U.S. Rich may have to sell a yacht or two to pay higher taxes

[soulcougher73]

And how dare the "eeeevil corporate masters of France", who have just enough money to make them eeeeevil, leave for a place that doesn't demand 75% of their salary.

And how dare France have a system set up to allow someone to become so wealthy in the first place..That system must suck allowing people to become wealthy...

 

[Pr0d1gy]

Well if we lose 1/3 of our tax base let it be the 1/3 that doesn't pay any taxes and are on enlitlements seems way smarter and better in every way . I will pay for one family shipped out . Gladly !

3, make her open that box!

 

[BoberFett]

It's nice to say that, but in reality power distribution is the perfect example of a natural monopoly. There's no practical way for there to be a free market in that industry.

Why not? Why can't power generation be free market while transmission be public? In fact in my area it is somewhat more free market. I can choose between two electric companies. I went with the smaller co-op instead of the larger corporation. Of course the large corporation still owns and maintains the last mile infrastructure, so it's not quite a public/private situation.

There's another town in MN where the primary internet provider wouldn't bring in high speed internet. The town got together and decided to do it themselves. They were sued by the provider for daring to do something the monopoly refused to.

Unfortunately we usually get the worst of both worlds in the US. The expense and red tape of government meddling along with the anticompetitiveness of a monopoly. We do some truly stupid things in this country.

 

[ichy]

Why not? Why can't power generation be free market while transmission be public?

I said power distribution. Sure you can have competition in power generation, although in real life the results of electricity deregulation haven't been that spectacular.

 

[Pr0d1gy]

You sir are an economic genius.

Thank you sir. I learned it by watching your party, dad.

 

[Nemesis 1]

3, make her open that box!

Well it seems to me and likely the rest of us in this forum the only one that wants to look in the box is yourself . You give away your sexuality easliy

 

[FerrelGeek]

I love the talk about outsourcing our executive management to China. They care even less about their employees that the US lot does. And the environment as well. But hey, they're cheap!

 

[Fern]

This is a bonanza for French tax professionals. $$$$$$$$$'s

Fern

 

[Darwin333]

I am too. It's about as sound an economic plan as we have had in this country the last couple of decades.

I would rather we did lose 1/3rd of our tax base and just rebuild. I would MUCH rather source out our executive jobs to Chinese executives who do better work for a tiny fraction of the cost.

It's not about I hate the rich, it's about the rich hate America so fuck them in their greasy used up assholes.

A "sound economic plan" from someone that doesn't understand very basic mathematics.......

 

[halik]

1) Throw out everyone that is richer than dmcowen
2) dmcowen becomes rich
3) watch his little mind implode

 

[Pr0d1gy]

A "sound economic plan" from someone that doesn't understand very basic mathematics.......

B, b, bu, but I had a B going into the Calc 101 final professor!?!?!?!?

Well it seems to me and likely the rest of us in this forum the only one that wants to look in the box is yourself . You give away your sexuality easliy

Cool story. I got laid right before I posted this, did you? hahahah

You ladies better get used to Dems being in control because the more I talk to you the more I realize I will never go back to the Racistpublicans, no matter how much you lie your asses off.

 

[HamburgerBoy]

lol, Pr0d1gy is what is wrong with America. He thinks people making $100000 need to give a third of their income away in taxes so that they may subsidize his purchasing of electronic gadgets for his family.

 

[DucatiMonster696]

Eat the rich now and starve tomorrow.

More then a few people here (including myself) predicted this movement of France's wealthiest (I stated in the past that it was not difficult for them to move around within the EU) the moment France's newly elected leftist PM went after the wealthiest people in his nation with his regressive tax plan.

Anyways thanks for confirming what was already predicted to occur by many people who understood the terrible and horrible nature of such tax polices Dmcowen674.

 

[Arglebargle]

This has next-to-no relevance to the situation in the USA. Where else in the world do these aggrieved folks go?? Where else is the worship of money and the monied as strong as here? Where else do they get as sweet a deal? Belgium? Russia? Switzerland? Somalia? Where?

 

[Nemesis 1]

Cool story. I got laid right before I posted this, did you? hahahah

Ya 2 cool stories one true the other fantasy You decide!

 

[HamburgerBoy]

This has next-to-no relevance to the situation in the USA. Where else in the world do these aggrieved folks go?? Where else is the worship of money and the monied as strong as here? Where else do they get as sweet a deal? Belgium? Russia? Switzerland? Somalia? Where?

Hong Kong and Singapore.

Cool story. I got laid right before I posted this, did you? hahahah

lol. You start your day posting on ATOT at 7AM Atlanta time, then continue fairly consistently until 8:17AM EST, then stop posting until 9:30AM (the commute to work?), then make 25 posts until a break from 11AM to 12PM, then make another dozen posts from 12PM to 1PM, then stop posting until 3PM, take another ATOT break from 3:30PM to 5:30PM, post a bit more about politics and video games, and finally disappear again until 6:30PM, after which you "got laid". I'll assume that you pretended to work from 3:30PM to about 4:30PM, left early, got home at about 5:30PM, ate dinner, slept with your wife, and then ignored your children as you ran straight back to Anandtech Forums. Altogether that adds up to what... maybe half your day at work being productive? No wonder you're having troubles making ends meet and hate those that are more successful than you so much. Were you a member of the Nef@Work club circa ~2006 when it was all the rage during a seemingly-healthy economy as well?

 

[Arglebargle]

Hong Kong and Singapore.



....

Good reply! Though Hong Kong puts you under the extended thumb of China. Still, I liked both cities when I was there. Though they each have their own issues.

Thing is, can you point to flight to those places? Both already offer much lower tax rates, 17% for HK and 20% for Singapore. Their particular situations are already set up for tax avoidance. With the tax rate of the US just as it is today, you'd think we'd already see a huge drain of cranky multimillionaires.

 

[DominionSeraph]

Hahahahaha. Yeah, good luck with that. Just exile 1/3 of your tax base and see what happens. Oh no worry, all that lost revenue?

What lost revenue? You do realize that the rich don't actually make money themselves, right? They just skim it off the working class.

If the rich divest themselves of their income base to avoid paying taxes on it, guess what? The income base is still trucking along. They can't pack up the American worker who produces goods sufficient to be an American consumer.
The US economy is not reliant on the rich skimming money from the middle and lower classes.

 

[SparkyJJO]

Sure. Go ahead. Feed that class warfare. That'll for sure fix our economic problems.

And some of you need to grow up. What's sad is several of you I'm sure are older than I am but act like a bunch of spoiled 12 year olds.

 

[RabidMongoose]

This has next-to-no relevance to the situation in the USA. Where else in the world do these aggrieved folks go?? Where else is the worship of money and the monied as strong as here? Where else do they get as sweet a deal? Belgium? Russia? Switzerland? Somalia? Where?

They'll make an island in the middle of the ocean.

 

[postmortemIA]

They'll make an island in the middle of the ocean.

There are plenty of them in Caribbean. But they have no schools, colleges, hospitals, interstates, courthouses, and few other things.

 

[HamburgerBoy]

Good reply! Though Hong Kong puts you under the extended thumb of China. Still, I liked both cities when I was there. Though they each have their own issues.

Thing is, can you point to flight to those places? Both already offer much lower tax rates, 17% for HK and 20% for Singapore. Their particular situations are already set up for tax avoidance. With the tax rate of the US just as it is today, you'd think we'd already see a huge drain of cranky multimillionaires.

Well, there was that Facebook guy who got a lot of shit for wanting to move back to Singapore. I'm not saying that raising taxes to Clinton levels will cause such a tax-fueled emigration or that France's case is remotely comparable that of ours, but I'm just saying that there are modern, first-world places for the tax-avoidant to go should they so desire.

 

[DucatiMonster696]

But how do we disallow monopolies without violating the free market?

Monopolies in a true free market would have to survive on their own merits. In other words they would be forced to provide more cost effective goods and services to the consumer versus their competitors rather then relaying on and lobbying for government to intercede on their behalf. It is often government intervention which allows many monopolies today to strongly maintain their strangle hold on a given market place be it local, state or nation wide at the federal level when they collude with government at the expense of the consumer.

 

[Bateluer]

Guys, you're posting in an dmcowen674 thread. Did you expect his ramblings to make any kind of sense? The man's mind isn't based in our reality.

 

[irishScott]

What lost revenue? You do realize that the rich don't actually make money themselves, right? They just skim it off the working class.

If the rich divest themselves of their income base to avoid paying taxes on it, guess what? The income base is still trucking along. They can't pack up the American worker who produces goods sufficient to be an American consumer.
The US economy is not reliant on the rich skimming money from the middle and lower classes.

Alright, so even assuming we're in magic land and getting rid of every CEO making 250k or more doesn't, you know, destroy companies or jobs and all the money flows perfectly to the working man, where is the gap in government revenue going to be made up? You'd have to spike taxes on the beloved working man just to even things out.

So essentially, even in the best-case theoretical-fantasy-land scenario, exiling the rich does precisely nothing for the working man. Any money he gets from the absence of rich people will be taxed right back to maintain the status quo, unless you want all of said working man's social programs to suffer.