The modern day Robin Hoods
I guess NY and CA are looking to fix their budget shortfalls by increasing taxes on the rich.https://www.cnbc.com/2020/07/30/tax-hike…
https://www.yahoo.com/news/hundreds-pitc…
I don't think it takes a rocket scientist to figure out that the rich didn't become that way by being stupid. The exodus from NY and CA has been going on for a while and this will just be the straw the breaks the camel's back for more of the ultra rich in these states.
I'm not even close to that category but looking at places I can live for 183 days outside of CA when I retire.
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https://www.tax.ny.gov/research/stats/st…
I guess I grew up in a different time. Instead of being taught to envy successful people, I was told that if I worked hard and persistently pursued my goals that I had an opportunity to be successful myself. America is not a promise of success but an opportunity for success. I, personally, wouldn't value my life if I had to rely on my happiness coming at the expense of taking from others who have more.
In these high tax states, the policies they put forward are an overreach at times. Any time government does something the private sector can do, it is less efficient and ends up costing more. Government is a necessary part of providing defense and infrastructure at both a local and national level. If it reaches beyond that, it just costs us all more.
In CA this is a MARGINAL tax rate increase of 1%, 3%, 3.5% on gross income that exceeds $1M, $2M, $5M. Tech execs will live and thrive -- I promise. Just about the only thing accomplished during the Trump administration was a huge corporate tax rate cut from 35% to 21%. That money went primarily to stock buybacks and benefited tech (and other CEOs) who are paid with company stock.
I lived in Silicon Valley for 15-years. Dudes with families and kids are not going to leave the world-class schools in N california for the bowels of Texas to escape a few percentage points on their marginal tax rate.
Also, @Mike, there are plenty of stupid rich people. Take our president (who has the attention span of a gnat, who doesn't read, and has no intellectual curiosity) and is rich by virtue of his daddy. We have inheritance taxes so that we don't drift into a plutocracy.
This is such a huge topic and I could go on and on... Am I supposed to worship private-label bankers who packaged dogshit mortgages into securities and brought down the financial system in 2008?
Deficit spending is necessary in recessions to spur demand and keep us out of depressions.
The top 1 percent of taxpayers pay 37 percent of all income taxes, while the bottom 90 percent pay 30 percent of all income taxes - if my math is correct, the top 10% pay 70% of income taxes.
"Revolutionary Communist Party Endorses Democrat Joe Biden For President"
https://www.dailywire.com/news/revolutio…
https://youtu.be/j68_wIXnX4Y
"... According to a report from New World Wealth and Webster Pacific, the combined wealth in the Big Apple fell by $336 billion in the 12 months ending June 30 ..."
https://www.foxbusiness.com/lifestyle/ne…
You can say Biden is just a pimple on our ass but he has to sell out to Bernie and AOC to keep himself relevant. That means even more debt on top of what we had and any bailouts. s
Even though I'm not sure about the price of debt as you describe, I sure think that it will come home at some point. Nancy Pelosi is 80. She doesn't give a rats ass about your kids.
^ you are bad at math. Texas has no state income tax. Total tax savings is more than a few percent. You are an educated idiot.
As I learned from many years in tax and spend states, taxpayer money is like crack to politicians. The more they get, the more they want. The temptation to use it inefficiently in order to buy votes is just too great.
Maybe it’s time that Colorado started charging an environmental impact tax to all the invading Californians for ruining Colorado with the same endless sprawl, traffic and concrete that they left behind when they fled the shit hole that they made of California. How about a thousand dollars a month per head? That sounds about right to me.