Soak the Rich, Lose the Rich

[red states rule]

I doubt if liberals will "get it" but it shows that punishing achievement never works



Soak the Rich, Lose the Rich

Americans know how to use the moving van to escape high taxes..



By ARTHUR LAFFER and STEPHEN MOORE
With states facing nearly $100 billion in combined budget deficits this year, we're seeing more governors than ever proposing the Barack Obama solution to balancing the budget: Soak the rich. Lawmakers in California, Connecticut, Delaware, Illinois, Minnesota, New Jersey, New York and Oregon want to raise income tax rates on the top 1% or 2% or 5% of their citizens. New Illinois Gov. Patrick Quinn wants a 50% increase in the income tax rate on the wealthy because this is the "fair" way to close his state's gaping deficit.

Mr. Quinn and other tax-raising governors have been emboldened by recent studies by left-wing groups like the Center for Budget and Policy Priorities that suggest that "tax increases, particularly tax increases on higher-income families, may be the best available option." A recent letter to New York Gov. David Paterson signed by 100 economists advises the Empire State to "raise tax rates for high income families right away."

Here's the problem for states that want to pry more money out of the wallets of rich people. It never works because people, investment capital and businesses are mobile: They can leave tax-unfriendly states and move to tax-friendly states.

And the evidence that we discovered in our new study for the American Legislative Exchange Council, "Rich States, Poor States," published in March, shows that Americans are more sensitive to high taxes than ever before. The tax differential between low-tax and high-tax states is widening, meaning that a relocation from high-tax California or Ohio, to no-income tax Texas or Tennessee, is all the more financially profitable both in terms of lower tax bills and more job opportunities.

Updating some research from Richard Vedder of Ohio University, we found that from 1998 to 2007, more than 1,100 people every day including Sundays and holidays moved from the nine highest income-tax states such as California, New Jersey, New York and Ohio and relocated mostly to the nine tax-haven states with no income tax, including Florida, Nevada, New Hampshire and Texas. We also found that over these same years the no-income tax states created 89% more jobs and had 32% faster personal income growth than their high-tax counterparts.

http://online.wsj.com/article/SB124260067214828295.html

[red states rule]

Another example of the people fleeing high tax states. This guy pays $13,000 PER DAY in taxes! Who can blame him for leaving the state?



Golisano leaving New York to escape income taxes
Says he’s paying $13,000 a day

ALBANY — Ending any speculation about another possible run for governor, Rochester businessman and Sabres owner B. Thomas Golisano said Thursday he will be moving his legal residence to Florida to escape New York state taxes.

Golisano told a gathering of Rochester business executives that he will remain as owner of the Buffalo hockey team, but he is fleeing the Empire State to avoid paying $13,000 a day in state income taxes.

While Golisano said his move will not end his role as outspoken critic of New York state government, it remains uncertain how seriously his cause will be taken at the State Capitol as a resident of the Town of Naples, Fla.

The billionaire earlier this year told The Buffalo News that the only thing keeping him in New York was his family. “The only reason I’m staying in this state is I have family here. Economically, it just doesn’t make sense,” he said in February.


http://www.buffalonews.com/cityregion/story/672153.html

[crin63]

I love it, I hope those with greater financial resources keep bailing out the states that want to plunder their earnings.

[Little-Acorn]

None of this is news, except to shiny-new liberals who have never looked into the history of socialistic societies like the one their hero is trying to build here. If you give the wealthy enough incentive to not make money (like, they will just lose it all to taxes), pretty soon they will find ways of not making money.

Common sense to everyone, except naive modern liberals who are too busy admiring the vision of the wonderful wholly-equal society they are planning to push the rest of us into.

[red states rule]

I love it, I hope those with greater financial resources keep bailing out the states that want to plunder their earnings.

All the left wil do is attack and smear those people who leave as greedy and mean spirited

and jack up the taxes on those who remain behind. Libs look at the masses as a renewable money source

[Joe Steel]

More proof of the failure of federalism. The "states" should be dissolved and absolute power should be vested in the United States.

[red states rule]

More proof of the failure of federalism. The "states" should be dissolved and absolute power should be vested in the United States.

Perhaps that is why we are called the UNITED STATES of America

Whats wrong Joe - pissed people are wanting to keep more of the money they earn? $!3,000 PER DAY in taxes not enough for you?

More and more people are forking over more then 50% of their income between the local, state, and federal government - is that not enough for you?

[Insein]

More proof of the failure of federalism. The "states" should be dissolved and absolute power should be vested in the United States.

No one is this dumb that lives in Missouri. Its in insult to that state that you claim to be from there.

[MtnBiker]

More proof of the failure of federalism. The "states" should be dissolved and absolute power should be vested in the United States.

or

More proof of the failure to teach the color spectrum. The "colors" should be dissolved and the sky should be called blue.

[red states rule]

Even CNN now admits the truth how a small minority of workers pays the majority of taxes

http://i.l.cnn.net/money/2009/04/15/pf/taxes/who_pays_most_least/chart_federal_tax3.gif


snip

The highest earners pay the lion's share of the dollars Uncle Sam collects.

The top fifth of households made 56% of pre-tax income in 2006 but paid 86% of all individual income tax revenue collected, according to the most recent data available from the Congressional Budget Office.

Narrowing in further: The top 1% of households, which made 19% of pre-tax income, paid 39% of all individual income taxes.

The trend is similar if you count income taxes, social insurance taxes, excise taxes and corporate income taxes (such as capital gains) combined. The top fifth of households paid 69% of all federal taxes. The top 1% paid 28%.

But researchers also note that the highest income taxpayers derive the most benefits from the tax cuts put in place since 2001.

Next year, as a result of all those tax cuts, filers making more than $1 million will enjoy a 7.7% average boost in their after-tax income relative to what they would have if the tax cuts weren't in place, according to the Tax Policy Center. Middle-income households, by comparison, will see an average boost of 2.6%.

http://money.cnn.com/2009/04/15/pf/taxes/who_pays_most_least/

[April15]

This nation would be far better off with the rich gone! All they have done is oppress the working man. The people of this nation do far better when the middle of the road are in command.

[red states rule]

This nation would be far better off with the rich gone! All they have done is oppress the working man. The people of this nation do far better when the middle of the road are in command.

Then who the hell would pay for your damn social programs April? Who would pay for the mega pork bill Obama and the Dems passed?

The so called "rich" pay damn near 70% of ALL FEDERAL INCOME TAXES

Or are you so damn jealous of those who are successful you are blind to the truth on who pays taxes in this country?

[glockmail]

More proof of the failure of federalism. The "states" should be dissolved and absolute power should be vested in the United States. That is the goal of the Left, to nix the 10th Amendment in its entirety. That way no one can reasonably "vote with their feet" like I did when I left Massachusetts, then New York. We will then be slaves to the federal government.

[Insein]

This nation would be far WORSE off with the rich gone! All they have done is paythe working man's salary. The people of this nation have no basis of comparison when the middle of the road are in command because they never were and never will be.

Had to clean up your comment there. BTW, what an assinine statement to make. Are you like 12 years old and just watched your first political video in social studies class by your aging, hippy anti-war teacher?

[red states rule]

Yet when people speak out at Tea parties protesting the ever increasing tax rates, insane spending levels at local, state, and federal levels - those people are smeared as racist nuts

My question to the lbs here is simple. At what rate tax rate is enough for you? At what point will you admit a person is paying "their fair share"?

Depending where you live, some people right now are paying more then 50% of their income in taxes - yet they are told they need to pay more

[April15]

Then who the hell would pay for your damn social programs April? Who would pay for the mega pork bill Obama and the Dems passed?

The so called "rich" pay damn near 70% of ALL FEDERAL INCOME TAXES

Or are you so damn jealous of those who are successful you are blind to the truth on who pays taxes in this country?With the "rich" gone there would be no need for social equalizing programs. The economic period we are in would most likely not have come to pass.

[April15]

Had to clean up your comment there. BTW, what an assinine statement to make. Are you like 12 years old and just watched your first political video in social studies class by your aging, hippy anti-war teacher?I would ask the same of you. The only part that may have been assinine was your "cleaning" it up.

[red states rule]

With the "rich" gone there would be no need for social equalizing programs. The economic period we are in would most likely not have come to pass.

So if the "rich" vanish, there would be no need for your liberal welfare programs?

April I do hope Obama care covers the mental help you so desperatly need. The high income eanres finance all the programs you libs love and adore yet you smeatr and insult them in your never ending class warfare games

[Joe Steel]

Perhaps that is why we are called the UNITED STATES of America

Probably.

Nevertheless, our system doesn't work; at least, not well. We should dissolve the states, create a stong central government and adopt a parliamentary system.


More and more people are forking over more then 50% of their income between the local, state, and federal government - is that not enough for you?

I doubt anyone pays taxes of anywhere close to 50% of his income.

[red states rule]

Probably.

Nevertheless, our system doesn't work; at least, not well. We should dissolve the states, create a stong central government and adopt a parliamentary system.



I doubt anyone pays taxes of anywhere close to 50% of his income.

As usual Joe, you are wrong. There are many people who live in NY, NJ, or CA are paying more then half their income

The folks in CA said no to more taxes

[Joe Steel]

No one is this dumb that lives in Missouri. Its in insult to that state that you claim to be from there.

You're wrong. Outside of the cities, dumb is quite common.

[Jeff]

You're wrong. Outside of the cities, dumb is quite common.
In other words if ya don't live in the liberal city and believe in the liberal ways you are stupid, OK SLOW JOE I just figured out
your agenda,and Joe looking at your post there is plenty of dumb downtown also

[gabosaurus]

Depending where you live, some people right now are paying more then 50% of their income in taxes - yet they are told they need to pay more
First of all, I want to know who is paying 50 percent of their income in taxes? Can you give me an example?
Also, if you are worth billions of dollars, of course you pay a lot of taxes. That is how the system works. You earn more, you pay more.
My husband and I are in the upper half of the tax bracket. We pay nowhere near that much in taxes.

[red states rule]

First of all, I want to know who is paying 50 percent of their income in taxes? Can you give me an example?
Also, if you are worth billions of dollars, of course you pay a lot of taxes. That is how the system works. You earn more, you pay more.
My husband and I are in the upper half of the tax bracket. We pay nowhere near that much in taxes.

Gabby when you figure in Federal income tax, SS tax, Medicare tax, state income tax, local income tax, property taxes, and sales taxes - it is easy to pay more then 50% of your income in taxes

Here is an example if you live in NY City. An 8 3/4% local income tax on top of the state income tax as well as Federal income tax

http://www.tax.state.ny.us/pdf/publications/sales/pub718_808.pdf

Ca has high taxes and yet they can't issue tax refunds to the taxpayers - they are broke

[Insein]

Federal tax rates: http://www.moneychimp.com/features/tax_brackets.htm

Highest Tax Bracket is 35% for $372,000 or more. Next down is 33% for $171,550 (single), $208,850 (married).

State Income Tax Rates: http://www.taxfoundation.org/taxdata/show/228.html
California 10.3% for > $1,000,000, 9.3% for > $47,055.

So that is 42.3% to 45.3% in just State and Federal Tax for those people. Add in the local/city, property, school, etc. and you are looking at well over 50% of their income.

[Mr. P]

This nation would be far better off with the rich gone! All they have done is oppress the working man. The people of this nation do far better when the middle of the road are in command.

Man, you can't be serious.

Tell us April..how many poor folks do you know that offer employment? Zero right? Do you really think removing those who provide jobs would make this nation better off? If so yer NUTS!

[Insein]

Man, you can't be serious.

Tell us April..how many poor folks do you know that offer employment? Zero right? Do you really think removing those who provide jobs would make this nation better off? If so yer NUTS!

It works in her mind because the government will provide the jobs. Government will provide all.

[red states rule]

I wonder if April is pissed off with the voters of CA like the liberal media and Arnold

Seems the left can't believe people in CA refuse to fork over more of their money to the government


California tax revolt: Voters crush Schwarzenegger’s budget proposals at the polls

Of the six propositions offered, only one passed — the one to freeze pay raises for legislators when the state’s running a deficit — despite Arnold and his allies having outspent critics 10 to 1 in pushing the initiatives. To paraphrase a hip-hop classic, California knows how to tea-party:

California Governor Arnold Schwarzenegger was dealt a crushing defeat as voters rejected a series of ballot initiatives designed to help plug the state’s spiraling budget deficit…

Schwarzenegger had warned that failure of the proposals would leave California grappling with a budget shortfall of around 21.3 billion dollars.
But weary voters were unwilling to heed Schwarzenegger’s deficit warnings and came out broadly against the ballot proposals, by margins of around 60-70 percent to 40-30 percent, local media reported.

The LA Times is naturally upset — with voters:

By rejecting five budget measures, Californians also brought into stark relief the fact that they, too, share blame for the political dysfunction that has brought California to the brink of insolvency…

The results Tuesday fit Californians’ long-standing pattern of demanding what is ultimately irreconcilable, all the more so in an economic downturn: lower taxes and higher spending.

“We all want a free lunch, but unfortunately that doesn’t exist,” said former Gov. Gray Davis, whose 2003 recall stemmed largely from a budget crisis brought on by the dot-com bust. For decades, Davis said, Californians have been “papering over this fundamental reality that the state has been living beyond its means.”…

The public’s contradictory impulses were laid bare by a recent Field Poll. It found that voters oppose cutbacks in 10 of 12 major categories of state spending, including the biggest, education and healthcare. Yet most voters were unwilling to have their own taxes increased, and they overwhelmingly favored keeping the two-thirds requirement for tax hikes.

http://hotair.com/archives/2009/05/20/california-tax-revolt-voters-crush-schwarzeneggers-budget-proposals-at-the-polls/

[Joe Steel]

In other words if ya don't live in the liberal city and believe in the liberal ways you are stupid, OK SLOW JOE I just figured out
your agenda,and Joe looking at your post there is plenty of dumb downtown also

I didn't say "dumb" was unknown it the city or that it was the exclusive condition in the country.

[red states rule]

I didn't say "dumb" was unknown it the city or that it was the exclusive condition in the country.

But it does describe libs who believe higher taxes will result in higher revenues

[red states rule]

Hey Joe, so your answer to this issue facing Dems is to raise taxes???

http://www.debatepolicy.com/showthread.php?t=22819

[Jeff]

I didn't say "dumb" was unknown it the city or that it was the exclusive condition in the country.

you may want to re read post # 29


"you're wrong. Outside of the cities, dumb is quite common."