Soak the Rich, Lose the Rich

lrm21 · May 18, 2009

Quote from piezoe:

While it might be true that a non-competitive tax rate will always be counter-productive, it might not be true that a low tax structure will necessarily lead to greater prosperity.

Greater prosperity for who? The government and its employees?

Government cannot will prosperity. For every dollar taxed it must be first produced. Well, its got be produced at some point.

1/2 our GDP is government spending, and to grow even more as our GDP shirnks, we are consuming ourselves.

When the average FED employee makes 73k per year. Is it any wonder, where we are heading.

Angrycat · May 18, 2009

forgot to add that while reducing tax rates may not increase prosperity in a state, raising them has always decreased it.

Take a look at what happened in Connecticut since it implemented a state tax in the early 90's. Disaster.

pspr · May 18, 2009

And Joe (the gaff) Biden says it is patriotic for the rich to pay more taxes. Of course, unless it is him.

Everyone had better write their congressmen and senators right away if you don't want even more taxes. The climate change bill (massive taxes on energy) has passed the house and headed for the senate. I think everyone will leave the courntry if this passes and Senator (Pig Man) Waxman from California says he has the votes in the senate to pass it.

http://www.alertnet.org/thenews/newsdesk/WBT011255.htm

http://www.usa.gov/Contact/Elected.shtml

Lucrum · May 18, 2009

Quote from pspr:

And Joe (the gaff) Biden says it is patriotic for the rich to pay more taxes. Of course, unless it is him.

Everyone had better write their congressmen and senators right away if you don't want even more taxes. The climate change bill (massive taxes on energy) has passed the house and headed for the senate. I think everyone will leave the courntry if this passes and Senator (Pig Man) Waxman from California says he has the votes in the senate to pass it.

http://www.alertnet.org/thenews/newsdesk/WBT011255.htm

http://www.usa.gov/Contact/Elected.shtml

We're going to be taxed into oblivion.

piezoe · May 18, 2009

Quote from Angrycat:

forgot to add that while reducing tax rates may not increase prosperity in a state, raising them has always decreased it.

Take a look at what happened in Connecticut since it implemented a state tax in the early 90's. Disaster.

Now, bless your heart, we are on the same wavelength.

Good trading to you, Cat.

NYC212 · May 19, 2009

Quote from makloda:

American tax payers are going to get fleeced over the next 1-2 decades. UK and EUR zone won't be pretty neither. The good thing for Europeans is they can simply move away and assume tax liability in low tax jurisdictions such as Switzerland, Caribbean, Monaco or Dubai; no such luck for Americans. The US government made sure it's a lot tougher for Americans to rid themselves of the slavery tax shackles of Uncle Sam -- they probably knew why

just renounce it over seas in hong kong after becoming a citizen over there ?

the international tax rule is bs. you are taxed if make 81k + even if you live somewhere else and never step foot in the states!

Topsurfi · May 19, 2009

Hi folks,

if you think you have high taxes, please come over to Germany !
I pay around 50% total tax on my income, believe it or not.
James Mirrlees got a nobel price for finding out that it is the best to not tax the most productive people at all. This is hardly possible so he said that the maximum income tax rate should be around 20%. So if you increase tax rates, the total amount of income tax decreases and does not increase. The reasons have already been outlined here (people move away or work less etc.).
This is a proven theory so why don't our beloved politicians simply follow this ?
The reason is so simple:
They want to be voted !
And 90% of the voters are people with little money who think its only fair that the highest incomes have to PAY A LOT of taxes.
Welcome in our democracy !

makloda · May 19, 2009

Quote from Topsurfi:if you think you have high taxes, please come over to Germany !

As an EU citizen, you can simply move to one of many low tax jurisdictions, trade from there and pay zero/low taxes. You keep your EU passport, can visit up to 180 days a year.

Rabbitone · May 19, 2009

Quote from Scataphagos:

Similar for America as a whole.

Soak the rich and businesses... they'll take their income and business elsewhere, if possible... or not locate here to begin with.

Promote tax and business "friendly" policies, capital and jobs will be attracted.

Bottom Line... Obama's "redistribute the wealth" policies are as stupid as they could possibly be.. if you want to promote growth and jobs. (If his objective is to promote ever greater government size and control plus dependency of the populace on government for as much as possible, then what he's doing will be effective.)

I agree. We are going to wallow in a mediocre business environment for the rest of this decade or most of the next. All the while Obama will suck the life blood out of this country with his tax it if it still is breathing policy. We will all soon be ârubber stamp middle classersâ driving tiny cars using national health insurance and be âgreenâ with our energy needsâ¦.

Ivanovich · May 19, 2009

Quote from Anaconda:

You obviously have never been to Baltimore.

Been living in Baltimore the last 5 months in temporary housing. Found and purchased a house there. Everything I said is completely accurate. Please feel free to dispute any of my points.