British millionaires' response to tax hikes

Discussion in 'Politics' started by Wiseacre, Nov 29, 2012.

  1. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Many on the left, including Warren Buffet in a recent NY Times op-ed, believe that tax hikes on the top 1% will not hurt the economy. Consider the following:

    snippet:

    " The year after former Labour Prime Minister Gordon Brown introduced a 50 percent top income tax rate, the number of people filing as millionaires dropped 63 percent, from 16,000 to 6,000. Tax revenue also declined by nearly £7 billion.

    No single reason explains the drop. Some millionaires probably earned less money due to the slow-growing European economy, or they may have simply worked less. Others may have shifted the timing of their income or moved it to less-taxed forms. Still others might have physically left the country. "

    Whatever the reason, the result is the same - many of the most productive people who are in the best position to invest or startup new businesses will not do so. Some left, some didn't, either way the British economy is suffering as a result. And we're seeing the same thing in France, Spain, Italy, Greece, etc. I'm not saying it's just the taxes, there are other reasons; but if you want economic growth and more jobs, raising taxes ain't the way to do it.

    The current tax hikes that will be effective on the first of January amount to over $500 billion dollars; more if you add in tax increases at state and local levels. I don't know how anyone can expect to hammer people that hard without consequences. I've said in many times, money flows to where it gets the most return for lower risk. For a lot of people, that place isn't going to be the USA. And that's not just Americans who won't invest here at hme, it's also foreign investors who won't invest here either.

    Warren Buffett Wrong on Tax Increases, British Millionaires Prove
     
  2. occupied
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    occupied Gold Member

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    Bullshit, we did pretty awesome with the Clinton era tax rates and can again, the rich should be happy we are not so infuriated with the lack of prosperity actually trickling down that we do not drag them out for tar and feathers.
     
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  3. ilia25
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    ilia25 I can do math

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    Well, that is probably a lie. Investing your small business income can reduce your taxes, but its effect on economy is very different than leaving.

    Also, leaving UK is one thing, but where do you think the US millionaires would go?
     
  4. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Listen up dipshit, this ain't the irrational exuberance 1990s, when the economy was on a roll. The best part of the Clinton years wasn't until after the Gingrich led republican Congress lowered the rates. And you are a fucking idiot to blame only the rich for the current lack of prosperity. The biggest reason for that is the dumbfuck in the WH.
     
  5. occupied
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    occupied Gold Member

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    Also portraying the rich as America's most productive people is a lie, they are simply America's highest earning, you can make a lot of money by producing nothing of value, employing no one and pretty much skimming off the top of what prosperity we have left.
     
  6. occupied
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    occupied Gold Member

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    No need to get all riled up there cowboy, wages have been stagnant for thirty years, Obama caused that? Are you high?
     
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  7. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Canada? Some island in the caribbean, how the hell do I know. What difference does it make if they're gone or even if they didn't leave, if they are not investing here. The thing you leftwing idiots don't get is that changes in the tax rates will affect behavior. We incentivized home ownership by cutting your taxes if you buy a home; in effect your tax rate was reduced. Similarly, if you raise tax rates you disincentivize wealth creation here at home; in effect you are encouraging the rich folk to go elsehwere or at least invest their money elsewhere.
     
  8. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    Spoken as a true Robber.
     
  9. occupied
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    occupied Gold Member

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    They can shove off for all I care if they are no longer interested in investing in their own country. Seems their investments have been going elsewhere already even though we gave them tax cuts all over the place over the last thirty years. America is more than capable of rebuilding ourselves without them.
     
  10. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Nope, just a little exercized. Stagnant wages? WTF does that have to do with raising tax rates?

    What Obama has done since the recession officially ended in June of '09 is implement policies that were counter productive to economic growth and job creation. For sure he inherited a big mess, but he's done a very bad job so far of turning things around.
     

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