British millionaires' response to tax hikes

[Wiseacre]

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

 

[occupied]

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.

 

[ilia25]

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.

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?

 

[Wiseacre]

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.

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.

 

[occupied]

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.

 

[occupied]

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.

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.

No need to get all riled up there cowboy, wages have been stagnant for thirty years, Obama caused that? Are you high?

 

[Wiseacre]

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.

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?

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.

 

[Avatar4321]

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.

Spoken as a true Robber.

 

[occupied]

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.

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?

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.

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.

 

[Wiseacre]

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.

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.

No need to get all riled up there cowboy, wages have been stagnant for thirty years, Obama caused that? Are you high?

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.

 

[Wiseacre]

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?

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.

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.

Gonna be a lot harder though if the incentives to to start or expand a business here are reduced. Hard to believe you can't see that.

 

[occupied]

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.

Spoken as a true Robber.

I thought you liked Robbers, I mean investors, who sucked trillions out of the economy 4 years ago. All that wealth vanished but it was barely a bump in the road for the rich and some really cashed in. I am tired of the rest of us absorbing their losses, their tax burden, their recklessness and not being able to expect a thing in return. No more socialism for the rich, they are attacking the welfare state for the poor, we have every right and the responsibility to throw that shit right back at them.

 

[Moonglow]

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.

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?

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.

evidently you have no knowledge about the history of tax rates and wealth building.

 

[Avatar4321]

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.

Spoken as a true Robber.

I thought you liked Robbers, I mean investors, who sucked trillions out of the economy 4 years ago. All that wealth vanished but it was barely a bump in the road for the rich and some really cashed in. I am tired of the rest of us absorbing their losses, their tax burden, their recklessness and not being able to expect a thing in return. No more socialism for the rich, they are attacking the welfare state for the poor, we have every right and the responsibility to throw that shit right back at them.

Investors don't rob people. They build them up. They create. Nor do they get any money through the use of force, only by voluntarily providing resources to people.

You on the other hand are a robber. You want to take money from people by force. Idlying through government seizure. But if that doesn't satisfy you, you have no problem violently murdering them for their wealth in true mob fashion.

What's sad is you don't even see this.

Oh and they pay more than their share of the tax burden.

 

[Avatar4321]

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.

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.

Gonna be a lot harder though if the incentives to to start or expand a business here are reduced. Hard to believe you can't see that.

You think he cares? If he cared about justice and what is right he wouldnt be advocating murder.

 

[occupied]

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.

No need to get all riled up there cowboy, wages have been stagnant for thirty years, Obama caused that? Are you high?

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.

We as a nation extended them some pretty sweet tax cuts, they were sold to us as pure trickle down job creation, they didn't work so fuckem, we have given up trillions in revenue to create jobs and no one can show that it bought us a damned thing.

It took thirty years of Neocon bullshit to get to this point, not four years of trying to fix it being hobbled with a congress that mostly wanted him and coincidentally America to fail.

 

[Wiseacre]

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?

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.

evidently you have no knowledge about the history of tax rates and wealth building.

Evidently I know more that you do, since you haven't said jack squat so far. How about you say something intelligent rather than taking potshots from the weeds?

 

[Avorysuds]

So all I have to do is find one or more rich people that don't agree and BAM! you're wrong?

That's why this thread is dumb... I don't give a fucking chit what some rich guy thinks. All WB is doing is trying to make a good name for himself, he knows taxes will never go up for him.

 

[occupied]

Spoken as a true Robber.

I thought you liked Robbers, I mean investors, who sucked trillions out of the economy 4 years ago. All that wealth vanished but it was barely a bump in the road for the rich and some really cashed in. I am tired of the rest of us absorbing their losses, their tax burden, their recklessness and not being able to expect a thing in return. No more socialism for the rich, they are attacking the welfare state for the poor, we have every right and the responsibility to throw that shit right back at them.

Investors don't rob people. They build them up. They create. Nor do they get any money through the use of force, only by voluntarily providing resources to people.

You on the other hand are a robber. You want to take money from people by force. Idlying through government seizure. But if that doesn't satisfy you, you have no problem violently murdering them for their wealth in true mob fashion.

What's sad is you don't even see this.

Oh and they pay more than their share of the tax burden.

What's sad is that you still love and trust these people who ruined us and still refuse to share a tiny bit of the pain they inflicted on the rest of us. These so called captains of industry ran us into the rocks and now want to sink all the lifeboats.

 

[GuyPinestra]

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.

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?

Ummmm, pretty much wherever they wanted?

How'd I do?