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Massive wealth leaving US? I say GREAT! The massive wealth person usually only spend money to make more money and hoard it for generations to come. You, me and the rest of the American economy ain't going to see that money anyway. Its better that these hoarders leave so we can have more volume flow in the economy. Even if they leave, they can't avoid US tax unless they denounce US citizenship. I doubt most of rich is ready to do that anyway
Yep, sure has worked great for Detroit, Gary, In, and E. St. Louis, Il.
Have you seen how many of the richest Americans are Jewish...it's something like 40%. Even though I differ with most Jews politically a great deal, I don't want them leaving and taking their $$ with them because it would greatly affect my and my kids economic future without their dollars.
There are 2 wonderful socialist models out there where Capitalists have taken their money and you should strongly consider living in their paradise....N. Korea & Cuba.
Massive wealth leaving US? I say GREAT! The massive wealth person usually only spend money to make more money and hoard it for generations to come. You, me and the rest of the American economy ain't going to see that money anyway. Its better that these hoarders leave so we can have more volume flow in the economy. Even if they leave, they can't avoid US tax unless they denounce US citizenship. I doubt most of rich is ready to do that anyway
Tax flight does not happen in significant quantities. This was studied at length by Princeton and Stanford.
The right-wing is full of hot air. We could raise taxes to 90% on the top 1% and they won't leave. They'll find places to shelter some of their money, but they won't leave. The wealthy care more about services, national security, education for their kids, among other things.
Quote:
Originally Posted by Tall Traveler
Yep, sure has worked great for Detroit, Gary, In, and E. St. Louis, Il.
Have you seen how many of the richest Americans are Jewish...it's something like 40%. Even though I differ with most Jews politically a great deal, I don't want them leaving and taking their $$ with them because it would greatly affect my and my kids economic future without their dollars.
There are 2 wonderful socialist models out there where Capitalists have taken their money and you should strongly consider living in their paradise....N. Korea & Cuba.
Cherrypicking again?
We've raised / instituted millionaire taxes in Maryland, New Jersey, New York, and California. Tax flight? Nope. Middle class folks have left those states, but most continue to have high millionaire in-migration.
Gee... why would a millionaire move into New York or California?
Tax flight does not happen in significant quantities. This was studied at length by Princeton and Stanford.
The right-wing is full of hot air. We could raise taxes to 90% on the top 1% and they won't leave. They'll find places to shelter some of their money, but they won't leave. The wealthy care more about services, national security, education for their kids, among other things.
Cherrypicking again?
We've raised / instituted millionaire taxes in Maryland, New Jersey, New York, and California. Tax flight? Nope. Middle class folks have left those states, but most continue to have high millionaire in-migration.
Gee... why would a millionaire move into New York or California?
Wealthy people have ways to shelter their money. They don't necessarily leave manhattan. The real crisis we face is opportunities, jobs. If we don't have these, we won't have future wealth.
If you can stop job flights, that's much much more constructive than wealth flights.
Great opportunities will go to a small fraction of people and places.
Decent middle class opportunities and jobs are lacking.
Crappy jobs are increasing.
The workforce is globalized. Competition from foreign countries is going to increase tremendously, both over there and right here in America.
Americans need to work on bettering themselves, make good decisions, be smart about things. Don't hang yourself dead on some ideology tree. It's not worth it. Remember, wealth tax gives each poor person a bit more, never that much. It will never give you fulfillment and satisfaction. Fulfillment comes from opportunities. Economic power comes from expanding opportunities.
Wealthy people have ways to shelter their money. They don't necessarily leave manhattan. The real crisis we face is opportunities, jobs. If we don't have these, we won't have future wealth.
If you can stop job flights, that's much much more constructive than wealth flights.
Great opportunities will go to a small fraction of people and places.
Decent middle class opportunities and jobs are lacking.
Crappy jobs are increasing.
The workforce is globalized. Competition from foreign countries is going to increase tremendously, both over there and right here in America.
Americans need to work on bettering themselves, make good decisions, be smart about things. Don't hang yourself dead on some ideology tree. It's not worth it. Remember, wealth tax gives each poor person a bit more, never that much. It will never give you fulfillment and satisfaction. Fulfillment comes from opportunities. Economic power comes from expanding opportunities.
Tax cuts for the wealthy don't expand job opportunities.
Yep, sure has worked great for Detroit, Gary, In, and E. St. Louis, Il.
Have you seen how many of the richest Americans are Jewish...it's something like 40%. Even though I differ with most Jews politically a great deal, I don't want them leaving and taking their $$ with them because it would greatly affect my and my kids economic future without their dollars.
There are 2 wonderful socialist models out there where Capitalists have taken their money and you should strongly consider living in their paradise....N. Korea & Cuba.
The areas you mentioned declined because they lost jobs first, not because the rich fled......
Why are there always ppl who start shouting communism the second we start having discussion about inequality?
They will inherit billions from their Boomer relatives...that will include cash, jewelry, collectibles and property. they will be just fine, even the under performing ones.
They will inherit billions from their Boomer relatives...that will include cash, jewelry, collectibles and property. they will be just fine, even the under performing ones.
Many studies show Boomers are not saving enough for retirement, the majority are too young to be part of the pension generation that is retired now, and living well. People are living longer, many will live into their eighties. Cuts to SS are always being proposed, medicare costs are rising. How much money be left for their heirs?
Many studies show Boomers are not saving enough for retirement, the majority are too young to be part of the pension generation that is retired now, and living well. People are living longer, many will live into their eighties. Cuts to SS are always being proposed, medicare costs are rising. How much money be left for their heirs?
You know what's really a scary time? 20 years from today.
Boomers will have phased into history for the most part, using up most of the money their generation accumulated. The many millennials, middle aged and above, will have little saved for their retirement, no competitive job experience, still paying for their student loans and mortgage if they have one that is, and have been pinching pennies all this time to save for their kids college. There is no more inheritance, not even much jewelry or furniture. Many millennials will be back to their parents house.
It's 2034. The United States is now the second largest economy, after china. Years of recession has completely transformed America. Except for some large urban centers, most places have been quiet and unchanged for decades. Population dwindled. Alcoholism spreads. Struggles have not been effective, though the poor did win a lot of welfare over the years. China, India, and Brazil have become much more powerful. Many jobs opportunities are there, so are highly talented people.
You don't support a family on $12/hour. You build a career and find better opportunities, get a job that pays more with benefits,and then you can have kids. If you try to do it the other way around you'll go broke. It's that simple!
The unfortunate thing is, you don't have much leeway if you're female or are married to a female the same age as you, due to the biological clock. There is a narrow "window of opportunity" for those without wealthy parents, to be able to afford kids while still biologically able to have them. Many make the mistake of changing majors or wasting time instead of cutting to the chase, and either can't afford their kids or have to put them off until they need fertility treatments to have them at all.
Concerning the bold, easier said then done. I just left a position as Food Service Director at a Nursing Home making a whole whopping 32 thousand a year. I barely could pay my bills alone let alone support a family. This is for a department head position which requires 365 day/24 hour/availability. The nursing homes have been cutting back on labor costs with the economy. This department had at one time a full-time RD and a full-time assistant director. They've cut the assistant director position and have only a per-diem, contract based Dietitian. More and more is getting put on salaried positions. This position has now seen 14 different directors in 9 years. That's part of the reason why I left. I certainly din't feel comfortable purchasing a house and settling down to support a family. From what I've noticed, the turnover rate is incredible at the administration level with pretty much all department head positions. It's the corporate culture of the places. Move up the ladder, and the turnover continues. To them everyone is easily replaceable. It doesn't matter what type of success you've had in the past. They might just cut you to save on costs alone. I just read a story like that actually. Quality, safety, and care are buzz words thrown around. It's a good thing those places have regulations to keep them in check. Just get a warm body, throw some money at them, watch them run, and if they fail to "manage time effectively" due to the demands, replace them.
For the better part of my 20s, I've been working to "build a career and find better opportunities". I'm currently 33 years old. I spent around two years part-time working post baccalaureate to get prereqs to enter PT school. With looming changes with Obamacare, decreasing Medicare reimbursement, increasing schooling costs, I put the brakes on that endeavor. 150k in student loans for a certificate/degree that offers in some places 55k starting out in the face of decreasing reimbursement is not a wise move. I've been looking at getting back into school for nursing (currently have an AS in business administration and a BS in nutrition science). While nursing might still be a good occupation, not everyone can be nurses.
So the assumption that people are not working is not valid.
Last edited by Mikelee81; 06-25-2014 at 08:30 AM..
It's 2034. The United States is now the second largest economy, after china. Years of recession has completely transformed America. Except for some large urban centers, most places have been quiet and unchanged for decades. Population dwindled. Alcoholism spreads. Struggles have not been effective, though the poor did win a lot of welfare over the years. China, India, and Brazil have become much more powerful. Many jobs opportunities are there, so are highly talented people.
The average person in China has a per-capita income of 1/4 of an American. This is a nice fantasy you are conceiving. Straight out of the Fox News handbook.
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