of potential tax hits one might take. For most, even those well off, I would think WA is still pretty good when it comes to keeping as much of their income as possible. But there are all kinds of other loopholes and ways to shelter income which I why folks like Trump and Warren Buffet pay such low taxes.

America’s richest 400 families pay a lower tax rate than average taxpayer

Derek

[StealthRabbit]

Originally Posted by MtnSurfer

I always wonder why wealthy people move to TX. I think the main reason is for the lack of state income tax. But if wealthy, why not live is the nicest places with most beautiful scenery (mountains, forests, beaches), mild weather, etc...?

...

• Image (Texas is perfect for the Fisher types, he would not do so well in income tax free SD or Alaska, he'd have to prove he was capable (of which he is not, he USES others to gain ground)
• Independence (wealthy are 'revolutionaries', not conformists)
• Like minded neighbors (Proud)
• Privacy. Everyone has a GATE in Texas (and it's always closed!)

WA was a very bad fit for Fisher. He is not a 'nice guy', or even slightly easy to get along with. WA expects you to be civil and a tad considerate. (and to be engaged in the community or recreation... not Fisher's protocol.) A bit of a battle for David Madore as well

Have you met him?

He has a very strong personality (perfect fit for Texas).