the staff of the Ridgewood blog
New York NY, New York, renowned as the millionaire capital of the world, is witnessing a trend of affluent individuals migrating to low-tax havens like Florida and Texas in pursuit of wealth preservation. In response, the state’s tax department has turned to innovative solutions, employing AI-generated letters to address tax compliance issues among this demographic.
These AI letters, numbering in the hundreds of thousands, are predominantly directed at affluent remote workers or those contemplating a change in tax residency, CNBC reports. While the exact motive behind their implementation remains ambiguous, they serve as a potential remedy for staffing shortages within the tax department.
According to CNBC, New York experienced a surge in audits in 2022, reaching a staggering 771,000, representing a significant uptick of 56% from the previous year. Paradoxically, amidst this audit boom, the state witnessed a decline of 5% in the number of auditors, dwindling to fewer than 200, primarily due to budgetary constraints.
Mark Klein, partner and chairman emeritus at Hodgson Russ LLP, highlighted the tax department’s strategic utilization of advanced technology to pinpoint optimal audit targets. The focus primarily centers on affluent individuals who have relocated from high-tax jurisdictions to low-tax states like Florida and Texas. Klein emphasized that the pursuit of revenue naturally gravitates toward high-net-worth individuals rather than lower-income earners.
New York City’s status as the global epicenter of wealth is underscored by its staggering concentration of millionaires, centi-millionaires, and billionaires, as per data from residence and citizenship investment firm Henley and Partners.
Across the United States, tax authorities are adopting a multifaceted approach, combining human auditors with AI technology to scrutinize cellphone records. This enables them to discern taxpayers’ primary locations of activity and ascertain tax liabilities accordingly. Klein noted that New York’s tax department is particularly assertive in its pursuit of compliance, reflecting a broader trend of aggressive tax enforcement measures nationwide.
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Sounds as aggressive as Taxachusetts
Oh no, you misspelled “tax cheats” as “wealthy remote workers”.
What’s the matter with these wealthy “tax cheats”? Don’t they know its expensive to house illegals in hotels?
Yeah, why would anyone want to preserve their wealth when they can give it over to the GOV, which has an infallible track record of not squandering it. National debt $34 trillion and counting but let’s make sure we allocate money to painting rainbow flags on as many things as possible, creating ever more redundant and dictatorial bureaucracies, and ya know, selling you back the rope that you already paid for so you can go hang yourself.