LOL, if you do this kind of thing online, the answer would be easy: move the fuck out of such a shitty state.
And yeah, I get it, you’d probably leave behind friends/family, but…if your state is clearly sending you a message that they don’t approve of you, maybe get out and deprive them of any money?
I’m talking about Sophie Rain in particular - who apparently makes several million per year (89 million last year).
It sounds like this dumb idea is proposed by Fishback, a guy currently polling at 3%. So it doesn’t seem likely to pass, but if it did, I would think someone making several million getting singled out by a conservative for extractive state taxes (and just for performative xtian misogynist bullshit), it would make a lot of sense to move.
If your primary source of income is now being taxed at over 70% (50% “sin tax” + 15% income tax + 8% Medicare/social security tax) then that creates a pretty strong incentive to move, because the cost of not moving is even greater.
There is no “I can’t afford to move” at these numbers. At this rate it would make sense to even borrow money to move.
If that 15% income tax is meant to be federal, I think Sophie Rain would be getting taxed at 37% instead.
I don’t know if the 50% “sin tax” would be something that could be used as a deduction on federal taxes or not.
In any case, this makes the point even more so…especially for someone pulling down 89 million a year. I’m sure not every OF star in Florida is making that kind of bank.
Funny, because even though that’s a total of 95% tax, it reduces $89 million down to $4.45 million, which is still enough to live a ridiculously luxurious lifestyle. For us plebs, that would mean we have to find some way to spend $370,000 every month. It just goes to show how much we under-tax the wealthy in this country.
It’s also ironic that making $89 million a year is kind of in the low-end of things when it comes to money and influencing the country. Even if they were not taxed much, and assuming no growth, they’d have to save over ten years to hit a billion.
Kind of gives you perspective when you think we have billionaires and a whole lot of centimillionaires. To accrue a billion, you’d have to accrue 100 million for 10 years and save it all.
Something tells me that most people on OF make nothing like that, but yes.
Also, I’m pretty sure this line of work has a very limited timeline for viability, at least at those kinds of numbers. People doing this would do well to put this away for a rainy day…
I get some of these simplifications for the sale of discussion but the federal corporate income tax rate is 21% (yes, at least half of us are subsidizing corporations)
You’d expect her to being paid some salary as an employee of her corporation, and depending how the wrote it, it’s possible only that would be subject to sin tax, and it’s relatively insignificant
I think a VPN might be an option too just for the OF
Edit: I did some digging and can’t find anything on OF. I did find info on Steam though. Basically yeah it’s possible but against TOS and tax laws so if you do get caught the penalties are pretty severe and not worth low single digit percentages
Yeah and something I wasn’t thinking about is they’re just gonna send it to the address you have on file. I’m not sure how to OF signup process works but you might need a ssn for it and then it wouldn’t matter where you were.
You could get a P.o. box in a foreign state? Then file state taxes there. If you had a local job too then you would be filing 2 states
I would think the ones pulling down millions would be smart to buy a second home in a state with zero state income tax (if they don’t have one already), and set that as their primary residence.
This Fishback guy’s proposal seems rather short on details anyway and I’m not a lawyer or a tax accountant, but I’m sure there would be ways for the ultrarich OF stars to still spends lots of time in Florida and not pay some “sin tax” because some weird Republican guy is butthurt about OF’s existence…
LOL, if you do this kind of thing online, the answer would be easy: move the fuck out of such a shitty state.
And yeah, I get it, you’d probably leave behind friends/family, but…if your state is clearly sending you a message that they don’t approve of you, maybe get out and deprive them of any money?
Moving isn’t exactly cheap, some people really don’t have that option
I’m talking about Sophie Rain in particular - who apparently makes several million per year (89 million last year).
It sounds like this dumb idea is proposed by Fishback, a guy currently polling at 3%. So it doesn’t seem likely to pass, but if it did, I would think someone making several million getting singled out by a conservative for extractive state taxes (and just for performative xtian misogynist bullshit), it would make a lot of sense to move.
Ah, gotcha
If your primary source of income is now being taxed at over 70% (50% “sin tax” + 15% income tax + 8% Medicare/social security tax) then that creates a pretty strong incentive to move, because the cost of not moving is even greater.
There is no “I can’t afford to move” at these numbers. At this rate it would make sense to even borrow money to move.
If that 15% income tax is meant to be federal, I think Sophie Rain would be getting taxed at 37% instead.
I don’t know if the 50% “sin tax” would be something that could be used as a deduction on federal taxes or not.
In any case, this makes the point even more so…especially for someone pulling down 89 million a year. I’m sure not every OF star in Florida is making that kind of bank.
Funny, because even though that’s a total of 95% tax, it reduces $89 million down to $4.45 million, which is still enough to live a ridiculously luxurious lifestyle. For us plebs, that would mean we have to find some way to spend $370,000 every month. It just goes to show how much we under-tax the wealthy in this country.
It’s also ironic that making $89 million a year is kind of in the low-end of things when it comes to money and influencing the country. Even if they were not taxed much, and assuming no growth, they’d have to save over ten years to hit a billion.
Kind of gives you perspective when you think we have billionaires and a whole lot of centimillionaires. To accrue a billion, you’d have to accrue 100 million for 10 years and save it all.
Something tells me that most people on OF make nothing like that, but yes.
Also, I’m pretty sure this line of work has a very limited timeline for viability, at least at those kinds of numbers. People doing this would do well to put this away for a rainy day…
So we’re assuming someone who makes $89M is
I get some of these simplifications for the sale of discussion but the federal corporate income tax rate is 21% (yes, at least half of us are subsidizing corporations)
You’d expect her to being paid some salary as an employee of her corporation, and depending how the wrote it, it’s possible only that would be subject to sin tax, and it’s relatively insignificant
I think a VPN might be an option too just for the OF
Edit: I did some digging and can’t find anything on OF. I did find info on Steam though. Basically yeah it’s possible but against TOS and tax laws so if you do get caught the penalties are pretty severe and not worth low single digit percentages
And it’d be challenging to get around the tax upon tax review, no?
Yeah and something I wasn’t thinking about is they’re just gonna send it to the address you have on file. I’m not sure how to OF signup process works but you might need a ssn for it and then it wouldn’t matter where you were.
You could get a P.o. box in a foreign state? Then file state taxes there. If you had a local job too then you would be filing 2 states
If people had as many rights as a corporation, I guess people could “incorporate” in the Cayman Islands or whatever…
I would think the ones pulling down millions would be smart to buy a second home in a state with zero state income tax (if they don’t have one already), and set that as their primary residence.
This Fishback guy’s proposal seems rather short on details anyway and I’m not a lawyer or a tax accountant, but I’m sure there would be ways for the ultrarich OF stars to still spends lots of time in Florida and not pay some “sin tax” because some weird Republican guy is butthurt about OF’s existence…