US wealth gap putting the squeeze on state revenue (paycheck, property tax, money)
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All they have to do is tax capital gains like regular income and close the loopholes. Problem solved.
How does this solve the problem? It just means they'll hold on their investments longer, which means it won't be taxed until it's sold, which means less revenue will flow into the tax coffers.
What about tax-free municipal bonds? Do you advocate taxing those, even though they spur the ability to fund your public expenditures?
I'm maxing my 401(k) and thus avoiding paying any CA state tax on that income. When I retire and pull form my 401(k) I'll be no longer living in an income-tax state, so CA will never receive taxes on that income.
With the rates these states are charging these days, it's little wonder people are doing their best to avoid taxes. States are going to have to cut spending. If CA increases taxes too much more, it becomes worth it to leave the state completely.
Yes, and hopefully by then states are smart enough to differentiate their tax policies to attract us and more revenue in other areas.
How does this solve the problem? It just means they'll hold on their investments longer, which means it won't be taxed until it's sold, which means less revenue will flow into the tax coffers.
What about tax-free municipal bonds? Do you advocate taxing those, even though they spur the ability to fund your public expenditures?
Well the more taxes there are, the more people move, leave, businesses close down, offshore, or leave.
It may not be substantial now but it can happen when taxation skyrockets or spreads.
I hope states compete in their taxation policies.
In the future, competition from china and India will put pressure on American companies and our economy to do well. It'll be inevitable to compete and be frugal.
Once again, another post of blanket statements devoid of relevant arguments pertaining to the topic.
I would rather have wealth and resources better distributed in our society yes. I don't want to be a third world country with a bunch of greedy goons and starving American children.
Unless people are willing to live off the land, this is a ludicrous proposition.
And yet liberal policies have already pushed out businesses, pushed out people, and done a boatload of things that turned this country into what it is. Greed defines the entitlement mindset. People are complacent. They still dream of living in world without much competition, a world where America is naturally on top, etc. all that is just the byproduct of that bygone era. But people want their stuff at the cost of everyone's prosperity. So they want less work and more pay, including the amusing idea of livable wage. Their goal is the unreasonable, unfair, and government dictated distribution of wealth. It runs the enormous risk of damaging our economy, beyond what has already happened.
More torment dictating is one step closer to being a third world. Our ignorant liberal class are marching into it and bringing the rest of us to the coffin altogether. And yes, the result will be a damaged economy and starving children. But what do these people care? They are all must about their own job security and livable wage.
Well the more taxes there are, the more people move, leave, businesses close down, offshore, or leave.
It may not be substantial now but it can happen when taxation skyrockets or spreads.
I hope states compete in their taxation policies.
In the future, competition from china and India will put pressure on American companies and our economy to do well. It'll be inevitable to compete and be frugal.
I believe whatever the wealthy pay in state taxes is almost pure profit to the state. Rich people don't send their kids to public schools or state colleges. They don't use Medicaid, rarely use things like public parks and so on. Rich neighborhoods don't have the police presence you see in poor areas. They have their own security systems, guard dogs, etc.
I'd say they impose almost zero burden on the public purse. If the purse complains they aren'e feeding it enough, it should also recognize that they don't take anything out of it.
All they have to do is tax capital gains like regular income and close the loopholes. Problem solved.
Which proves you have absolutely NO idea how things actually work..
/failure
Hey Opin, if you tax capital gains and people decide not to cash out their investments, but just roll them over into new investments, thus giving ZERO taxe revenues, while allowing them to increase their wealth, you actually get the OPPOSITE result than you intended.
p.s. this thread discusses state revenues, not federal, there is no capital gains on a state level..
Arent you ever tired of not having a clue?
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