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I disagree with you. I've lived in New York for over 40 years and the tax rate is forcing the wealthy to leave in droves. In addition young professional couples who can't afford to buy a house here are moving to the Carolinas and other southern states. Things are pretty bad here in New York. Many people upstate where I live and grew up are sick of paying for social programs which are given to people who live in NYC.
Its just as bad here in NJ. In New Jersey, not just the Rich, but also the low income and middle class get hit with the massive property tax and the numerous toll hikes, then you have the housing prices in Northern NJ mainly because we're so close to NY. There's a deficit people that did not just occur last month that many of these state and local government is passing down to us meaning EVERY class. I do not feel bad for the Rich at ALL
Look it is reality, this is a free country people can come and go as they please and they will.
Exactly. Let 'em go. That's their right, and we as a people have the right to ask them to pay more taxes.
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The fact that you may find it distasteful isn't relevant.
I find it to be highly relevant. The super-rich already wield disproportional power due to their wealth. Allowing them to strong-arm us into doing what they want is detrimental to democracy. Our economic system gives the wealthy great power those without wealth don't possess. Our system of democracy gives each one of us equal power. Allowing the wealthy to determine laws, especially based on threats, removes the wishes of the people from the system. It kills democracy. It stinks of aristocracy, which is one thing this country opposed in its founding.
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Punishing people because they are successful is anti American.
STOP! Please stop with the "punishment" nonsense. No one is being punished.
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Discouraging achievement is destructive to a free society. I have loyalty to individual freedom, the collective has no right to the fruits of any persons labor. Today billionaires, tomorrow you and me.
Nonsensical paranoia. Tax rates were much higher through most of the last century. Achievement wasn't halted. Middle-class income was not taxed at a 70% rate.
What right do you have to demand that the rich be punished for being rich? And make no mistake about it--it is punishment. You can couch it in whatever weasel-terms you want, but it's still punishment. It's still theft.
Weasel term? You can't be serious.
Punishment is an action taken in response to a wrongdoing. "Johnny was punished for lying to his teacher." Making money is legal. Taxing income is legal. Please enlighten me as to the wrongdoing?
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Is it OK if a theif robs you and gives it to a homeless man? You are richer than the homeless man, and surely you owe a debt to society for your superior position?
Taxation is legal. Theivery is not.
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Also, where do the wealthy keep their "masses of money"? In investments, which employ people, in purchases and assets which promote economic growth, and in savings which are lent out.
Point?
Workers promote economic growth with their labor. Without us, all the capital in the world is useless.
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When the government expropriates wealth, it diverts capital from these productive avenues into its various projects, like welfare, which as contrasted to employment, promotes idleness and irresponsibility.
Welfare. Stop with the welfare nonsense. How many people do you think are on welfare? I'll give you a clue. Less than two percent of the population, and more than half of those are children.
Not at all the point, the point is this is Five MILLION dollars not going to the state to pay their budgets, meaning that something else needs to be cut. Why do you liberals not get that this isnt about the billionaire, this is about everyone left who has to pickup the tab after he leaves?
Yeah, I'm a gun-toting, illegal immigration opposing, military supporting, Harley riding, capitalistic, sport fishing, commie pinko liberal. STOP CALLING ME A LIBERAL! Just because I think the rich can bear a greater tax burden does not make me a liberal. Just because I don't worship the wealthy does not make me a liberal, so please stop. It's getting tiring.
My point was that these people aren't being punished. Calling taxation punishment is nonsense.
Possibly because there is no point to be taken here. Tax revenues are continuously pushed up and down and both ways at once as the result of all sorts and manner of current developments. To pretend that one rich guy deciding to move out of the city can be enough to upset an apple cart as large as New York is a sign of majorly missing context and perspective. There is nothing more to the matter than that.
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Originally Posted by nvxplorer
Exactly. Let 'em go. That's their right, and we as a people have the right to ask them to pay more taxes.
I find it to be highly relevant. The super-rich already wield disproportional power due to their wealth. Allowing them to strong-arm us into doing what they want is detrimental to democracy. Our economic system gives the wealthy great power those without wealth don't possess. Our system of democracy gives each one of us equal power. Allowing the wealthy to determine laws, especially based on threats, removes the wishes of the people from the system. It kills democracy. It stinks of aristocracy, which is one thing this country opposed in its founding.
STOP! Please stop with the "punishment" nonsense. No one is being punished.
Nonsensical paranoia. Tax rates were much higher through most of the last century. Achievement wasn't halted. Middle-class income was not taxed at a 70% rate.
I agree let them go if they want to go (we couldn't stop them anyway) but when they leave it will either result in a shift in tax burden or cuts in service.
The only reason their power is due to their wealth is because we allow it to be. We ask a tiny minority to support 50% of the people and become indignant when they say enough is enough. I don' know of any rich people who determine laws except politicians who buy their office like NJs own Jon Corzine. I don't believe a cornerstone of democracy is redistribution of wealth so I don't think rich people or poor people help or hurt democracy.
I don't think the 40,000 people who are paying 50% of the city taxes are being rewarded.
I think you saw many more companies come into existence in the 80s than any time prior due to the freeing up of capital to allow for greater competition and explosion in technology.
I don't think the 40,000 people who are paying 50% of the city taxes are being rewarded.
I think you saw many more companies come into existence in the 80s than any time prior due to the freeing up of capital to allow for greater competition and explosion in technology.
Odd that you didnt quote this More than half of foreign companies and about 42 percent of U.S. companies paid no U.S. income taxes for two or more years in that period, the report said.
Translation for those who cant think.
half of foreign companies and 58% of US companies paid taxes every year in their report, and the rest could have paid taxes for all BUT one year.
You do understand that taxes are paid on PROFIT, not sales dont you? The fact that companies have trillions in sales dont mean crap if they are losing money, and its not difficult to understand how a company could lose money ONE year.
I undrstand that corporations have had their way with the federal (and most states) government for decades. And they can cook their books to make good years look bad and they can have lobbyists buy votes in congress for special exemptions.
Where did I champion their cause? Ohh, by pointing out yet another flaw in another story designed to make it think that companies dont pay taxes, I'm "championing" their cause? Ahh, only if you want to ignore facts can you get that out of the posting..
I agree let them go if they want to go (we couldn't stop them anyway) but when they leave it will either result in a shift in tax burden or cuts in service.
Yep, these things always even out.
Let's assume all the rich pack up their businesses and move to some state with lesser taxes. (One can't simply move a chain of grocery stores or car dealerships will-nilly, but let's assume he can.) What happens next is an influx of workers to staff these businesses. Some people won't find work. People will bring their families. More children will be born. Some will be laid off. Some will be fired. Infrastructure will need to be added and repaired. Schools will need to be built. Prisons will become full. Taxes will need to be raised.
There is no free lunch.
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The only reason their power is due to their wealth is because we allow it to be.
Yep, and it's about time we make a few threats of our own.
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We ask a tiny minority to support 50% of the people and become indignant when they say enough is enough.
This tiny minority also controls virtually all the wealth. It's about time we say "enough is enough."
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I don' know of any rich people who determine laws except politicians who buy their office like NJs own Jon Corzine.
When the wealthy are able to convince us that they are being "punished," they then have the power to influence our vote.
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I don't believe a cornerstone of democracy is redistribution of wealth so I don't think rich people or poor people help or hurt democracy.
See above.
How wealth is distributed is codified in law. Laws are enacted through the democratic process, so distribution of wealth is indeed a cornerstone of democracy.
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I don't think the 40,000 people who are paying 50% of the city taxes are being rewarded.
They've already been rewarded with their great wealth.
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I think you saw many more companies come into existence in the 80s than any time prior due to the freeing up of capital to allow for greater competition and explosion in technology.
Granting this, if true, this cycle has played itself out. Resources are not unlimited.
Manhattan has gone Republican! Oh wait, wrong red-versus-blue map. What we have above is a look at PropertyShark's newly updated interactive property tax assessment map. The higher the taxes per square foot, the darker the red (or just pretend Central Park is surrounded by Commies).
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