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What is your opinion on "get rich and run" people?

techs

techs

Lifer
I thought I would address another fallacy put forth by the rich and their admireres in America.
That if we raise taxes on the rich they will leave the country.
First off I noticed that when taxes were far higher in 2000 few did. Nor in 1990 when taxes were even higher. Nor in 1980 when taxes were even higher.

So, is this idea that the rich will run valid when it has never happened? Seems more rich people want to come to America than the other way around.

And even if some rich people want to leave does that really hurt America? I say no. Their money is invested in this country. Its not like the rich create jobs with their money. They just move it around from one company to another. 99 percent of corporate growth actually comes from money borrowed from banks.

So, why would the rich leave America if we went back to the tax rates of 2000 or 1990? They wouldn't. And in fact if they did getting them out of America would help the economy since it would leave room for those aspiring to be rich, those that actually create jobs and businesses to flourish without the super rich using their money to create market barriers.
 
Did techs just get off a ban? He was nowhere to be seen for a long time, and now this forum is littered with his tripe.
 
Who cares if they do leave? I say good riddance, nationalize all their assets in this country and move on without them.
 
Problem is you will find few, very few economists that was say raising taxes during tough times or a recession is a good idea.
 
Matt1970 said:
Problem is you will find few, very few economists that was say raising taxes during tough times or a recession is a good idea.
Click to expand...

I'm all for the increase on taxes on the wealthy just passed by the Senate. I think if you take that money and give it in the form of tax breaks, earned income credit, etc to those worse off you will hugely help the economy.
 
techs said:
I'm all for the increase on taxes on the wealthy just passed by the Senate. I think if you take that money and give it in the form of tax breaks, earned income credit, etc to those worse off you will hugely help the economy.
Click to expand...

Yes, the economy is mired in this recession because the majority of people don't have extra cash to buy goods other than necessities, and the ones who still are middle class are scared to death to spend because they know the economy could collapse out from under them.

Thus it makes sense to force the wealthy to trickle down since they refuse to do it on their own.
 
God Bless America - The country the decides who, what, when, where and how much of your money you will spend.
 
Matt1970 said:
Problem is you will find few, very few economists that was say raising taxes during tough times or a recession is a good idea.
Click to expand...

Raising taxes on the rich doesn't hurt during this recession since they have a marginal propensity to save and there's a glut of cash that isn't being invested in. We are also in a liquidity trap and we need government to spend money to get out of it, so it's better to raise the taxes on the rich and spend that money.
 
Raising taxes on the rich just forces them to spend more money on bribes and lobbying. And that in turn feeds the corruption and you get.... wait for it.... more corruption. The bribes and the payoffs and the festering oozing stinky slimy bowels of washington DC get even stinkier and slimier.

All the tax loopholes. All the so called charities and foundations that are really just money laundering fronts. It is all a bunch of crap that does nothing but feed the corruption. Until we implement a flat or fair tax of any flavor, there is just no point in contemplating tax rates.
 
Reading threads like this is like listening to 10 year olds arguing about which superhero would win in a fight.

People seem so mind bogglingly oblivious to the way the world actually works, and there's an awful lot of hatred/vitriol towards people who are rich or have wealth. It's like being at a coffee house full of wide eyed 18 year old Marxist hippies ranting about "the man".

I personally doubt a bunch of rich people will up and leave the country if their taxes are increased. What they will do, however, is find more ways to move their assets overseas and be less interested in investing in the US.

Even if one could justify significantly raising taxes on the rich for no other reason than "they can afford it", the truth is that it wouldn't make any significant difference in the economy as a whole or the economy. It's really just a good rallying cry for the left, just like the right has some rallying hot buttons that in the grand scheme don't really matter either.
 
Double Trouble said:
Reading threads like this is like listening to 10 year olds arguing about which superhero would win in a fight.

People seem so mind bogglingly oblivious to the way the world actually works, and there's an awful lot of hatred/vitriol towards people who are rich or have wealth. It's like being at a coffee house full of wide eyed 18 year old Marxist hippies ranting about "the man".

I personally doubt a bunch of rich people will up and leave the country if their taxes are increased. What they will do, however, is find more ways to move their assets overseas and be less interested in investing in the US.

Even if one could justify significantly raising taxes on the rich for no other reason than "they can afford it", the truth is that it wouldn't make any significant difference in the economy as a whole or the economy. It's really just a good rallying cry for the left, just like the right has some rallying hot buttons that in the grand scheme don't really matter either.
Click to expand...

This is a rare example of a spectacularly good post on this forum.
 
techs said:
What is your opinion on "get rich and run" people?

I thought I would address another fallacy put forth by the rich and their admirers in America.

That if we raise taxes on the rich they will leave the country.

First off I noticed that when taxes were far higher in 2000 few did. Nor in 1990 when taxes were even higher. Nor in 1980 when taxes were even higher.

So, is this idea that the rich will run valid when it has never happened?
Click to expand...

The anger towards the Superrich is growing.

I'm sure they are starting to feel the heat especially the one that refuse to release their tax returns.
 
Matt1970 said:
Problem is you will find few, very few economists that was say raising taxes during tough times or a recession is a good idea.
Click to expand...

The funny thing about economists is that if they were right all the time, there'd be no recessions.

😀
 
techs said:
I'm all for the increase on taxes on the wealthy just passed by the Senate. I think if you take that money and give it in the form of tax breaks, earned income credit, etc to those worse off you will hugely help the economy.
Click to expand...

This makes no sense. The government is the absolute worst money manager that exists. It operates in a deficit every year. The money it does spend is incredibly inefficient - afterall name one program that the government has implemented that was done right. Taxes effectively take money from the people who are the best at generating it and give it to the worst possible entity. The best thing that the government can do to get out of this recession is to let the wealthy do what they normally do. They create business which creates jobs, they spend money which funds other businesses.
 
Garet Jax said:
This makes no sense. The government is the absolute worst money manager that exists. It operates in a deficit every year. The money it does spend is incredibly inefficient - afterall name one program that the government has implemented that was done right. Taxes effectively take money from the people who are the best at generating it and give it to the worst possible entity. The best thing that the government can do to get out of this recession is to let the wealthy do what they normally do. They create business which creates jobs, they spend money which funds other businesses.
Click to expand...

images
 
Double Trouble said:
Reading threads like this is like listening to 10 year olds arguing about which superhero would win in a fight.

People seem so mind bogglingly oblivious to the way the world actually works, and there's an awful lot of hatred/vitriol towards people who are rich or have wealth. It's like being at a coffee house full of wide eyed 18 year old Marxist hippies ranting about "the man".

I personally doubt a bunch of rich people will up and leave the country if their taxes are increased. What they will do, however, is find more ways to move their assets overseas and be less interested in investing in the US.

Even if one could justify significantly raising taxes on the rich for no other reason than "they can afford it", the truth is that it wouldn't make any significant difference in the economy as a whole or the economy. It's really just a good rallying cry for the left, just like the right has some rallying hot buttons that in the grand scheme don't really matter either.
Click to expand...

I really don't get why tax discussions always turn into some fuzzy theoretical debate as if taxes are a standalone morality play and nothing else.

Taxes are how the government pays for things, obviously. So if the government is spending $X, it should probably take in $X in taxes. We could try taxing the poor and middle class more, but not only would that be unpopular, it probably would have a much worse impact than raising taxes a similar amount on the rich (because it's not like the poor and middle class are super comfortable these days).

If you don't like taxes, that's a perfectly valid position, but attacking the issue from the tax side instead of the spending side doesn't make a lot of sense to me. We can argue about whether it's a good idea to tax the rich until we're blue in the face, but the tax money will eventually have to come from somewhere.
 
Garet Jax said:
This makes no sense. The government is the absolute worst money manager that exists. It operates in a deficit every year. The money it does spend is incredibly inefficient - afterall name one program that the government has implemented that was done right. Taxes effectively take money from the people who are the best at generating it and give it to the worst possible entity. The best thing that the government can do to get out of this recession is to let the wealthy do what they normally do. They create business which creates jobs, they spend money which funds other businesses.
Click to expand...

Landing on Mars is pretty cool. And the military does a decent job most of the time. And our roads and highway systems are pretty good. And my food is generally safe. And the post office was great back when everyone sent letters. Our police are better than in most places. Many of our public schools are decent, and our university system is very good, if somewhat expensive. Oh, and I like the local library 😉

Rich people don't "create jobs" either, or at least no more than anyone else. Just because the CEO of your company and the investors are rich doesn't mean they created your job all on their own. For many companies, their customers aren't especially rich, and very few companies would employ people without customers no matter HOW many tax breaks you give to rich people.

And the thing is, how is the government any more "in the way" than it's been in the past when the economy was good? The argument seems to be "unleash the rich people"...but looking back at recent history, I don't see how they were leashed up in the first place. It looks to me like they've been pretty free to fix things this entire time if that was really how the economy works.
 
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