Wednesday, February 22, 2012 6:16:58 AM
Thus it'd be simpler if taxes were just low. Tell that to California. Their citizens voted for tax cuts and won`t ever vote for tax increases and thus California is now broke.
Tuesday, February 21, 2012 8:37:35 PM
At an 80% tax rate I guarantee you they will take their business elsewhere. I was talking about personal income tax there.
Imagine you are a millionaire making say... $50M a year, living here in the sates. Now imagine your government raises the income tax on everything you earn above $10M to 80%. Would your standard of living drop? Nope.
What are your options? Move elsewhere? There are few places where you could go that would offer a better deal if you were to factor all the costs of moving and adjustment and living in a foreign land.
I imagine very few people would sacrifice so much just for the knowledge of having money they will never spend in their accounts.
When it comes to businesses it's different, because they actually use the money (ideally), so I am not suggesting a 80% corporate rate.
Tuesday, February 21, 2012 5:15:00 PM
Wow, after reading all the posts I have slightly more hope than I did before. If only this was a true representation of the entire country we might have half a chance.