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Old 06-01-2015, 03:12 AM
 
2,719 posts, read 3,482,960 times
Reputation: 1633

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Quote:
Originally Posted by cityKing View Post
There are a lot of perks as to why many people locate to Vegas.

Endless Entertainment and Nightlife.
Endlless Dining options
Outdoor activities such as hiking.
Not as overcrowded as New York or Los Angeles
Affordable Housing
Nice surrounding suburbs for quiet living.
Dry heat and no humidity.
Very comfortable weather year round (summer being the hottest)
No State income taxes.
Has worldclass shopping
College sports are fun to watch (UNLV)
Boxing and UFC Fighting
Not as horrible air quality as Los Angeles.
Not as horrible traffic as Los Angeles.
Generally laid back vibe.
The newest visitor center at Mt. Charleston just opened, I will definitely check it out. The hiking trails have been improved as well.
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Old 06-01-2015, 05:53 AM
 
Location: Sunrise
10,865 posts, read 16,960,118 times
Reputation: 9084
Quote:
Originally Posted by FrostyToasty View Post

You create a top marginal rate of 88% today and the rich will relinquish their US citizenship in droves.
No they won't. It's a scare tactic. They didn't leave last time we had taxes that high. And they won't leave today.

Why? The US is one of the nicer places to be wealthy. It's also one of the easiest places to acquire wealth. Even with all of the dismantling we have done, upward mobility is still easier here than most other countries. It used to be even easier still.

And your insistence that taxes equals socialism does not make it so. You haven't read the Wealth of Nations. I know this because if you had, you wouldn't be insisting that taxes equals socialism. Learn how the market works, and THEN make suggestions on how to improve the market. One of the main reasons our society was set up the way it was is because the Wealth of Nations was written in 1776 and almost half the signers of the Declaration were either Scots or of Scot descent. The Wealth of Nations was the talked-about book of the latter half of the 18th century. And the playbook for capitalism contains these two gems:





People who haven't read this book focus on the invisible hand of the market, but ignore Smith's warnings about price fixing. They zero in on the idea that a government need only provide stability and "easy" taxes, while ignoring that Smith himself favored a progressive tax.

Smith may as well be speaking about the 1% in the 21st century:

"All for ourselves and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind."

Once Smith provides the solid foundation about the market, taxes and regulation, it is not a long hop from there to Thomas Piketty and Paul Krugman. (Or Nick Hanauer if you require that the person who spells it out for you be a billionaire.)

Ayn Rand's books, on the other hand, are fantasy stories for the immature.
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Old 06-01-2015, 11:31 AM
 
391 posts, read 751,047 times
Reputation: 264
Quote:
Originally Posted by ScoopLV View Post
No they won't. It's a scare tactic. They didn't leave last time we had taxes that high. And they won't leave today.

Why? The US is one of the nicer places to be wealthy. It's also one of the easiest places to acquire wealth. Even with all of the dismantling we have done, upward mobility is still easier here than most other countries. It used to be even easier still.
Ok, let me wake you out of your bubble here...and let me say this:

I am not trying to brag, just to prove a point. I am relatively rich (I made about $500k last year...I'll make a million this year). I am not a US citizen but I know plenty of American multi-millionaire entrepreneurs and I'd say 80% of them have renounced or are in the process of renouncing their citizenships.

This is with the current tax bracket.

I am Swedish and hence know about high taxation. Everyone I know who was smart and who tried to make something for themselves moved out of Sweden (many to the US) as soon as they could. Simply because of high taxes.

If you don't believe high taxes scares the rich away you have the wrong impression. If taxes had nothing to do with it, why do you think Hong Kong grew from a small fishing village into a world class mega-city in just 20-30 years? Because it was capitalism at work.

Capitalism is what made America surpass the British and the rest of Europe in a very short time. From a deserted land filled with Indians to the most powerful country in all of history. The free market made that possible. Too bad you are losing grip on what made your country so great from the beginning.
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Old 06-01-2015, 11:40 AM
 
Location: North Las Vegas NV
661 posts, read 628,875 times
Reputation: 793
I bet they all are moving to Sweden for the Swedish meatballs.
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Old 06-01-2015, 11:55 AM
 
12,973 posts, read 15,762,680 times
Reputation: 5478
Quote:
Originally Posted by svedski View Post
Ok, let me wake you out of your bubble here...and let me say this:

I am not trying to brag, just to prove a point. I am relatively rich (I made about $500k last year...I'll make a million this year). I am not a US citizen but I know plenty of American multi-millionaire entrepreneurs and I'd say 80% of them have renounced or are in the process of renouncing their citizenships.

This is with the current tax bracket.

I am Swedish and hence know about high taxation. Everyone I know who was smart and who tried to make something for themselves moved out of Sweden (many to the US) as soon as they could. Simply because of high taxes.

If you don't believe high taxes scares the rich away you have the wrong impression. If taxes had nothing to do with it, why do you think Hong Kong grew from a small fishing village into a world class mega-city in just 20-30 years? Because it was capitalism at work.

Capitalism is what made America surpass the British and the rest of Europe in a very short time. From a deserted land filled with Indians to the most powerful country in all of history. The free market made that possible. Too bad you are losing grip on what made your country so great from the beginning.
Nonsense. A few thousand renunciations per year and most for reasons other than taxes. And the few that do it for taxes are more than offset by immigrants bringing wealth in.

Note they also collect the exit tax from green card holders exiting the green card.


50 years ago the population of Hong Kong was about 3 million. That is some small fishing village
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Old 06-01-2015, 12:01 PM
 
Location: Sunrise
10,865 posts, read 16,960,118 times
Reputation: 9084
Quote:
Originally Posted by svedski View Post
Ok, let me wake you out of your bubble here...and let me say this:
Then you don't know our history. Compare the tax structure in the 1920s to the tax structure in the 1950s to the tax structure today.

America does best when the middle class thrives. The middle class thrives when the government puts the brakes on runaway wealth funneling. Some wealth inequity is good. What we have now is not sustainable.

This explains why the cities with the fastest growing economies are also the cities with high taxes and higher minimum wages -- Seattle, San Francisco, San Jose. If low, low taxes was the only metric that mattered, Las Vegas would be the hub of domestic industry. Instead, it continues to limp along as a one-trick pony.

We have slashed taxes to the point of ridiculousness. And are companies flocking here to take advantage? Are entrepreneurs moving to Las Vegas for our low, low taxes and cost of living? No. The middle-class moves to Las Vegas because its affordable -- particularly retirees. But the very wealthy? Not so much. They can afford the taxes. Taxes don't hurt the rich. They hurt the middle class, which is being squeezed from both ends -- subsidizing the poor and picking up the slack for the wealthy. That's the problem. Not the capital gains rate.

Eighty percent of the wealthy aren't renouncing their citizenship and moving. This is a statistic which was plucked from thin air. Only 3,500 people renounced their citizenship last year. And most of those did so to escape the double taxation living abroad. Not because of our "onerous" tax burden for the domestic wealthy.

Frankly, America had a better class of wealthy and entrepreneurs in the 1950s. We suffered from the exact same kind of debt problem that we face now. The difference is that back then, people were willing to step up and pay their fair share. This created the middle class -- taxes on the wealthy being used to pay interest on war bonds purchased by the working class, combined with infrastructure projects to keep America at full employment at decent wages. A rising tide indeed lifts all boats. But the tide rises from the bottom up, not the top down. During the 1950s, we were more like Sweden. That tidbit drives conservatives nuts. But there's no escaping it -- our economic golden age was achieved with high taxes and infrastructure spending. And it was still very much capitalism. Just the kind of Adam Smith, Thomas Piketty capitalism that is sustainable. What we're doing now cannot last.

And honestly, there's no point bragging. There is always someone out there richer -- unless you happen to own Mexico's telecommunications industry. Then you get to say you're the richest.
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Old 06-01-2015, 02:53 PM
 
176 posts, read 263,933 times
Reputation: 164
Quote:
Originally Posted by ScoopLV View Post
And honestly, there's no point bragging. There is always someone out there richer -- unless you happen to own Mexico's telecommunications industry. Then you get to say you're the richest.
I'm pretty sure Bill Gates reclaimed the #1 spot.
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Old 06-02-2015, 10:41 PM
 
720 posts, read 764,171 times
Reputation: 1057
Okay Svedski, have we convinced you yet?
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Old 06-03-2015, 10:25 AM
 
391 posts, read 751,047 times
Reputation: 264
Quote:
Originally Posted by Kay Effzee View Post
Okay Svedski, have we convinced you yet?
About what?
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Old 06-03-2015, 04:06 PM
 
720 posts, read 764,171 times
Reputation: 1057
Isn't the topic, sell you on Las Vegas?...Never mind.
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