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  1. #1 Soak the Rich, Lose the Rich 
    HR Corporate Scum patriot45's Avatar
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    Coming to a state near you, a moving tax! Just kidding... maybe!

    Tax the rich to death!



    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.


    Chad Crowe
    .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.

    : “Grow your own dope. Plant a liberal.”
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  2. #2  
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    I read that in the WSJ this morning and thought it made eminent sense. Money gives you options, and mobility is one of them.
    On the other hand, there was a long article on how much it really costs one to be poor, in the Washington Post this morning. You spend more time doing laundry when you have to stay with coin operated machines. You spend more money on groceries when you can only walk to the corner store, and you spend more on paying bills when you don't have a checking account and have to use a payday service.

    I don't know what I was supposed to learn from that but I said to my husband, "I learned that being poor is a bore. Let's not do it." He assented.
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
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  3. #3  
    Quote Originally Posted by linda22003 View Post
    I read that in the WSJ this morning and thought it made eminent sense. Money gives you options, and mobility is one of them.
    On the other hand, there was a long article on how much it really costs one to be poor, in the Washington Post this morning. You spend more time doing laundry when you have to stay with coin operated machines. You spend more money on groceries when you can only walk to the corner store, and you spend more on paying bills when you don't have a checking account and have to use a payday service.

    I don't know what I was supposed to learn from that but I said to my husband, "I learned that being poor is a bore. Let's not do it." He assented.
    Poverty makes everything less efficient in life. On the other hand, naturally efficient people generally don't stay poor for any length of time, either.

    However people stand on the evils of wealth, there is no denying that it opens up a lot of options including the option to simply leave. It's poor people who are stuck geographically. Even if they have a skill that could be employed in a different area, they usually don't have the money for first and last month rent, security deposits, and all the associated expenses that come with relocation. Rich people do.
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    HR Corporate Scum patriot45's Avatar
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    It is simply amazing though, that the powers that be decide they can tax just about all there is to tax and people will just ask for more! Richer people moving take away jobs with them, they are more likely business owners. Poor Kalifornia, they are going to get slammed!

    : “Grow your own dope. Plant a liberal.”
    ” Obummercare, 20 percent of the time it works everytime.
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  5. #5  
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    We're looking at the requirements for my girlfriend to open a practice in Monoco. Between us we speak all three requisite languages. Her degree from Columbia will serve her well there and, should we get married :eek:, I would be eligible for an EU passport. The problem is I can't make any money there, so I would have to either find a way to do IT consulting based out of there or to change my line of work. Maybe I could grow olives. :D
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    Senior Member MrsSmith's Avatar
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    Quote Originally Posted by Gingersnap View Post
    Poverty makes everything less efficient in life. On the other hand, naturally efficient people generally don't stay poor for any length of time, either.

    However people stand on the evils of wealth, there is no denying that it opens up a lot of options including the option to simply leave. It's poor people who are stuck geographically. Even if they have a skill that could be employed in a different area, they usually don't have the money for first and last month rent, security deposits, and all the associated expenses that come with relocation. Rich people do.
    I don't think being poor makes everything less efficient. Less efficient people make choices that keep them poor. More efficient people make choices that help them escape from poverty.

    For example, in lindaNumbers post...if a person is too poor to afford a car, then an efficient person buys a used wagon at a garage sale, makes a longer walk to a cheaper store, buys lots of efficient food (bagged beans, bagged rice, Ramen noodles, on-sale veggies, on-sale meat, etc), and hauls enough back to last a while. If they are too poor to afford a washer and dryer, they buy clothing at garage sales and thrift stores and only haul it to the laundry every other week.

    There is no "too poor" to be smart about things.
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    In actual dollars, President Obama’s $4.4 trillion in deficit spending in just three years is 37 percent higher than the previous record of $3.2 trillion (held by President George W. Bush) in deficit spending for an entire presidency. It’s no small feat to demolish an 8-year record in just 3 years.

    Under Obama’s own projections, interest payments on the debt are on course to triple from 2010 (his first budgetary year) to 2018, climbing from $196 billion to $685 billion annually.
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    Quote Originally Posted by MrsSmith View Post
    For example, in lindaNumbers post...if a person is too poor to afford a car, then an efficient person buys a used wagon at a garage sale, makes a longer walk to a cheaper store, buys lots of efficient food (bagged beans, bagged rice, Ramen noodles, on-sale veggies, on-sale meat, etc), and hauls enough back to last a while. If they are too poor to afford a washer and dryer, they buy clothing at garage sales and thrift stores and only haul it to the laundry every other week.

    There is no "too poor" to be smart about things.
    I agree with you, but since my example came from a Washington Post article, it was naturally not written with solutions in mind, but simply as a "Women and Minorities Impacted the Most" piece. ;)
    "Today, [the American voter] chooses his rulers as he buys bootleg whiskey, never knowing precisely what he is getting, only certain that it is not what it pretends to be." - H.L. Mencken
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  8. #8  
    Quote Originally Posted by MrsSmith View Post
    I don't think being poor makes everything less efficient. Less efficient people make choices that keep them poor.
    It is less efficient to be poor. Everything takes longer, every purchase is a bigger bite, every setback teeters on the verge of crisis, and every penny saved is simply worth less than a comparable amount of savings in a higher income bracket.

    Even smart poor people (or the "temporarily disadvantaged" as I used to refer to myself) have to struggle with built-in economic inertia. It can be overcome but it's more difficult. The rich have no economic inertia. On the contrary, money greases the skids to make or efficiently use even more money.

    This is why you don't find boatloads of wealthy people living in decayed urban centers. They can afford to move away. If they can afford to move out of a city, some of them can afford to move out of this country in an economic sense.
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    Quote Originally Posted by Gingersnap View Post
    It is less efficient to be poor. Everything takes longer, every purchase is a bigger bite, every setback teeters on the verge of crisis, and every penny saved is simply worth less than a comparable amount of savings in a higher income bracket.

    Even smart poor people (or the "temporarily disadvantaged" as I used to refer to myself) have to struggle with built-in economic inertia. It can be overcome but it's more difficult. The rich have no economic inertia. On the contrary, money greases the skids to make or efficiently use even more money.

    This is why you don't find boatloads of wealthy people living in decayed urban centers. They can afford to move away. If they can afford to move out of a city, some of them can afford to move out of this country in an economic sense.
    You're correct regarding being poor making things less efficient. Why, when you're poor, sometimes you can't even find a pot when you desparately need one! :D

    As to cities, you do find wealthy people living in cities. Take NYC (Manhattan), DC (Northwest & Georgetown), and SF, for example.
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  10. #10  
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    A 10% excise luxury tax passed in 1990 was an attempt to soak the rich on boats, luxury cars, airplanes, jewelry and furs. Boat sales plummeted and many boat dealer went out of business in the northeast. The rich quit buying those items; the program was a disaster because it brought in far less revenues than anticipated. Thousands lost their job because of this stupidity. BTW, it was touted as a FAIR TAX.
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