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@bgoldberg Entrepreneurship is about earned success. The cash is just gravy. Here you are talking about someone making $5m+ is somehow "screwed" in ANY way? Saving some cash, leaving your six figure job that you could return to at any time, and working a few extra weekends somehow entitles you to a low tax rate? Gimme a break.
The material reward after taking a risk in business (and succeeding) is more CASH, not more CASH and low taxes.
I say better to focus on making more money, than fous on getting taxed less.
My favorite thing Eric Schmidt would say at Google was: "There is no known problem that can't be solved with more revenue". He was damn right.
As to your assumptions about the plans for the financial success of my business, you're damn right I hope to make more than $2m (and who says I haven't?)
1 year, 3 months ago on Proposition 30: Yet another way California screws entrepreneurs over
@EphraimLuft @renderpaz @bgoldberg where do you get $45k from?
1% 500-600 (1k)
2% 600-1m (8k)
3% 1m+ (30k)
But then you save approx 35%-38% of that on federal.
If I wanted to live in Texas or Seattle, I would.
@JDSoCal If it *was* 1.2% we'd be fine. But it isn't. Average CA property tax liability is closer to 0.6% (because of prop 13) and it is even more dramatic in the boom areas.
My parents pay an effective 0.2% property tax on current assessments.
As a married entrepreneur, if I made 2 million dollars today, I'd pay an additional $25,500 (approx.) in CA taxes (don't forget state taxes are deductible at the federal level).
Hhit, I guess I'll have to skip on the custom silk stitching in my new ferrari.