patrick.net

HunterTits says

Ireland or Lichtenstein for example.

That's interesting. Maybe this is one way that Ireland can show the 2nd highest GDP in the world:

https://patrick.net/post/1340301/2021-07-27-how-did-ireland-get-to-be-the-second-ri

Could just be people claiming income there to get the low tax rate.

Imagine if your income tax was treated like corporate taxes and your life a business.

You could write off your home, clothes, food, just about everything except your disposable income ("Profit")

farmer2021 says

Middle class people incentivized to open business instead of dead end jobs

Instead they seem to do everything possible to make small business fail.

It's true that you aren't taxed on unrealized capital gains.
Also, the capital gains tax is 15% for a lot of people.
There also is no tax on gains in retirement accounts until spent, except Roth IRA withdrawals which aren't taxed.
Municipal bond interest is not taxed.
Qualified dividends have low tax.
Statements above refer to Federal taxes, not state.
Houses or condos are taxed all the time you own them, so you pay taxes on unrealized gains.
Selling a house means you pay an extra tax from Obamacare , 3.8%.

farmer2021 says

There is no small business that makes 1M+ profit.

The one my wife works for does. About 7 full time workers and 30 seasonal workers. Gross about $10M with 60% margins on their jobs and the rest of salary, overhead, insurance, etc. is about 20%. They net about $2-3M a year. My wife is underpaid by a substantial amount, but is given massive flexibility with schedule and vacation time. She should be getting $500-600k per year. But we take off about 2-3 months a year total. She's responsible for selling about 70% of that $10M.

So there are small businesses with under 50 employees that do net $1M. The owners both have 56' boats that retail for half a million down in the Ozarks. She made them and us millionaires. If they were to sell the two owners would walk with close to $10M pre-tax. We're not at that level. Working to get some ownership stake though. We're still young so there's time. It will grow into a $50-100M company at some point. Even 5% ownership stake would be life changing. It's a proprietary product that would be illegal to replicate. The starting product actually is made out in CA.

Yes, I think even some donut shops can make >$1M profit in a year.

I finally quit my California job and I'm taking a 100% remote job, and I've told the family we're bailing on Commiefornia and going to a no-income-tax, free state like Texas or Tennessee. Nashville area is top on my list.

My employer is about to pass a vaccine mandate and this is my big fuck you to them.

@porkchopexpress glad to hear it.

I'm about to give up on California myself.

Patrick says

I'm about to give up on California myself.

Awesome. I've also heard people are bailing from Oregon and Washington state as well. You guys should seriously look at Franklin, TX, which is a surrounding city around Nashville. It's really nice and up-and-coming and I've heard that TN is about to pass anti-mask-mandate legislation.