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Raise the taxes on the rich they simply hide their money overseas and stop buying stuff which helps the economy.
Ask California how that whole TAX the rich and business is working out.
Oh wait, all the rich people and business moved...
When Reagan lowered the top bracket from 70% people stoped hiding their money and get this....the federal tax coffers increased FOUR TIMES...this is why Democrats always fail, they dont even understand BASIC freaking economics.
You sir are exactly right. We live in a global economy so every developing economy is fighting for the investment capital to be invested in their country, thats why many countries actually don't tax businesses. When you tax the rich they simply move their money offshore where it can't be taxed. If you have a cayman islands company that generates 1 million profit guess how much taxes you pay on that profit? 0%. Yup, no taxes. If you could pay 0 taxes why would you ever want to come to a country that says, "hey, the rich are BAD so you need to pay 39% taxes." You would have to be a complete idiot to want to start a business in the United States especially with all the business friendly tax havens around the world.
You sir are exactly right. We live in a global economy so every developing economy is fighting for the investment capital to be invested in their country, thats why many countries actually don't tax businesses. When you tax the rich they simply move their money offshore where it can't be taxed. If you have a cayman islands company that generates 1 million profit guess how much taxes you pay on that profit? 0%. Yup, no taxes. If you could pay 0 taxes why would you ever want to come to a country that says, "hey, the rich are BAD so you need to pay 39% taxes." You would have to be a complete idiot to want to start a business in the United States especially with all the business friendly tax havens around the world.
By your logic we should have no companies headquartered in the USA. Why aren't they all headquartered in the Cayman Islands if they get to keep 40% more of their profits? I think it’s a little more complicated then what has been stated here.....
These billionaires who started companies like google and facebook are just idiots, they should have listened to killer2021 and moved to the Caymans first.
The top marginal tax rates were 70%+ up until the 80's, the idea that tossing more money at the wealthy spurs economic growth has be refuted. Let's go back to what worked.
Didn't work at all, culminating in economic malaise in the 1970's into the 1980's. All the wealthy did was sink money into various tax shelters and other manipulations of the tax code and it created huge inefficiencies in the economy. Years ago I looked into all this and Milton Friedman wrote and commented on this extensively at the time, if one chooses to look it all up.
Is it really the role of government to determine, "oh you are earning too much, turn it over to us."? To me I don't think so, but it appears that is the thought process of some in here on this thread. Once you start confiscating wealth at one level, that thinking filters down until we are in a cesspool of some form of inefficient marxism.
I don't call taking money away from someone "tossing money at them". It's theirs to begin with. Unfortunately that is the attitude some have in this country now, to our detriment, rewarding mediocrity and punishing success. This type of punishment thinking is what will kill the USA as a country as punish hard work, smart work, innovation, creativity and so on.
And how much more money does the federal and state governments need anyways? They have all shown to be completely hopeless and clueless managing their own finances along with their associated "programs", now we need to turn over more money??? There is stupid and then there is STUPID. I really don't need those pompous bozos taking money from me and then mismanaging it and then demanding more, all the while insisting I should be happy with what I have and that I need to budget.
I'm not a rich person but I spent 7 years working for millionaires and billionaires, many well known in the business world. Sure there is the odd stereotypical douchebag, but most financially successful people are self made individuals, some of which employ tens of thousands of people. It's puzzling to me when someone wants to strip away at the finances of someone that already pays a bulk of the tax burden plus might employ tens of thousands of people.
Last look at irs stats shows the top 50% of wage earners pay 96.14% of all income tax revenue. So you have a block of 50% that either pay nothing or little at all.
These billionaires who started companies like google and facebook are just idiots, they should have listened to killer2021 and moved to the Caymans first.
Uh, I would do some research, google made the news recently for sheltering a huge sum of profit overseas and paying only about a 2% tax rate in the USA when all was said and done. It involved a number of accounting tricks but they got it done. And it's funny because in the past the founders of google have definitely made themselves known as socialistic individuals that want more control and more taxation. They are what I call "limo liberals", and of the "do as I say not as I do" crowd.
Multi national companies legally play the international system, playing all the rules in our 57000 page tax code, to avoid taxation and shelter income overseas.
That's why I am a firm believer in eliminating business taxes all together. Companies would not have to play games to reduce tax burdens, the USA would be a competitive business environment for production of goods and development, companies would not need tons of people to process all this paperwork in accounting and legal, we'd simplify the tax code and probably companies would repatriate large sums of money as they would not need to stash it overseas.
Of course that will probably never happen. The US federal government will continue to keep those taxes high, companies will continue to flee overseas or at least shelter income there and those same bozos behind all that will rail against "capitalism" failing us when in reality it is their socialistic policies of increased taxes and bureaucracy that sends business looking for a better place to be.
By your logic we should have no companies headquartered in the USA. Why aren't they all headquartered in the Cayman Islands if they get to keep 40% more of their profits? I think it’s a little more complicated then what has been stated here.....
Hey genius..let me tell you something...
Thousands of businesses, HUGE businesses and factories (even Ford plants) have moved overseas and into Mexico to avoid paying taxes and high regulation. Those jobs are never coming back.
America doesnt make things anymore, an economy that doesnt make things is doomed to failure.
But hey keep living in your fairy-land of taxing the rich will make everything better...
P.S. Rich people are NOT stupid, they arent going to simply hand the federal Government their money..
Didn't work at all, culminating in economic malaise in the 1970's into the 1980's.
The economic problems in the 70's had little to do with the high marginal rates, these rates were in place since the great depression. Furthermore lowering the rates did nothing for the economy, in fact, the economy, at least for the common man, was better in the 50~70's than it was in the 80's to today.
Quote:
Originally Posted by wanneroo
Once you start confiscating wealth at one level, that thinking filters down until we are in a cesspool of some form of inefficient marxism.
Nice slippery slope, but the US had high marginal rates for 50 years and the US never turned into a socialist, much less, communist state.
Quote:
Originally Posted by wanneroo
I don't call taking money away from someone "tossing money at them". It's theirs to begin with. Unfortunately that is the attitude some have in this country now, to our detriment, rewarding mediocrity and punishing success. This type of punishment thinking is what will kill the USA as a country as punish hard work, smart work, innovation, creativity and so on.
In what sense is it theirs? As you get higher and higher on the income scale, one's income starts to be more about what one owns rather than what one does. People should be rewarded for doing, not merely owning.
Ask California how that whole TAX the rich and business is working out.
Oh wait, all the rich people and business moved...
This isn't even close to being true, California has one of the highest number of wealthy individuals and its economy is still the largest in the country.
By the way, California has a flat corporate tax which is comparable to most other states, yet property taxes in California are dirt cheap.
This isn't even close to being true, California has one of the highest number of wealthy individuals and its economy is still the largest in the country.
By the way, California has a flat corporate tax which is comparable to most other states, yet property taxes in California are dirt cheap.
LOL your out of your mind.
Businesses are fleeing California like the plague.
California is going to be a cesspool for the next 20-30 years, i dont think it will ever come back to what it was before liberal hippies destroyed it..
Cali is the most anti-business state in the Nation
But hey dont listen to me...Google "companies that have left California"
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There is stupid and then there is STUPID. I really don't need those pompous bozos taking money from me and then mismanaging it and then demanding more, all the while insisting I should be happy with what I have and that I need to budget. 
