All this talk about how much the rich can "AFFORD" to pay in taxes | TigerDroppings.com

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ShortyRob
LSU Fan
Huntsville, AL
Member since Oct 2008
26534 posts

All this talk about how much the rich can "AFFORD" to pay in taxes



COMPLETELY misses the point.

People that assert that a few percentage points higher on rich folks would be absorbed with little effect upon the rich are absolutely correct. HOWEVER, that doesn't mean the tax has no effect at all.

If a man worth $50 million has $1M taken from him, yes, he barely notices. Maybe he buys one less really cool item for himself. But wait, that really cool item was built, marketed and sold by a middle class guy.

Maybe he invests $1M less in some startup company desperate for cash. But wait, that effects a guy who probably would've hired 3-4 middle class guys.

Maybe he used to send his best friend from HS and his family on a fantastic Ski Vacation but this year, he tapers that off. But wait, people that work at Ski resorts are generally middle class folks.

You class warriors are all correct. The rich guy will barely notice. But, taxes taken FROM the economy ARE in fact noticed. Alas, the people who it actually affects rarely grasp how or why that hammer just hit them in the head.

And no, the money does NOT return FROM govt to the middle class with same force it would've hit them from the private sector. Moreover, as anyone who has paid attention in the last 40 years will tell you, A LOT of that money doesn't return to the middle class at all. It heads towards people with great access.

Why do you think the ULTRA rich tend to vote liberal? Liberals are for taking tons of money from everyone in the upper brackets but only the ULTRA rich have direct access to get it back. And they most certainly do get a lot of it back.

You class warriors are being played for suckers by the ultra rich in the name of supposedly soaking the ultra rich.



This post was edited on 12/2 at 1:13 am



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mmcgrath
LSU Fan
New Jersey
Member since Feb 2010
5395 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


You claim to know a lot about rich people.





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ShortyRob
LSU Fan
Huntsville, AL
Member since Oct 2008
26534 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


quote:

You claim to know a lot about rich people.
WTF are you talking about?

Just simple economic realities. Folks like you are correct. Rich people will barely notice a small increase in their taxes.

ALL the effects that occur will be noticed by NON rich people.






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mmcgrath
LSU Fan
New Jersey
Member since Feb 2010
5395 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


quote:

WTF are you talking about?

Just simple economic realities. Folks like you are correct. Rich people will barely notice a small increase in their taxes.

ALL the effects that occur will be noticed by NON rich people.
History has shown that small changes in the tax rates for the wealthy have virtually no effect on anyone.






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DapperDan
LSU Fan
Member since Jul 2012
1226 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


So you are against raising the top tax bracket?





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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
22901 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


quote:

People that assert that a few percentage points higher on rich folks would be absorbed with little effect upon the rich are absolutely correct.
I hate this justification. By that logic it should be legal to steal from rich people. I mean... can't we steal their new TV? They can afford to buy another one, right?






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ShortyRob
LSU Fan
Huntsville, AL
Member since Oct 2008
26534 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


quote:

History has shown that small changes in the tax rates for the wealthy have virtually no effect on anyone.
So, your economic assertion is that the money just goes "poof" and no one notices.

History hasn't shown any such thing. You're an economic idiot.






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ShortyRob
LSU Fan
Huntsville, AL
Member since Oct 2008
26534 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


quote:

I hate this justification
Yep. I hate it too.

I've said it once, I'll say it again.

Democrats and the left have taken otherwise decent people and convinced them that theft by ballot box is moral.

They've taken people who would NEVER get together with 10 of their middle class friends and go down the street to steal from the family in the huge home and convinced those 10 people that if you do it in a private polling station, it's perfectly OK. In fact, it's noble!!!






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mmcgrath
LSU Fan
New Jersey
Member since Feb 2010
5395 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


quote:

History hasn't shown any such thing. You're an economic idiot.
I guess these guys are economic idiots too. Study on top tax rates.

I eagerly await your study from economic geniuses who think otherwise.






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DapperDan
LSU Fan
Member since Jul 2012
1226 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


You stated in another thread that tax rates on the rich don't change anything. I assume you are against tax increases to the top bracket?





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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
22901 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


quote:

Democrats and the left have taken otherwise decent people and convinced them that theft by ballot box is moral.
Character atrophy.

A nation built on dependence of the masses upon the forcibly taken labor of a minority is not healthy. No matter how much free isht it buys.






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mmcgrath
LSU Fan
New Jersey
Member since Feb 2010
5395 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


quote:

You stated in another thread that tax rates on the rich don't change anything. I assume you are against tax increases to the top bracket?

I am opposing the OP's premise that raising the tax rate for the wealthy would have serious consequences. Is that in any way inconsistent with what I have said?

Anyway, getting late. I might be offline soon. You were the one in the investment business from NYC, no?






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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
22901 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


quote:

I guess these guys are economic idiots too
Pretty much. Only a pathetic simpleton (or propagandist) would look solely at the top marginal rate over time. Our tax coes is currently over 70,000 pages. Do you honestly think it can be boiled down to looking at only ONE rate of the marginal rate table to draw sensible conclusions?



I'd take 100% tax rate if you gave me the deductions and shelters that were available in the 1960's. HAPPILY. Because I'd be paying less than I am now.

You've been duped.






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DapperDan
LSU Fan
Member since Jul 2012
1226 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


I am in pe. Yes. My family owns companies across the country. Why? I went to law school and got an llm in tax to learn the best way to keep our money in the family. So I'd love a tax talk...if you are down.





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ShortyRob
LSU Fan
Huntsville, AL
Member since Oct 2008
26534 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


quote:

I'd take 100% tax rate if you gave me the deductions and shelters that were available in the 1960's. HAPPILY. Because I'd be paying less than I am now. You've been duped.

When he posted the NYT "study", he demonstrated he was one of the "masses" who that shite is targetted at. He's hopeless primarily because he is kind of pathetic and feels he needs others to help him.

Sad really.






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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
22901 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


quote:


I am opposing the OP's premise that raising the tax rate for the wealthy would have serious consequences.
You mean like it had no effect in Britian?

LINK

quote:

Two-thirds of millionaires left Britain to avoid 50p tax rate

Almost two-thirds of the country’s million-pound earners disappeared from Britain after the introduction of the 50p top rate of tax, figures have disclosed.

In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.

This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election.


The figures have been seized upon by the Conservatives to claim that increasing the highest rate of tax actually led to a loss in revenues for the Government.

It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes.






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mmcgrath
LSU Fan
New Jersey
Member since Feb 2010
5395 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


What the heck did Bush do to the tax codes? I thought he wanted to simplify it.





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mmcgrath
LSU Fan
New Jersey
Member since Feb 2010
5395 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


quote:

When he posted the NYT "study", he demonstrated he was one of the "masses" who that shite is targetted at. He's hopeless primarily because he is kind of pathetic and feels he needs others to help him.

Sad really.
The study wasn't done by the NY Times, not that that would matter.

Reading is fundamental (hope you can understand this)

Again, eagerly awaiting studies to prove the effects of taxes on the wealthy.






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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
22901 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


quote:

When he posted the NYT "study", he demonstrated he was one of the "masses" who that shite is targetted at.
Yup. Like a large mouth bass on a spinner bait. CHOMP! Swallow! Gulp!






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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
22901 posts

re: All this talk about how much the rich can "AFFORD" to pay in taxes


quote:

What the heck did Bush do to the tax codes? I thought he wanted to simplify it.
The Bush tax cuts made no attempt at simplification. They only cut marginal rates (mostly for "the poor" btw).






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