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Here in Maryland the Democrats passed a "millionaire's tax" to fund their social welfare/vote buying government programs. Guess what happened? Maryland lost 1/3 of its millionares and tax revenue actually went down. Poetic justice, in my mind--the very mooches that were claioring for the "soak the rich" policies advanced by the Democrats, actually ended up screwing themselves in the end. They are the ones who had to make up the difference in the form of increased sales taxes, increased property taxes, increased flush tax, etc. (Democrats LOVE regressive taxes, just look at what they've done to low and middle income taxpayers in this state.)
that's just a retarded thing to say, because in these cases the people just move to another state.
This is a rather old-fashioned view of the French. Right now, London is a primary destination for them. In the past, the French have tended to move money out of France rather than themselves.
It is also an old fashioned view that Switzerland is a good place to hide money. Unfortunately, that may have been true fifty years ago but it is no longer true now. Swiss banking secrecy was compromised many years ago. There are other jurisdictions - often islands - which are far better places to stash the loot.
This is a rather old-fashioned view of the French. Right now, London is a primary destination for them. In the past, the French have tended to move money out of France rather than themselves.
It is also an old fashioned view that Switzerland is a good place to hide money. Unfortunately, that may have been true fifty years ago but it is no longer true now. Swiss banking secrecy was compromised many years ago. There are other jurisdictions - often islands - which are far better places to stash the loot.
The problem is the residency requirement. French people who are filthy rich will still want to be physically present in France at some point in a year. With the bilateral agreements, the French (or any national from the European Union) can legally live in Switzerland, and pay a lower income tax rate as full-time residents. But they must have an employer who files for a residency permit connected to a job offer.
Your post is inaccurate and based on generalizations:
1) When you say "the wealthy move away" to what extend is it true? How many of the very rich leave their country because a few percent raise in taxes? I can assure you that while some may choose to do so, many will stay.
2) The upper middle class become the "wealthy" - once again a generalization which assumes life is linear and continues in one direction. Examining the past 50 years will prove everything except a linear trend in taxation and fiscal policies.
3) Taxing the rich debate is here because in the last 20 years, the amount of wealth accumulated by a few is without precedent in history, while at the same time, the middle class suffers the worst erosion ever. The discussion centers around 3-4% increase in income tax and all panic about "taxing them to death" is baseless. However, unlike extreme lefties who want to punish or persecute the wealthy, I don't think such tax increase will solve US economy severe problems. Nor I think taxation should be used for ideological, philosophical or vindictive purposes. The only purpose should be practical.
I didn't just dream it up
"With more money leaving China than entering it, there is a growing concern among officials in the Chinese government, which has become accustomed to an inflow of capital from other countries. Even more telling is the growing trend of wealthy individuals (each with over $1.6 million) leaving China in the past few years. According to the SAFE report, over 16% of the country's one million wealthy individuals have emigrated, with a projected 44% intending to follow suit."
Wealthy Americans aren’t just leaving tax-heavy states like New York and California, they’re leaving the country. U.S. citizens are defecting at record levels in order to escape high taxes, the New York Post reported. About 8,000 U.S. citizens are projected to renounce their citizenship in 2012, or about 154 a week — versus 3,805 in 2011, or about 73 per week, according to immigration officials, the Post reported...“They’re able to do what they do from any place in the world, and they’re choosing to do it from places with much lower tax rates," he said.
"More than half a million wealthy Britons are expected to move abroad in the next two years amid concerns about crumbling road and rail networks, crime and high taxes, a survey reveals today...Some 19 per cent of people with savings and investments worth more than £250,000 are considering a new life overseas, which is up from 17 per cent six months ago and 14 per cent a year ago."
A study released this week by Boston College's Center on Wealth and Philanthropy indicated that over five years, approximately $70 billion worth of wealth left the State of New Jersey, as financially well-off individuals and families moved away at a more rapid pace than they were being replaced. The same study showed that the state's charitable capacity declined by $1.13 billion, according to the Community Foundation of New Jersey and the Enterprise Trust at the New Jersey State Chamber of Commerce, the agencies that commissioned the study... Hughes warned that the mass outflow of high-wealth taxpayers will continue until New Jersey officials address the situation.
"A new report says wealthy Maryland residents may be moving out due to recent tax hikes – a finding that is sure to escalate the battle over taxing the American rich."
The nation gives them the chance to earn it, so they must pay it back.
Simple
You tell 'em. What kind of nonsense are endowed rights from one's Creator. Folks only have the privileges government GIVES to them...
Wait...
Whoa...
Before government, did they not have rights?
Government didn't give anyone "the chance".
Government is an evil, a necessary evil. When limited to securing rights and governing those who consent, it's tolerable.
But when a majority can vote themselves benefits taken from the minority, it ceases to be tolerable, and becomes a criminal enterprise, stealing from one to give to another.
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