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Hey...Let's Tax the Rich!!!

Old 09-28-2009, 08:56 AM
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Hey...Let's Tax the Rich!!!

Risky business: States tax the rich at their peril

Now, a half-dozen states in this recession-driven movement are nervously eyeing New York to see if it's wise to demand so much from people rich enough to have a second home in less taxing states and for whom a change of address can be its own tax break.

Early data from New York show the higher tax rates for the wealthy have yielded lower-than-expected state wealth. Gov. David Paterson, who had always warned targeting the rich could backfire, fears that's just what happened.

Paterson said last week that revenues from the income tax increases and other taxes enacted in April are running about 20 percent less than anticipated...

...So far this year, half of about $1 billion in expected revenue from New York's 100 richest taxpayers is missing.
Wait???

One hundred taxpayers usually pay ~$1billion in taxes?

: Buffalo Sabres owner Tom Golisano, the billionaire who ran for governor three times and who was paying $13,000 a day in New York income taxes
Remember, wealthy people create jobs for the rest of us:

Nancy Bell is moving her Science First manufacturer of scientific products from the Buffalo site her father founded in 1960 to Florida, which aggressively courted her and her two business-partner sons. They are building a new facility there and, with the state's help, had 1,000 applications for 20 jobs.

"It was the higher tax brackets, the so-called millionaire's tax" that forced the move, she said. "We feel we have to look to the future ... I'm leaving wonderful, wonderful friends. It's not our first choice. It's our 100th." ...

...The trend toward hitting up the rich is re-emerging because states want to avoid spending cuts or assume that revenues will always grow in the long term, the foundation said. The result is a reliance on a volatile tax source that can contribute to more boom-and-bust cycles, even if revenue from the rich rises in the short term before high earners find a way to avoid or limit taxation.


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Old 09-28-2009, 09:08 AM
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The rich make more money.....Evan if the tax was the same we would still have to pay more just because we make more. I have more than 33k out in taxes out of my last pay statement i just got. I guess we have do feed all the people that run over the border and have kids that are "Americans" lol. Nothing will change Paul...
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Old 09-28-2009, 10:51 AM
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youre missing the point... obama is proposing a progressive tax, so the richest pay more in taxes as a % of income than you or i. that's fine when we are in an up market but what happens when the rich start losing money?

the same problem that cali is in right now... the govern,ent became reliant on tax revenue from property and the upper middle class that was driving the economy... then property values fell and the middle class started getting laid off... now the CA government is effectively bankrupt because they overspent in anticipations of future revenue.

imagine if these guys had been taxed at 2x their current rate? having anticipated having this money NY, being a ****ty state like CA, would have spent the money ahead of time... and the shortfall would now be 2x as big.
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Old 09-28-2009, 12:18 PM
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^ first off i Don't like Obama at all. If you make 20 million on last year and with thisa new tax you make 19.5 million do you really have stuff to cry about? People and the goverment need (more money) help times like this. If we pulled out all the people we have in the war we could save like 10billion a year. I hate just like you guys do but we can't really do anything about it. I'm just happy i have a job that i make a lot of money at in times like this!

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Old 09-28-2009, 12:25 PM
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This is the wrong approach.

In the most general view, states should be matching their budget with their current income. The fact that they went way over budget doesn't mean the burden needs to be on the tax payer. The first priority should be on the state to effectively cut their budget to match the current income.


... not that this hasn't been discussed here ad nauseam before.
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Old 09-28-2009, 02:59 PM
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Originally Posted by 04caliwrx View Post
^ first off i Don't like Obama at all. If you make 20 million on last year and with thisa new tax you make 19.5 million do you really have stuff to cry about? People and the goverment need (more money) help times like this. If we pulled out all the people we have in the war we could save like 10billion a year. I hate just like you guys do but we can't really do anything about it. I'm just happy i have a job that i make a lot of money at in times like this!
yes, yes you do have something to cry about. why should you be punished for being successful?

why dont we put lead in the shoes of everyone who is good at sports? that way people like you can me can play ball just as good as a pro player? i mean, its the only way to be fair right?



the sooner people realize that someone is always going to be better than they are and stop trying to legislate away our top earners the sooner they can get back to making their own fortunes or marrying some rich broad. you would think that of all the presidents we have ever had, obama would probably understand that any legislation that specifically targets a minorty group of people is inherently unjust.

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