50% tax, will US follow suit?
- Thread starter MohdSalleh
- Start date
No, the rich guy wont go without his cars and jets and mansions. He is getting taxed more, so he will just charge more because he owns the supermarket you shop at. Now instead of paying 3 dollars for milk, you pay 6 dollars. The rich never lose their lifestyle because of a tax. They just pass it on to the consumer.
What poor people in america do not have food anyway?
And still be taxed, or aren't you aware of this?
People have short memories. Over 25,000 skilled workers in the boat building industry lost their jobs because of the "luxury" tax. The luxury tax ended up a net NEGATIVE for the US treasury because of the cost of unemployment benefits and lost income taxes. Thousands of highly skilled people making $60k+ per year ended up having to take $30k per year jobs and paid far less income tax the rest of their working lives. The luxury tax REDUCED total taxes collected. Wow, the luxury tax really punished rich people, didn't it? Tell that to the $60k/year marine carpenter who lost his job and is now flipping burgers to make ends meet.
Quote from Alexandre:
there comes a level of taxation where velocity of money gets badly affected, and the economy becomes a ghost boat with an administration deciding how ressources are allocated.
That's socialism and, unfortunately, that's where we're going.
It is very difficult to resist this rampant and insiduous socialism being imposed upon us, but I'm sure we'll find a way to fight back...
over my dead body, after the last drop of blood, I will never surrender
There are "MANY" fools that voted for Obama who now see his true colors. He promised to govern from the center with his policies, but has done nothing but rule like a leftist dictator. This is why the extinction of the Democratic party begins on Nov. 2nd, 2010, and concludes on Nov. 6th, 2012.
More than half, since you get taxed at 17.5% VAT on goods you buy, and with what you have left, you get taxed on the interest & capital gains (40%/18% respectively). So overall if you make more than £150k per annum then you work about 8 months a year for the government.
This is one of the main reasons I emigrated to a low tax jurisdiction.
Don't think the USA is immune. In the 1930s, the top rate of income tax went up to 79%. And in the land of the "free", you can't become a tax exile either - you are Uncle Sam's living financial asset for life.