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View Diary: Why The Rich Deserve A Sixty Percent Tax Especially UC Regents (51 comments)

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    •  60% - you piker! (3+ / 0-)

      I say 90%!

      I believe that banking institutions are more dangerous to our liberties than standing armies. Thomas Jefferson

      by deepsouthdoug on Wed Jan 05, 2011 at 01:43:58 PM PST

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    •  That is right OPOL... (0+ / 0-)

      go for 90% and hear that giant sucking sound of wealth and jobs leaving this country...

      Obama - Change I still believe in

      by dvogel001 on Wed Jan 05, 2011 at 04:26:26 PM PST

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      •  Really? Wealth leaving the country? (1+ / 0-)
        Recommended by:
        laker

        To what tax free haven would they all move? This is nonsense - those assholes can't live anywhere but Manhattan (and Connecticut).

        •  Bullshit... (0+ / 0-)

          http://www.escapeartist.com/...

          You go much above 40% and there will be a giant sucking sound...and Belize is not a bad place to live...

          Obama - Change I still believe in

          by dvogel001 on Wed Jan 05, 2011 at 04:54:00 PM PST

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          •  Sorry, don't believe it would happen on any kind (1+ / 0-)
            Recommended by:
            samddobermann

            of scale. How is that Belizian symphony orchestra? Where is the Saks 5th Ave? Where is the infrastructure these people need?

            I simply do not believe it would happen. And there is nothing you can do to change my mind.

            As Wallace Shawn once said: "it is inconceivable."

            •  It is already happening... (0+ / 0-)

              US companies are maintaining a minimal presence here while locating their high paid individuals in Eastern Europe, Asia and Middle East...it is a well known strategy for retaining top talent...cut their tax rates...

              I know these companies are my clients...not that I advise them to do this...but they do it anyway...

              Look at it this way...if you want to hire an executive with a market value of $300K after taxes...it is cheaper to pay them in a low tax nation than a high tax nation...the executive still expects to take home $300K...

              Obama - Change I still believe in

              by dvogel001 on Wed Jan 05, 2011 at 05:14:57 PM PST

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              •  Not that widespread. Simply not. (1+ / 0-)
                Recommended by:
                wa ma

                I have way too many friends working in finance in NY and London - they are never moving to Belgrade. Dubai is going down the toilet. The "good" parts of Asia have taxes.

                Also, someone being paid $300k never has the expectation of taking home that amount. And they would need to renounce their American citizenship to avoid taxes.

                I understand where you're coming from, but without solid stats there is no way I'm buying.

                •  Either you don't get it... (0+ / 0-)

                  or don't want to get it...when executives figure out their pay packages they figure on after tax dollars and then their packages are trued up for taxes...

                  If I want to take home $300K...it costs more in some countries and states than in others...

                  There are no stats yet because, right now there is not that much incentive to move out of the US because of historically low tax rates...you double those tax rates and there will be significant movement of wealth out of this country...

                  Just look where the population growth for the most part was in the US...low tax states...

                  Much of the wealth will be well-to-do retirees...so instead of spending their wealth in their golden years here...they will get a house with a full-time live in maid in a carribean island

                  Obama - Change I still believe in

                  by dvogel001 on Wed Jan 05, 2011 at 06:43:42 PM PST

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                  •  You are wrong. So wrong. (0+ / 0-)

                    Gert over yourself - there is just no fucking way it will happen. We are talking about hundreds of thousands of people. Just fucking stupid. The Caribbean cannot take that many people - and no one is moving to Mexico.

                    You are insane. Stop writing back unless you can come up with something believable.

                    •  You have no frickin clue... (0+ / 0-)

                      about the real world of wealthy people...and what they will and won't do if tax rates are confiscatory levels (above 50%)

                      Obama - Change I still believe in

                      by dvogel001 on Thu Jan 06, 2011 at 07:39:23 PM PST

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                    •  Just pretend you are rich... (0+ / 0-)

                      someday...dress up and walk into a good financial planner's office and see what the first thing they tell you to do is...

                      Move your business offshore
                      Move out of your high-tax state
                      Shelter your income from high taxes...

                      And the higher the tax rates the more aggressive the financial planning...

                      Obama - Change I still believe in

                      by dvogel001 on Thu Jan 06, 2011 at 08:12:22 PM PST

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              •  Citizens living elsewhere still have to pay US (0+ / 0-)

                taxes especially when the business is doing business in the US.

                That live in Belize thing means you have to give up your American citizenship. You get a credit for foreign income taxes paid.

                Recall Geithner's tax problems on his income outside the country.

                I'm asking you to believe. Not in my ability to bring about real change in Washington ... I'm asking you to believe in yours. Barack Obama

                by samddobermann on Thu Jan 06, 2011 at 12:41:30 AM PST

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                •  Yes of course you have to give up... (0+ / 0-)

                  citizednship...and at confiscatory tax rates many would...does not mean you cannot visit with a valid passport...

                  Obama - Change I still believe in

                  by dvogel001 on Thu Jan 06, 2011 at 04:03:09 AM PST

                  [ Parent ]

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