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Has anybody stopped to think that rich folks can afford to pack up and leave if the taxation gets overly punitive?
If I was a millionaire or billionaire, I would certainly take up residence someplace where they were aware that my money is MINE, even if I had to buy my own country!
Surely, there are tax havens somewhere on this planet...
I've already commented on that. It's why Warren Buffett did the Burger King tax inversion and BK corporate HQ left the US. Expect a similar albeit large scale exodus if overly punitive tax rates are implemented.
Impossible to answer without having more information. We need to do something to close the budget deficit however. Trump never should have cut taxes to begin with. He has proven to be just as bad as George W, and the "King Of All Debt"....Barak Obama.
So true..
Who was the last branch in the federal government who sent a proposed spending cut anywhere.. By that I mean house, senate or president that introduced a bill or mission to cut spending.
We also rarely see tax increases.
My issue is both parties run on increasing the taxes on the super wealthy (Democrats) and never do when in charge..
And the other runs on "fiscal responsibility" "cutting expenses (Republicans) and never do when they are in charge..
As a society we've got to do everything possible to take money from rich folks and give it to poor folks. Like Obama. All those millions of dollars that Netflix is paying him. He doesn't need it. These folks should be forced into sharing that largess. Seriously. If you have a million dollars in the bank, a house and car already paid for then you really don't need more money. Lots of folks that never had anything but a minimum wage job need a shot at having a little bit of that luxury.
Umm isn't Trump a billionaire? Why are you so worried about $ Obama is making now, Especially since he is out of office for over 2 years
I've already commented on that. It's why Warren Buffett did the Burger King tax inversion and BK corporate HQ left the US. Expect a similar albeit large scale exodus if overly punitive tax rates are implemented.
Those are examples of business taxation, not personal liabilities (which this thread is about). I was waiting for someone to drop the "it will cost jobs" card...
Well you make a good argument for a flat tax rate.
I agree. There should be a flat tax rate. Every earner pays. Everyone. Earn little; pay little. Earn a lot; pay a lot. It would be more fair because it would be directly proportional to income.
Taxes need to go up but 70% is ridiculous. Nobody should be forking over 70% of their income to the feds -- let's not also forget that these people have to pay state, sales, and property taxes as well.
Its marginal so nobody would be paying 70%. It would encourage investment in the company, higher salaries for employees, capital etc.
What is clear is the current trajectory of wealth inequality is unsustainable.
I agree. There should be a flat tax rate. Every earner pays. Everyone. Earn little; pay little. Earn a lot; pay a lot. It would be more fair because it would be directly proportional to income.
I am all for this 70% tax bracket if the Democrats also agree that ALL Americans pay a minimum 15%, no more of half the country paying $0 in income tax..
I agree. There should be a flat tax rate. Every earner pays. Everyone. Earn little; pay little. Earn a lot; pay a lot. It would be more fair because it would be directly proportional to income.
Quote:
Originally Posted by take57
Agreed.
70% flat tax?? Just kidding...
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