Using Bank Of America As Trustee Can Be Costly For Massachusetts Residents
The abatement applications for the 34 trusts totaled $2,287,707. The Massachusetts income tax rate in 2008 was 5.3%. I’ve been trying to do a back of the envelope computation to estimate how much in assets under management must be there and then project that to nearly 3,000 trusts. I’m going to go with many billions. It would seem that the beneficiaries of these trusts would be a lot a better off, if the trusts were domiciled some place other than Massachusetts. If they suggest to BOA, that it should resign in favor of such a trustee, what is its counterargument? Then there is the question of future trust business. It seems like there are some really high stakes here. It may be that the solution will be to drop the trustee function into a subsidiary in a friendlier jurisdiction maybe Alaska or Florida, which have rewritten their perpetuity rules to allow for dynasty trusts that are really dynastic. Then again, Massachusetts might redesign its fiduciary income tax system to hang onto white collar jobs. It should be interesting.
Wayfair Shows Supreme Court Can Change Its Mind – What’s Next?
On the retailer piece, Jeff is referring to outfits like my fantasy retail operation Pete’s Pokemon And PT’s, that sells vintage Pokemon cards, models of PT 109, and Spanish American War memorabilia over the internet. The “You may fire when ready” t-shirts are flying off the shelves. The business is pretty evenly spread across the country, though, and the South Dakota statute has a $100,000 threshold. If Pete’s were doing $100k in South Dakota, it would be doing nearly $40 million nationally and could afford to deal with the sales tax. The other threshold is a little more troubling – 200 or more separate transactions. I don’t remember ever buying something that cost more than five hundred bucks over the internet, so that is what will likely pull retailers in.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.