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Sure You Can Raise Taxes on the Rich - HOWEVER > ...

Discussion in 'Political Discussion' started by IcyPatriot, Jul 9, 2012.

  1. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey

    One more example of why raising taxes on the rich is not an easy answer ...

    Maryland is now minus $1.7 billion ... that's less not more.

    The solution is somewhere between left and right ... now if only politicians would acknowledge this and work together.

    News Headlines

    Last edited: Jul 9, 2012
  2. patsinthesnow

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    #87 Jersey

    Good point, and I wonder if it would be different on the federal level, would the rich flock the country? Say if liberals/progressives got it there way and made the top income federal tax bracket 70+%. I know it was even more insane back in the day during the Eisenhower years.
  3. PatsWSB47

    PatsWSB47 Rookie

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    #12 Jersey

    Romney would
  4. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Wow, an anti-tax group does a study and concludes that Maryland is losing money because of high taxes on the rich. I guess we need a pro-tax group's "study" to counter that ones.
  5. patsinthesnow

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    #87 Jersey

    :D
    He'd probably stay since he'd still be magically taxed only 14% while mechanics, woodcutters, cops, and everyone else are taxed 25%.
  6. PatsWSB47

    PatsWSB47 Rookie

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    #12 Jersey

    It's not surprising but at the same time it probably has some merit. They go overseas with their money, they outsource jobs why in the world would you think they wouldn't leave a state or a country for the same reasons?

    The impact on the economy of raising taxes on the rich is over rated isn't it? It sends the right message for sure and it may help Obama get reelected but is it a serious plan to straighten out the economy? I think it's more a serious plan to try and get votes.
  7. PatsFanInVa

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    So, a net of 31,000 people left Maryland from 2007-2010... and you'll notice that's a total, not the wealthy only, at least according to the quoted passage -- on a population of 6,000,000 or so.

    And they went where? Also according to the article, many went to Florida -- a well known retirement-friendly state.

    What has been the effect of the Bush market collapse on early social security claiming? Why, surprisingly, it went up!

    The Baby Boom's leading edge turned 65 in 2010. Early claiming kicks in at 62.

    I'm pretty sure the mass phenomenon of people leaving Maryland is not the result of the elite phenomenon of a 6.25% millionaire's tax.

    :ugh:
  8. Nikolai

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    #54 Jersey

    You're probably right. There are plenty of reasons to flee Maryland.
  9. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Let's say you earn $5,000,000/year. By moving, you would save ~$300,000/year, leaving you with only $4,700,000/year. But, of course you'd have to deal with moving, leaving behind friends and maybe some family, selling your home, etc. My guess is that the vast majority of people who do leave because of taxes already have a foot in the door in another state. My guess is that if that study is true, which I doubt, it's a phenomenon that has to do with the first year of implementation, where people who were on the cusp of retiring or moving anyhow decided to do it a little more quickly. About a year before my mom retired from teaching, her school system offered a $10k incentive for early retirement. It got her to retire a year early.

    Now my math may be wrong, but if 31,000 people left Maryland costing the state $1.7 billion that means that they each would have had to pay an average increase of $55k. That to me seems like a relatively small amount of money for a person to pick up and leave their state.
  10. IllegalContact

    IllegalContact On the Roster

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    boy, you're naive......many of those people didn't actually move.....they just changed their address...just like I did in order to reduce my tax burden......nothing has changed, except for my address.......many more would do it if they knew how easy it was



  11. DarrylS

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    People could move to the Province of Ontario, where the current tax burden is 47% soon to be 49.5%.. that sounds like a good answer.

    FYI it is estimated by the office of tourism in Florida that 1,000 people move there every day..
  12. PatriotsReign

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    Here's something even more important to consider....

    If we allow the Bush cuts for the wealthy to end, it will affect many middle class families negatively.

    Since CD's are earning squat, many middle class families are INVESTING in stocks. So by allowing the tax cuts to expire,

    "the capital gains rate will rise to 23.8% next year from 15% today and dividend taxes will rise to as high as 43.4% from 15%"

    Obama

    Not good if you're earning less than $250k and trying to retire at a reasonable age. Also, these increases will affect anyone with stocks. Even those earning less than $100k.

    The attitude that those of us who are working and paying taxes must work longer in order to support the nation is wrong. I've never met a person who believes, "Hey, it's my responsiblity to help fund our nation, so I don't mind working another 5 years to do my part".
    Last edited: Jul 10, 2012
  13. PatriotsReign

    PatriotsReign Rookie

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    Wonder where they'll all go when Florida sinks into the Atlantic!
  14. Real World

    Real World Moderator Staff Member

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    They're different types of "income", hence the different rates.

    It's not just the money you save in taxes from that particular state. It's the money you gain in tax savings, from the lower tax state as well. Also, when we tax taxes, it's not simply a matter of the income tax alone. I'm sure there are other factors from a financial perspective, related to the cost of living (government related and non), that can be saved by moving. Plus, for people in Maryland, a move to Virginia isn't a big deal, much like those in Massachusetts who move to NH.
  15. Real World

    Real World Moderator Staff Member

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    43.8% tax on anything is propostrous.

    I've long said cap gains taxes are too low at 15%.

    I think 23.8% is a good cap gains rate, were there a 2-tier system in place like I've proposed. Have a 15% & 20% tier, or a 20% and 25% tier. The lower rate being for the first $X.xx of CG income, and the higher rate for everything above that. This way the lower to middle class investor is somewhat protected, and in someways encouraged to invest. Be it a $5,000 cap at tier 1, or a $50,000 cap, I don't know. I think a quick study, or some research could determine where a decent cut off for middle to low income investors sits.
  16. JackBauer

    JackBauer On the Roster

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    Oh fer chrissakes. You could at least attempt at being even-handed.

    From the article you linked:

  17. PatriotsReign

    PatriotsReign Rookie

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    See "California" for a rebuff on that statement.....
  18. JackBauer

    JackBauer On the Roster

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    I'm sorry, what are you talking about?
  19. PatriotsReign

    PatriotsReign Rookie

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    I'm sorry....I'm talking about the same thing you're talking about...

    California has experienced an increase in businesses and their wealthy leave their state after recent tax increases.
    Last edited: Jul 10, 2012
  20. IcyPatriot

    IcyPatriot ------------- PatsFans.com Supporter

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    #87 Jersey


    Just as an aside many of the wealthy are super cheap people... sometimes it is not logical what they do.

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