Fannie/Freddie Doomsday

[Riick]

The problem is, raise the rate high enough, and the wealthy will choose to do business elsewhere. Given that they pay the bulk of the taxes in this country, that is a serious concern.

Remember the Beatles song: "TaxMan"
"Let me tell you how it will be. There's one for you, nin'teen for me..."
LINK -

In 1971 the Beatles "emigrated" to the South of France and eventually changed their official domicile for tax savings.
Tax Rate in England at that time -for thier income level- was 97.5% :Eyecrazy:

 

[Mystery man3]

We are not near that point

The problem is, raise the rate high enough, and the wealthy will choose to do business elsewhere. Given that they pay the bulk of the taxes in this country, that is a serious concern.

I would wager that the states with the highest taxes such as California and Taxacchusets have more wealthy people in them in than low tax states.


If your really really rich do you really care how high taxes are? Maybe a small percentage would but I think a majority of the super rich live where they like it regardless of how high taxes are. Some of them have more money than they could ever use anyways so why would they care.

 

[Karl]

Eventually the creditworthiness will be lowered, be it by this or some other future event. A country cannot borrow it's way into prosperity in perpetuity. If you think $1,000,000,000,000 is a lot of money, compare it to the interest paid on the deficit, the Iraq war, or the cost of government programs such as Social Security, where it is a given that future obligations cannot be met.

You left out the number one cost here on the West Cost; Illegal imigration far out cost anything that you have listed.

 

[Riick]

I would wager that the states with the highest taxes such as California and Taxachusetts have more wealthy people in them in than low tax states.


If your really really rich do you really care how high taxes are? Maybe a small percentage would but I think a majority of the super rich live where they like it regardless of how high taxes are. Some of them have more money than they could ever use anyways so why would they care.

Please, don't make silly jokes.
The RICH have adviser's who keep their taxes to a minimum,
INCLUDING keeping their legal residence out of high-tax States.

Just because they seem to live in MA or CA doesn't mean they don't
vote in, and have their legal residence in No-Income-Tax States.

US States that have no personal state income tax include:
Alaska, Nevada, South Dakota, Texas, Washington & Wyoming.
New Hampshire and Tennessee, tax only dividend and interest income.

If the Feds start setting taxes too high, these folks will domicile in other Countries, it's only a small inconvenience to them.

 

[Restrain]

A lot of actors actually have their domicile in Wyoming, Texas, etc. They have homes in CA, but not their actual domicile. It's truly amazing how many live in Dallas, Austin, etc. When you're 3 hours from the coast, it's no longer necessary to live there anymore.