Bad news for high tax states with budget deficits

Discussion in 'Politics, Religion, Social Issues' started by Shivetya, May 18, 2009.

  1. Shivetya macrumors 65816

    Joined:
    Jan 16, 2008
    #1
    The rich won't stay around to get soaked.

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


    What it comes down to is this, the states with some of the highest tax loads have little to show for it. They have bad performing schools combined with the highest pay and benefits for PUBLIC sector employees. Well when they run large deficits what is the favored scheme of politicians? Soak the rich. Pure class envy which preys on the worst of human traits : jealousy.

    Trouble is, the rich don't necessarily stick around to get pummeled with the taxes or adjust their income and investment to reduce their burden. Most just move. Which sinks the boat further.


    Look at their example comparing California/New York/New Jersey to New Hampshire. You can probably go point to Michigan as yet another example of taxing businesses and people till there is none left. The fact is, you cannot pay for your needs off of other people's labor.

    My favorite BJ quote is...

    "I am for doing good to the poor, but I differ in opinion of the means. I think the best way of doing good to the poor, is not making them easy in poverty, but leading or driving them out of it. In my youth I traveled much, and I observed in different countries, that the more public provisions were made for the poor, the less they provided for themselves, and of course became poorer. And, on the contrary, the less was done for them, the more they did for themselves, and became richer."
    -- Benjamin Franklin, On the Price of Corn and Management of the Poor, November 1766


    Who is John Galt.
     
  2. Ugg macrumors 68000

    Ugg

    Joined:
    Apr 7, 2003
    Location:
    Penryn
    #2
    It's pretty ironic in that California of course is one of the most highly federally taxed states. Being penalized by the federal government for one's success is part of the problem.

    It's also ironic that Benny made his statement before the French Revolution and before the Corn Laws were repealed in England. 1766 was the peak of corporate and royal entitlement.

    Many businesses of course don't need to be in any particular place. Heavy industry and even the banking industry are still reliant upon specific places. It's less of a revolution than a bunch of whinging little brats. Does anyone take the WSJ seriously anymore since murdoch took over?

    I also believe that we are going to see more restrictions on tax evaders in the coming decades. Running away is a coward's way out.
     
  3. NT1440 macrumors G4

    NT1440

    Joined:
    May 18, 2008
    Location:
    Hartford, CT
    #3
    Whats it say about the people who are making enormous incomes and can't somehow afford to pay a few more percentage because they take a "pummeling"?:rolleyes:
     
  4. MacHipster macrumors 6502

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    Sep 11, 2007
    Location:
    Chicago/London/Sydney
    #4
  5. mactastic macrumors 68040

    mactastic

    Joined:
    Apr 24, 2003
    Location:
    Colly-fornia
    #5
    Dunno... there's still plenty of rich people around here who seem pretty content sticking around.

    More sound and fury, signifying nothing.
     
  6. SLC Flyfishing macrumors 65816

    SLC Flyfishing

    Joined:
    Nov 19, 2007
    Location:
    Portland, OR
    #6
    Nobody said anything about evading, this is about moving to a location where the taxes aren't so oppressive.

    I'll keep that little gem of ugg wisdom, and the next time my stocks start to plunge in value I'll just hang on to them since running away is a coward's way out.

    SLC
     
  7. Sun Baked macrumors G5

    Sun Baked

    Joined:
    May 19, 2002
    #7
    Remember the fiasco the federal "rich tax" was, where they were taxing luxury goods -- so the rich generally stopped buying them destroying sales for these items.

    Isn't unusual for people to get pissed off and flee especially when their accountants, lawyers, and financial planners are telling them they can save x% a year by moving to another state.

    Heck, for some that amount may significantly affect their yield curves.
     
  8. solvs macrumors 603

    solvs

    Joined:
    Jun 25, 2002
    Location:
    LaLaLand, CA
    #8
    Might I note our Republican Govenator? Or the fact that maybe if it wasn't for every dollar we put into the gov only to get far less back to cover the rest of this country's bills we might do better ourselves. Not that I'm advocating secession mind you, I'm not a crazy idiot. Just that maybe we shouldn't have to subsidize you other lazy states. Well you're poor, so you must be lazy, that's the only explanation right?

    Only some of that is ironic (guess which part!).

    "I confess that there are several parts of this Constitution which I do not at present approve, but I am not sure I shall never approve them. For having lived long, I have experienced many instances of being obliged by better information, or fuller consideration, to change opinions even on important subjects, which I once thought right, but found to be otherwise."

    - Ben Franklin (see, I can quote too)

    Here's another:

    "Experience demands that man is the only animal which devours his own kind, for I can apply no milder term to the general prey of the rich on the poor."

    - Thomas Jefferson
     

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