Empirical Evidence AND Statistics - "Tax the Rich" doesn't work (drug, Clinton)

[sanrene]

RealClearMarkets - Tax the Rich? How's That Working?

So far, the state had only collected about half of an expected $1 billion in income tax revenues from the state's wealthiest residents. "You heard the mantra, 'Tax the rich, tax the rich,"' Paterson said. "We've done that. We've probably lost jobs and driven people out of the state."

Some excellent examples, New Jersey, New York, Maryland and those with high tax rates, like Calif and Ohio.

There are plenty of states that will take in the liberal refugees - but let's hope they get "smart" and don't bring there ruinous tax and spend policies with them.

Maryland comptroller has said, "It seems reasonable to assume...that there will be a significant decline in the number of returns with taxable income over $1 million and a substantial decline in the income reported on those returns."

Yeah, you can assume that. People have options.

[Cyber Queen]

I live in NJ and I can tell you that we are close to if not the highest taxed state in the country. It is very difficult to get ahead here because there is always a new tax or taxes being raised. Hopefully we will get rid of this moron we have as our Governor now and will get a break.

I always question what people consider rich but I never really get an answer.

[burdell]

Originally Posted by dcadca

I live in NJ and I can tell you that we are close to if not the highest taxed state in the country. It is very difficult to get ahead here because there is always a new tax or taxes being raised. Hopefully we will get rid of this moron we have as our Governor now and will get a break.

I always question what people consider rich but I never really get an answer.

Corzine


Of course those who allege taxing the rich doesn't work conveniently overlook things like ex-Governor Whitman selling a few cords of firewood off her estate to qualify it as farmland and avoid big tax $$$. The main reason taxing the rich may not work is they have the $$$ and manpower to find the loopholes.

[Bagger]

There was a time when the 'rich' were taxed at much higher rates than they are now and the economy was ok.
http://http://www.cepr.net/index.php/op-eds-&-columns/op-eds-&-columns/tax-cutprosperity-connection-pure-hooey/ (http://http//www.cepr.net/index.php/op-eds-&-columns/op-eds-&-columns/tax-cutprosperity-connection-pure-hooey/ - broken link)

Here are the last two paragraphs that I think get to the heart of the matter:

You would have to take this one on faith, because there surely isn't any evidence that lower taxes for the rich means more economic growth. The tax rate on the rich peaked in the '50s and '60s, which were also the decades in which the nation enjoyed its most rapid growth and widely shared prosperity. Tax rates on the rich were lowest in the '80s, which also happened to be the slowest decade of growth in the postwar era. President Clinton raised taxes on the rich in 1993, and through the rest of the decade the economy saw its best period of growth since the '60s.
This slice of history is not sufficient to prove that higher taxes on the rich lead to higher growth - but it does make it necessary to perform serious intellectual gymnastics in order to argue the opposite case. Of course since the rich have a disproportionate voice in our political system, there is no shortage of intellectual gymnasts who are prepared to perform such feats, in spite of the evidence.

[Informed Info]

But what does someone have to make in a year to be considered "rich"?

Taking into consideration the difference in the cost of living from state to state?

[plannine]

Originally Posted by sanrene

RealClearMarkets - Tax the Rich? How's That Working?



Some excellent examples, New Jersey, New York, Maryland and those with high tax rates, like Calif and Ohio.

There are plenty of states that will take in the liberal refugees - but let's hope they get "smart" and don't bring there ruinous tax and spend policies with them.



Yeah, you can assume that. People have options.

Then why did it work so well from 1948-1973?

[Huckleberry3911948]

everybody pays taxes even rich people.
this is not a new concept.

[padcrasher]

That's it gullible right wing lemmings....LOL

Drink the Koolaid..........Don't tax the rich. The problem is you. You're flawed because you are not rich.

Don't engage in "class warfare'......Think of the Billionaires kids?............... Not your own kids!

And never mind this graph that shows the rich have been taxed at a far greater rate thoughout our history: http://yglesias.thinkprogress.org/wp.../top_rates.jpg


[ Did I mention this whole State tax argument doesn't even make sense when it comes to Federal tax rates on the wealthy?]

[parfleche]

********** class warfare.screw all this taxation.i worked 4 mos this year on purpose. im done paying taxes. got my bills coverd for the year.my neighbor who is younger than me gets social security disability cause she is a drug addict alcoholic. aint paying for that crap no more. i have my own micronation and i like it

[sanrene]

Of course those who allege taxing the rich doesn't

There is no "alleging". The states that have adopted such taxes are not realizing the booty they envisioned. Why? The "rich" have options - they can move.