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Back when they created the "luxury" tax of an additional 10% on all planes and boats claiming how much extra revenue they would collect, the boating industry almost disappeared in America.
The resulting lost jobs, etc, caused the fed to take in LESS revenue the before and in fact put out MORE.
Didn't NYC try the same thing and a lot of rich people moved out.
I remember that the 10% "luxury tax" on yachts drove a very large and successful boat building company in San Diego out of business. We were in San Diego then. Nobody was buying yachts. That business just disappeared, and rather quickly, too.
This Leftist from India who got herself elected to the City Council on the Socialist Alternative Party ticket, has pushed through a new income tax on anyone making over $250K ($500K for joing filers). This woman claims to accept only $40,00 of her $117,000 salary, but there are all kinds of red flags as to the accounting for the rest of her salary. This screams for a tax evasion investigation, or fraud.
It will be interesting to see how this turns out. The $15/hr min. wage she was instrumental in pushing through in Seattle has not turned out well for those affected by it, who are actually earning $125/mo. less since it's enactment, if they are lucky enough to still have a job.
This is the problem with socialist/Leftist thinking. In fact, they don't think. Leftists "feel," they don't know how to think.
Your source the "American Thinker" is financed by large corporations that desire corporate deregulation and CEO tax cuts. But real world sources paint a different picture of Seattle.
If you were a wealthy Seattle resident, you would uproot your family and change your lifestyle to save a few grand in income taxes?
I'm laughing at that, as I'm from Chicago. There's no need to uproot anything or change any lifestyle. The wealthy already send their kids to private schools. You have no point.
For example, Bill Gates doesn't live in Seattle. He lives in Medina.
I'm laughing at that, as I'm from Chicago. There's no need to uproot anything or change any lifestyle. The wealthy already send their kids to private schools. You have no point.
Oh, so you admit that rich people won't move, right?
In other words, this thread is nonsense. Basically it's a bunch of non-rich people living in non-desirable areas claiming that rich people in desirable cities are all going to uproot their families if they have to pay a few grand more in taxes instead of wife buying a 12th handbag.
As someone who lives in NYC, and works with some truly rich people, the idea that rich people are going to leave because of an income tax rise is hilarious. Yeah, they're all gonna move their kids to Mississippi to avoid the taxman...
It will turn out very well. Seattle is a wealthy, progressive place, with a great economy. The city is booming like crazy.
Rich people who aren't total jerks don't mind paying their fare share of taxes.
Why isn't everyone else required to pay "their fair share?" This is only for people earning over $250K (which really isn't all that much for the area). Who determines what their "fair share is?"
Why is someone a "jerk" if they object to taxes? Why should anybody be willing to fork over their money to liberals who want to spend it on their pet 'causes,' which keep growing in number and cost?
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Originally Posted by NOLA101
Given that Washington state has no income tax, it's hardly a burden to pay a small city income tax.
How do you know what may or may not be a burden on someone?
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Originally Posted by NOLA101
And LOL at the person who claimed the rich all moved out of NYC. There are more rich in NYC than in any other place on earth. The place is crawling with the wealthy, despite the highest income taxes on the wealthy in the nation.
Why would a rich person leave a place they love because they have to pay like 1% or 2% more in income taxes? That's idiotic. For one, the rich have their wealth in assets, not income. For another, it makes no difference in their lifestyle if they have to pay a few thousand more per year.
Typical liberal logic: You should pay more for the privilege of living in such a place.
Is it for you to decide what won't affect their 'lifestyle?'
I know of a lot of wealthy people who left New York because of the high taxes, so not everyone is as "happy to pay more" as you claim.
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Originally Posted by NOLA101
So let's say random rich person has assets of $50 million and income of 500k. NYC adds 1% tax on income. Why would he/she care? Their $50 million is unaffected, and their annual 500k means another 5k going to the city's treasury, which benefits the city's credit rating, which benefits wealthy homeowners within the city.
Now that would depend on how the city manages it's money, would it not? There are cities going bankrupt because of poor money management.
Your arguments are flawed, but typical of Leftists who love to spend other peoples money.
No. They will move. For example, Bill Gates doesn't live in Seattle. He lives in Medina. Look at a map.
Um, Bill Gates CURRENTLY lives in Medina. Not Seattle. He has lived there for decades.
So how did Seattle's income tax increase cause him to move to Medina? Could you explain this? He has a time machine and knew that there would eventually be a Seattle income tax?
Does Bill Gates even take a salary? You seriously think someone with a net worth of $90 billion would move based on an income tax increase? LOL!
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