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

From a buddy of mine on another forum who owns his own business:



Keep dreaming if you think raising taxes on the rich and redistributing via government mandate will help the lower-middle class.

Hong Kong, Russia and many of the countries which recovered the fastest from 2008 all have a flat or flatter tax rate

Americans are unique, in that they cannot simply move out of the country to escape taxes, as they will be taxed at the full rate wherever they move to in the world

However, I tell you from personal experience, that the no-tax states such as Florida and Texas will benefit from DC's tax grabs

It isn't the only reason to move to Texas, but it sure makes relocation an easy sell to any small business owner or those earning over 250K

anyone who says people won't move because of higher taxes is delusional or doesn't make enough to understand

The bold statement is an outright lie.

Taxes were lower in the late 80s up until 91/92 than they are today.


Do tell how high taxes are going to send the economy booming to the moon... I am apparently too stupid to figure it out...

To you, life is a complete mystery which leaves you confused and embittered, and probably borderline-violent. You are hostile toward anyone who isn't as confused and crazy as you are, and you wish them harm. You are a moral vacuum and waste of time.

So the rich decide how it's going down, right?
And that's ok?

They are 'strategically thinking'?

IMO, anybody with over 10 million ought to be shot on sight, and that's just my opinion, not a threat.

Okay, off topic but I must ask (because I actually concur with what you are saying...) Did you honestly think Romney would have done different? Do you think Bush WASNT a "socialist" (in sheeps clothing)

-See, I agree. I threw my vote at the Libertarian ticket (I am a pseudo Libertarian who hates many of their ideals but likes most)but to blame this on Obama and the dems (when this is a two sided coin) and play the "You people are idiots for voting for Obama over Romney" is IMHO incorrect.

Anyone who voted for either (or Bush, or Clinton, or Reagan)was mistaken and fooled.

Agreed


And to the fool that said the rich create jobs.

Thats is crap as well, DEMAND creates jobs. People are going broke in this country by the millions. and cannot buy things anymore.

Hence, lack of an economy. And it is directly the fault of the " rich" who create nothing and suck all the money out of the system.

well thank you, little miss sunshine

If someone gets to the point where they have 10 million in the bank, isn't that enough?
Isn't there some moral voice saying you got enough and leave some for others?
Like that Carlos Slim guy, worth 70 billion, stolen from the blue collar workers, it's sickening.
So, ok, not shot, but at least stopped!
10 million is enough, wanna argue that?

I never said life was solely about money, but to assume that because one possesses $10 million they should be shot is totally asinine and immature.

Judge a man not by his possessions, but by his character and actions.

Thank you.

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.

In a 2008 debate, Charlie Gibson asked Barack Obama about his support for raising capital gains taxes, given the historical record of government losing net revenue as a result. Obama persevered: “Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.”

A most revealing window into our president’s political core: To impose a tax that actually impoverishes our communal bank account (the U.S. Treasury) is ridiculous. It is nothing but punitive. It benefits no one — not the rich, not the poor, not the government. For Obama, however, it brings fairness, which is priceless.


[link to www.washingtonpost.com]

People across the entire socio economic spectrum have been leaving the UK by the droves.

In the United States gold and silver are no longer considered currencies, they are considered "Collectables" by the IRS...so you can put your money into Gold or Silver while in the U.S., ship it to a vault in whatever country you wish to take it too, then cash it in once you get there and avoid the 30% capital control tax coming into effect on Jan 1, 2013 altogether...

Fuck them and their fiat currency!!!

So, what are you doing in Malta? Checking your offshore investments?

If I was in Britain, I would be very happy about the wealthy, self-serving pricks leaving. It opens the doors to many other people. This is not going to hurt the British economy, give it a year and I will pull up this thread one more time.

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.

and to add: "It is not a sign of good mental health to be adjusted to a totally sick society"

so you keep banging the rothchild-drums, cos those are the ones you are sticking up for.

We need a revolution, and you know it, but hey, keep defending a morally corrupt system and be adjusted.