February 09, 2015
John Mezzanotte, Partner-in-Charge, Greenwich, CT Office, Quoted in Associated Press Article, "Connecticut Keeps Close Eye on its Super-Rich Residents."
By Stephen Singer
If you're a billionaire living in Connecticut, chances are the tax department is keeping an eye on you.
In a state home to some of the richest Americans, tax officials go to some lengths to keep them - or, more accurately, keep the billions of dollars in revenue their income taxes generate.
Connecticut tax officials track quarterly estimated payments of 100 high net-worth taxpayers and can tell when payments are down. Of that number, about a half-dozen taxpayers have an effect on revenue that's noticed in the legislature and Department of Revenue Services.
Three of the half-dozen or so super-rich taxpayers in Connecticut use the services of the Greenwich accounting firm Marcum LLP, and each has a yearly income of more than $1 billion. Partner John J. Mezzanotte also said he has seen a big step up in charitable giving.
The migration of the rich affects other taxes, such as the sales tax if wealthy car buyers "bought their Bentley in Florida instead of Greenwich," he said.