Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?

I do, I just hope other people will figure it out before it's too late...

When a country begins to implement capital controls, you are very near the end of the cycle for your fiat currency...

Last Edited by Saddletramp on 11/29/2012 09:39 AM

You're assuming they WANT to fix it....

well said
THE REVOLUTION WILL NOT BE TELEVISED
THE REVOLUTION WILL BE LIVE!

Really? Maybe for the poor folks who live paycheck to paycheck. maybe for the Middle class... Not for the Rich. You are mistaken.

The Rich do not buy more, hire more or do much more with their extra money than they already do. (and trickle down theory is bullshit)

This Nation (the USA) went through its best times when taxes (on the Rich) were around 50%... Shit has been really downhill since the 1970s but especially since the reagonomics of the 1980s... Thats why our infrastructure crumbles around us.

-Conservative propaganda about the "poor rich" has bled its way into the mainstream and people are mimicing and repeating their lies.

Lowest tax rates for the rich in the last 100 years?

That is complete bullshit.

You leftists pull crap out of your ass all the time.

only thing US is learning is how to become a beggar nation.

Without innovation and investment, all the trade agreements that the Washington policy circuit can devise won't help. Neither, it should be added, will an adjustment in exchange rates.

It is hard to fathom just what President Obama had in mind when he arrived in Asia bearing a Trans-Pacific Partnership designed to keep China out. What does the United States have to offer Asians?

It is borrowing $600 billion a year from the rest of the world to finance a $1.2 trillion government debt, most prominently from Japan (China has been a net seller of Treasury securities during the past year).

It is a taker of capital rather than a provider of capital.
It is a major import market but rapidly diminishing in relative importance as intra-Asian trade expands far more rapidly than trade with the United States.

And America's strength as an innovator and incubator of entrepreneurs has diminished drastically since the 2008 crisis, no thanks to the Obama administration, which imposed a steep task on start-up businesses in the form of its healthcare program.

Washington might want to pivot towards Asia. At Phnom Penh, though, Asian leaders in effect invited Obama to pivot the full 360 degrees and go home.

The Long Run History of Taxes on the Rich

We know that taxes on the very rich are at a historic low right now, which will go even lower if Mitt Romney wins. But how low, exactly?

All the detailed studies I know of go back only to 1960. I’ve written about Piketty-Saez; the 2010 Economic Report of the President (pdf) also provided estimates, not taking into account corporate taxes:

All these estimates show that taxes on the rich are the lowest they have been in half a century. But what about before 1960? Well, we know that the top marginal tax rate was even higher in the 40s and 50s than in the 60s; and it was very high by modern standards through much of the 30s too.

So I think it’s safe to say that taxes on the rich are currently lower than they have been for not 50 but 80 years. And if Mitt Romney gets his way, we’ll bring those taxes down to levels not seen since Calvin Coolidge.

[link to krugman.blogs.nytimes.com]


1,470 households reported income of more than $1 million in 2009 but paid zero federal income tax on it.
The average federal income tax rate of the richest 400 people in the country in 2008 was 18.11 percent. In 2007 it was 16.62 percent. That is only a little more than just the payroll tax on wages—normally 15.3 percent on a worker’s first $106,800 in wages, counting both the share that workers pay directly and the share their employers pay, which comes out of their wages—let alone the federal income tax on those wages. The tax rates paid by the “Fortunate 400” have plummeted since the mid-1990s, when their average effective rates were about 30 percent.
According to the Congressional Budget Office, the richest 0.01 percent (those with incomes of $8.6 million and above) paid a combined 17.5 percent in individual income and payroll taxes in 2005, the last year for which such data are available. The group of households with incomes ranging from $45,200–$92,400 paid only a little less on average, at 15.7 percent. The group of households with incomes ranging from $30,500–$45,200 paid 12.5 percent. Of course, there are wide variations within those income ranges, meaning that many middle-class families paid much more than the 17.5 percent average paid by the very rich, while many in the top 0.01 percent paid less than that.
Due to the so-called carried interest loophole, managers of hedge funds and private equity funds pay 15 percent capital gains rates, and no payroll taxes, on their profits from managing other people’s money. That’s less than what middle-class families pay just in payroll taxes on their wages—let alone what they pay in income taxes. An important part of President Obama’s deficit reduction plan unveiled yesterday is closing the carried interest loophole.
[link to www.americanprogress.org]

Easily found info- I actually learned much about this in a book about Hollywood where it talked about the tax rates in the 1930s- 1970s on these Millionaire movie Stars (over 50%) and they still lived QUITE well and were quite happy.

And just because I do not fall easily for the propaganda of the Rich, does not make me a Liberal.But idiots only see things in black and White.

Where are they going to go to, Canada?

[link to cash111.com]

Hopefully all of them.

You are really clueless.

You this that this would really work?

Here young jedi... listen.

Convert assets to gold or other high value easily transportable asset. Fiberglass gold into hull of boat and sail said boat to other location. Enjoy your time on said boat for a few weeks so you become ignored. Cut gold out of fiberglass hull and take to private vaults (many countries have these) . You money is moved.

Not so hard for those that have enough that it would be worth while.

Where there is a will there is a way.

And this is just ONE way.

You are correct.

There is no real way to stop this. Most of these fuckers already have a good portion of assets off shore anyhow.

Let them leave. Revoke their Citizenship and let them find a way to fund their own protection against the masses (which will come eventually) to these small Countries. Let them see how Corruption runs rampant the World over. Let THEM be a victim of their own greed.

The "free market" will then allow for new Rich to be created here through ingenuity. They wont be missed.

Well you and your opinion are stupid as fuck.


Marxist asshole.

But the UN has stated quite clearly in agenda 21 what's going to happen. Equalize differences in wealth between nations(every country is poor), immigration(muslims). Of course they have sub-agendas to achieve this(taxes f.i.).

They don't necessarily want to bankrupt the rich Westerners, but they do want to bankrupt regular ppl and their country.

Why is it that when people say "it's the principle of the thing," it is always about the money?

You need to wake the fuck up. The US hasn't been in good shape since before the illegal Federal income tax was imposed in 1913. Read and educate yourself.

And you believe in freedom?

You make me sick you fucking fake American.

Any real American would spit in your face for being such an ass.

Economic realities really get some of you worked up.

Here's a crazy thought, reduce spending.

Shill propaganda thread, the rich haven't left the uk.

Spoken like someone who's never seen any hell break out.

You think anyone with money is going to return to the zombie hordes here in america? Shit.... 47% of us can't even live without sucking off the tit.

First you make some broad assumptions about what I "know" and what I have "read" and how "educated" I am. - Thats okay because I have some assumptions on my own concerning you and your "bumper sticker" slogans, constant repeating of internet propaganda and very little original thought save from picking bits and pieces off of Internet radio rants...But I could be mistaken.

The best times (Fiscally) this nation ever had concerning the "masses" (i.e. Not just the Rich) was the mid 1940s through the late 1960s. Sure, the "Rich" had it great in the 1800s and the 1700s were all the rage if you were born with Money.

Our Middle Class (and the prosperity that came to this nation) wasnt even there at the time.And yes, many, many books written about that period in time and how utterly corrupt it was with the Rich oligarchs running everything- Like the great railroad Swindle (was the greatest Fraud and Theft of the American people by the Rich until recent times).

Anyhow, I will co0ntinue to debate this with anyone who feels like writing more than 1 sentence or throwing insults around- You are wrong, plain and simple. You are a "repeater" and a "sheeple", plain and simple (you like to throw that insult around as well- Dont you? Most like you do... Makes them feel like they are "free thinkers")-

So, anyone with a coherent thought or question who can actually write more than a sentence- I would love to have this debate this morning while I still have some time.

Post facts and evidence. Otherwise, you'll never convince anybody of your left-wing bullshit.

Plunder is plunder AC.

To me, life is about life and not only about money.
well, I guess you need this system, enjoy!
Go suck Rothchilds dingy and get fucked up the ass by the Morgans..

Most of that 47% would gladly work for a living wage.

Look, I feel you.I understand where you are coming from here- let me put it this way. If all of our good jobs were not essentially outsourced- That number would be far lower.

A Corporation can pay next to nothing, provide no health Insurance and make record profits. Their Employess need assistance (in medicaid or Food Stamps) even though they work. SO we end up passing their health care onto the tax player and allo0wing these Corporations to achieve greater profit.

Most people WANT to have nice things and not try to scrpae by- but the playing field is so uneven (and getting worse) and the poor are taking the blame while the Rich reap obscene profits and leave the mess to the taxpayer.

As we've pointed out till we're blue in the typeface, there can be no genuine economic "recovery" in America until we either a) onshore manufacturing or b) impose suitable taxes to recapture the labor rate differential between third-world crapholes and the wages paid in the US of A, which is the reason the jobs left in the first place.



The ecoinomic (sic) fact of life is that foreign manufacturing ONLY makes sense if cheap humans elsewhere will do the same work as here for pennies on the dollar. That spread has to be enough to cover the cost of remote manufacturing and transport costs and open up some offshore tax loopholes...which it mostly does.



When the spread gets wide enough (and it still is) then corporate phatcats, the vulture capitalists, and the banksters conspire to move manufacturing elsewhere so they can pocket the spread. Pretty simple stuff from pretty slippery people.



The only question is how long the American people will put up with it? The K-Street mafia hands out millions in favors and made-up "grassroots" support in return for a hands-off imported goods policy.



Although the bankster-shills have been saying it for decades, taxing offshore goods to remove offshore preference from the manufacturing equation is the simplest possible way for America to resolve the financial cliff.



Only the greed and payoffs-in-kind to the political hacks keep it from happening.



Oh, and did I mention the thick-headedness of us 'Merican bankster chattel?

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So where does the stock market rally fit into all this? The answer is simple: A lot of companies are making money, hand over fist, and as long as the public doesn't catch on, the rally may continue. Might even get to new highs up around Dow 16,000.



But company shares don't go up based on whether they are creating jobs in America. They don't go up because companies are doing good things for people in communities where they are based (unless you're in Mumbai, perhaps). Nor do they go up because the company is so profitable that it's able to help shoulder the some of the income problems faced by America.



No, no, a thousand times NO! The sole reason stocks go up is more buyers than sellers and when you look at how much corporations pay compared to people it'll make you want to puke.



In the US Treasury quarter report (you can find here, see Table 3, I can't make this shit up) you'll see that for the current Fiscal year to date, individual income taxes were $102.039 billion while corporate taxes were only $1.619 billion. And while that's not much, the budget this year is for $1.292 trillion of individual taxes versus a lousy $0.294 trillion of corporate tax revenue.



The THEORY of why corporate tax rates were low? Oh, investment and job creation. WTF happened to their side of the bargain? Where's the jobs? Frikkin' India...China...Singapore...Japan...



Know what EBH means? EVERYWHERE BUT HERE. Give money to Egypt? Why, sure! $1.6 billion hold you for a while?



The answer to our national condition has something to do with "out back" and "Astroglide" but the buffoons on the Hill can't seem to get this right. Why should they? It'd cost 'em campaign money and by God, we can't have that, can we?



So, the Fiscal Cliff has a simple solution: Tax the living crap out of goods made offshore to take the sweetness out of the labor spread deal - phase it in over five-years. You'd see huge investment in America...more jobs than you could shake a stick at, and oh....might even balance the budget and slow the bleeding of money in the form of bonds which we sell to China, which they then flip on us and use to fund the acquisition of property and businesses in America. FMTT.



Yeah...forget I suggested this...it's just too damn simple, patriotic, and workable.



Oh, and don't mind the dead Canary formerly known as Detroit. Let's rename Wayne County, Detroit County and no one will notice...and as a bonus, we'll soon have our first welfare city-state.



This morning? Look for the market to continue its rally - think of it as a celebration of American stupidity. And instead, well get...what's the other option? Repeat after me...



Tax Hikes Coming

As the fiscal cliff approaches, there are reports - like this one - than some of the republicorps might be willing to increase taxes - in order to avoid mandatory spending cuts/sequestration.

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Related - and a worthwhile read - the Shreveport Times comment "Killing Social Security, with a smile" piece.

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My greatest worry is that "means testing" of Social Security will become a clusterf**k just as it has in student loans. In other words, if means testing includes looking at savings and assets of less than $1-million, then it's just a screw-job on the working class. But, gee, wouldn't that be a surprise, huh?



All they'd need to do is toss real estate equity into the means test and we might joint reader Bruce down in Ecuador...seriously!



We've turned into a nation of ankle-grabbers who've lost our ability to see through the smoke being blow up our butts by political hacks feathering their own nests and not looking out for the common good.



The only reason we haven't "gone Greece" is the armed forces.

Already did...Idiot. Read the whole thread and look for my name. *rolls eyes*

If you turn Rush Limbaugh down you might be able to focus better...I know its difficult for you.

now we know why
Beckham really came to LA

yeah that worked out great for mike ruppert , hope you get the same , fucko

Good post. Really good. Not much I can add.

permitted to leave? i thought we were supposed to be free?

Spoken like a typical socialist. Lets get our hands on their money before they get a chance

Stupid excessive taxes do not work, sensible taxes for everyone is the way forward, everyone pays 20 - 30 % regardless.

20 - 30 % of 1, 2 , 5 or more million is better than less, if you try and use punitive taxes, people will always find a way around them, it's human nature