wealthiest person in each state

Hard to believe that there are still six states without a billionaire.

Virginia Mars (61-year-old great-grandaughter of the founder of Mars Candy) from PA is worth $7.5 billion from an inheritance when her father died about 4 years ago. She lives in a million-dollar home, easily affordable to most executives.

some states have too high income or property taxes and the very wealthy almost have to leave , I'm thinking

Quote: odiousgambit

some states have too high income or property taxes and the very wealthy almost have to leave , I'm thinking

I think high income or property taxes tend to affect the upper middle class. When you get to the top tier, they have a lot of resources to protect their wealth.

The 6 states without a billionaire simply don't have the giant corporations or economy. Of course, there are obvious exceptions as the Walmart fortune and Buffett fortune were started by someone in a small state.
Arkansas: Jim Walton • Estimated net worth: $45.7 billion
Texas: Alice Walton • Estimated net worth: $45.6 billion
Missouri: Stanley Kroenke • Estimated net worth: $8.8 billion: Husband of Walmart heiress Ann Walton Kroenke
Nebraska: Warren Buffett • Estimated net worth: $88.1 billion



Six states without a billionaire

Alaska: Jonathan Rubini and Leonard Hyde
• Estimated net worth: $310 million
• Resides: Anchorage
Jonathan Rubini and Leonard Hyde are two of Alaska's biggest names in real estate. The men share ownership of their company, JL Properties, which owns many properties in Anchorage, including the state's tallest, the ConocoPhillips Tower.

Vermont: John Abele
• Estimated net worth: $630 million
• Resides: Shelburne
Though John Abele is retired, he still has a small stake in Boston Scientific, a medical device company he co-founded in 1979. Abele was once a billionaire, but he donated much of his wealth, leaving him with $630 million. Abele and his family have provided more than $100 million worth of grants to nonprofit organizations.

New Mexico: Mack C. Chase
• Estimated net worth: $700 million
• Resides: Artesia
Mack C. Chase is an oil and gas tycoon based in Artesia, New Mexico. Chase began working in the oil industry at age 14 in 1945, and started his own oil drilling business in 1968. While the Mack Energy Corporation has since expanded its operations to Texas and other parts of New Mexico, the company's headquarters remain in Artesia, where Chase grew up. Through the Chase Foundation, Chase has donated millions to Artesia's schools, students, athletic fields, health care facilities, and downtown area. Chase's contributions to the town are memorialized in a bronze statue of the multi-millionaire at the intersection of 6th and W Main St. in downtown Artesia.

Delaware: Robert Gore and Elizabeth Snyder
• Estimated net worth: $750 million
• Resides: Newark & Wilmington
One of the country's least populous states, Delaware is not home to any billionaires, and brother and sister Elizabeth Snyder and Robert Gore tie as the state's wealthiest person. The two share in the Gore-Tex fortune founded by their parents. Robert, working as a chemical engineer, invented the waterproof material used in Gore-Tex apparel.

North Dakota: Gary Tharaldson
• Estimated net worth: $900 million
• Resides: Fargo
North Dakota is home to no billionaires, but Gary Tharaldson, the Fargo-based builder and operator of hundreds of hotels across the country through Tharaldson Companies, is the closest to a 10-figure net worth of anyone in the state. Tharaldsen, now 73, continues to work at his company's offices in Fargo.

Alabama: Jimmy Rane
• Estimated net worth: $950 million
• Resides: Abbeville
Lumber magnate Jimmy Rane, who advertises his company Great Southern Wood Preserving by posing as his alter ego Yella Fella, recently took over as Alabama's wealthiest person. Rane, whose net worth is estimated at $950 million, continues to live in his small hometown of Abbeville and has made it a personal mission to revitalize the town.

Just throwing this here.

Quote:

ProPublica has obtained a vast trove of Internal Revenue Service data on the tax returns of thousands of the nation’s wealthiest people, covering more than 15 years. The data provides an unprecedented look inside the financial lives of America’s titans, including Warren Buffett, Bill Gates, Rupert Murdoch and Mark Zuckerberg. It shows not just their income and taxes, but also their investments, stock trades, gambling winnings and even the results of audits.

Taken together, it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most. The IRS records show that the wealthiest can — perfectly legally — pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year.

Quote:

To capture the financial reality of the richest Americans, ProPublica undertook an analysis that has never been done before. We compared how much in taxes the 25 richest Americans paid each year to how much Forbes estimated their wealth grew in that same time period.
We’re going to call this their true tax rate.

The results are stark. According to Forbes, those 25 people saw their worth rise a collective $401 billion from 2014 to 2018. They paid a total of $13.6 billion in federal income taxes in those five years, the IRS data shows. That’s a staggering sum, but it amounts to a true tax rate of only 3.4%.

Quote: rxwine

Just throwing this here.

Duh…. If our net worth is tied to the price of a stock, you only pay taxes
A. When you sell and take a capital gain, or
B. When the stock pays you a dividend.

As I have mentioned here before, Warren Buffett has been the best tax avoider in history, as Berkshire Hathaway pays NO dividend. Even when the companies it owns pays a dividend to Berkshire Hathaway, the money is NOT paid out in dividends to shareholders. Unless Buffett sells a share, he will NEVER have a tax responsibility from his primary business, which IS Berkshire Hathaway. No dividends for TSLA. No dividends for AMZN

All 3 WILL be subject to huge estate taxes upon their deaths. Since their wealth is concentrated in stock, it will be difficult to avoid the ‘grim reaper’ tax. President SOOPOO would require stocks to distribute at least a portion of their earnings in dividends. If you own a pizza store, it is those earnings that you live off of.

Quote: SOOPOO

President SOOPOO would require stocks to distribute at least a portion of their earnings in dividends. If you own a pizza store, it is those earnings that you live off of.

I am very mixed on that one. Some companies need cash hoards for cyclical drawdowns. Chrysler lost its independence because of activist investor Kerkorian demanding a special dividend.

OTOH until we get over double taxing dividends they should not be forced to be given out. It amazes me that people who otherwise are very intelligent do not grasp that dividend income should be 100% tax free as the tax has already been paid. They do not grasp that as a stockholder you ARE part of the corporation. They just scream "TAX BREAKS FOR THE RICH!"

Quote: SOOPOO

Duh…. If our net worth is tied to the price of a stock, you only pay taxes
A. When you sell and take a capital gain, or
B. When the stock pays you a dividend.

As I have mentioned here before, Warren Buffett has been the best tax avoider in history, as Berkshire Hathaway pays NO dividend. Even when the companies it owns pays a dividend to Berkshire Hathaway, the money is NOT paid out in dividends to shareholders. Unless Buffett sells a share, he will NEVER have a tax responsibility from his primary business, which IS Berkshire Hathaway. No dividends for TSLA. No dividends for AMZN

All 3 WILL be subject to huge estate taxes upon their deaths. Since their wealth is concentrated in stock, it will be difficult to avoid the ‘grim reaper’ tax. President SOOPOO would require stocks to distribute at least a portion of their earnings in dividends. If you own a pizza store, it is those earnings that you live off of.

It's okay, just don't claim the ultra rich are geting soaked. They aren't. Dead people can't suffer from taxes. If so, prove it.

If fact, give everyone the option to only pay taxes after they're dead, and who won't be all-in?

I'll say it again, one big difference between a Socialist and a Communist is that the Socialists will go after your income while the Communists will go after your assets as well.

If you look carefully at what was just posted, you'll note it avoids coming out and saying directly what the people who are 'studying' this have in mind: they want to force richer Americans to sell their assets.

Quote:

... not just their income and taxes, but also their investments, stock trades, gambling winnings

note that gambling is gratuitously inserted here, in order to make moral justification. Do you think rich people are all APs? There's probably not a single billionaire anywhere who is an AP. Switch that to 'gambling losses'. Of course the IRS long ago established that they want a piece of you if you are a gambler, everybody wants a piece of the gambler.

Quote:

... the wealthiest can — perfectly legally — pay income taxes that are only a tiny fraction of the hundreds of millions, if not billions, their fortunes grow each year

no mention again of what they have in mind, I repeat, they want those assets sold off. And this is just a pure appeal to jealousy here.

Quote:

We’re going to call this their true tax rate

Yep 'we' are sure as hell going to have to change the definitions. A new language needs to be invented, otherwise it'll be plain language. Plain as "you have too much wealth, sell it off and give it to us"

Quote:

true tax rate of only 3.4%

the 'true rate' if your growing assets, which you already paid taxes on as you created it, have not been realized capital gains yet. Is your house going up in value during this time of inflation? Pay more taxes, pal!

They know they can go after Bezos etc and people will sympathize. I too am not immune to feeling jealous of the very wealthy. I resent how they can hire very savvy wealth management who know all the tricks. Tricks that Congress, btw, has written into the code. And the 0.1%, or wherever you want to place the tip top, could take a bath and it would be hard for me to care. But I am against Communist solutions, and in my heart I know the very rich do not harm me by being very rich. Communist solutions get out of hand very quickly, history teaches us.

Quote: odiousgambit

I'll say it again, one big difference between a Socialist and a Communist is that the Socialists will go after your income while the Communists will go after your assets as well.

If you look carefully at what was just posted, you'll note it avoids coming out and saying directly what the people who are 'studying' this have in mind: they want to force richer Americans to sell their assets.

note that gambling is gratuitously inserted here, in order to make moral justification. Do you think rich people are all APs? There's probably not a single billionaire anywhere who is an AP. Switch that to 'gambling losses'. Of course the IRS long ago established that they want a piece of you if you are a gambler, everybody wants a piece of the gambler.

no mention again of what they have in mind, I repeat, they want those assets sold off. And this is just a pure appeal to jealousy here.

Yep 'we' are sure as hell going to have to change the definitions. A new language needs to be invented, otherwise it'll be plain language. Plain as "you have too much wealth, sell it off and give it to us"

the 'true rate' if your growing assets, which you already paid taxes on as you created it, have not been realized capital gains yet. Is your house going up in value during this time of inflation? Pay more taxes, pal!

I am not immune to feeling jealous of the very wealthy. I resent how they can hire very savvy wealth management who know all the tricks. Tricks that Congress, btw, has written into the code. And the 0.1%, or wherever you want to place the tip top, could take a bath and it would be hard for me to care. But I am against Communist solutions, and in my heart I know the very rich do not harm me by being very rich. Communist solutions get out of hand very quickly, history teaches us.

Who’s arguing communism? Unless that’s how you define defending a progressive tax system?