Monday, April 10, 2006

Politicians never learn

Business Week tells us:

TAX HAVEN. So why incorporate in Nevada? Nevada has no corporate income tax, no capital-gains tax, and the state doesn't share information with the U.S. Internal Revenue Service, says Neal Chambers, a corporate attorney with the firm of Bullivant Houser Bailey in Las Vegas. California, for its part, collects corporate income, capital gains, and franchise taxes -- all in the ballpark of 9%.

Companies like the online shoe distributor Zappos.com, which last year sold $370 million worth of footware online, moved its operations -- including 221 employees -- from San Francisco to Clark County, Nev. in 2004. Zappos was the biggest of 37 companies that fled California in 2004 for Nevada, in part because of the more favorable tax environment, according to the Nevada Commission on Economic Development.


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