Ocasio-Cortez suggests individual tax rates as high as 70%

originally posted by: GeechQuestInfo

originally posted by: Edumakated

originally posted by: GeechQuestInfo

originally posted by: Jonjonj

originally posted by: GeechQuestInfo

originally posted by: pianopraze
a reply to: GeechQuestInfo

And those 5000 people are rich enough to easily change citizenship to another country and avoid her insane tax measures leaving her with no one but us lowly peons to fund her insanity.

...sigh....

You may sigh, let me ask you this: what keeps a rich person in a country?
Seriously.

Not the tax rate...

Funny, billionaire hedge fund managers are leaving the northeast in droves to Florida to avoid high state taxes... surely you don't think they won't pack up and move to Singapore or other tax friendly countries?

Fund Managers Ditching Wall Street to Florida

The Sunshine State’s most recent conquests are two of the founders of I Squared Capital, Sadek Wahba and Adil Rahmathulla, who are among executives relocating to Miami from New York, according to a person familiar with the moves....The former Morgan Stanley dealmakers, whose infrastructure firm will manage more than $12 billion in assets after its second fund closes later this year, stand to benefit tax-wise -- as would any other executives from the financial industry who make the move from New York or Connecticut. That’s because Florida doesn’t have a state income tax and its property taxes are relatively low, whereas the tri-state area has among the highest property taxes in the country.

Connecticut has a budget shortfall because ONE BILLIONAIRE said F YOU and move to Florida....

Two Billionaires Head to Florida

Thomas Peterffy, one of three Connecticut residents with an 11-figure net worth, has taken his wealth from Greenwich to Florida, a move that all by itself explains part of the state's budget shortfall.

And Peterffy isn't the only Greenwich billionaire who has left for sunnier — and oh, by the way, lower tax — environs. C. Dean Metropoulos, an investor and food industry executive who controls Hostess Brands, is also now a Palm Beach resident, according to Forbes.

That’s not leaving the country goof...

The US has 8 of the 10 richest companies. Why haven’t they moved? There are countries that would have these companies pay no business expense to relocate.

Nearly all those companies have overseas subsidiaries and shell companies they use to avoid paying high US corporate taxes. Apple has more than $250 billion held overseas to avoid US taxes.

While I enjoy a good debate, you simply are not an equal to continue this conversation and your statement above demonstrates it for the board to see.

originally posted by: GeechQuestInfo

originally posted by: pianopraze

originally posted by: GeechQuestInfo

originally posted by: pianopraze

originally posted by: GeechQuestInfo

originally posted by: pianopraze

originally posted by: GeechQuestInfo

originally posted by: shooterbrody
a reply to: GeechQuestInfo

Why not just let the government take it all?

Who has even floated that idea?

The Dems. That’s the definition of socialism
which is the agenda they are pushing.

They are doing it slow though.

Like the frog in the pot. Slowly turning up the temperature of the water.

I must have missed that bill they introduced, care to reference it?

Her green bill is a good example. There is a whole thread on it recently.

Scary stuff.

I must have just missed the section where the terms were “let the government take it all”. Obviously I didn’t read the thing in it’s entirety. Honest mistake.

They are working up to it like frog in slowly heating pot of water. As I said that is the definition of socialism.

Here is Tim Pool talking to some socialists who make it clear if you really don’t understand.

Whatever Tim Pool says...

It’s not what Tim pol says. It’s what the socialist party says. Watch the video.

originally posted by: pianopraze
a reply to: FamCore

She’s the gift that keeps on giving!

She might single-handedly get trump elected in 2020.

While I agree with you to some extent, she will definitely get an assist from Nancy Pelosi and Chuck Schumer.

originally posted by: Edumakated

originally posted by: GeechQuestInfo

originally posted by: Edumakated

originally posted by: GeechQuestInfo

originally posted by: Jonjonj

originally posted by: GeechQuestInfo

originally posted by: pianopraze
a reply to: GeechQuestInfo

And those 5000 people are rich enough to easily change citizenship to another country and avoid her insane tax measures leaving her with no one but us lowly peons to fund her insanity.

...sigh....

You may sigh, let me ask you this: what keeps a rich person in a country?
Seriously.

Not the tax rate...

Funny, billionaire hedge fund managers are leaving the northeast in droves to Florida to avoid high state taxes... surely you don't think they won't pack up and move to Singapore or other tax friendly countries?

Fund Managers Ditching Wall Street to Florida

The Sunshine State’s most recent conquests are two of the founders of I Squared Capital, Sadek Wahba and Adil Rahmathulla, who are among executives relocating to Miami from New York, according to a person familiar with the moves....The former Morgan Stanley dealmakers, whose infrastructure firm will manage more than $12 billion in assets after its second fund closes later this year, stand to benefit tax-wise -- as would any other executives from the financial industry who make the move from New York or Connecticut. That’s because Florida doesn’t have a state income tax and its property taxes are relatively low, whereas the tri-state area has among the highest property taxes in the country.

Connecticut has a budget shortfall because ONE BILLIONAIRE said F YOU and move to Florida....

Two Billionaires Head to Florida

Thomas Peterffy, one of three Connecticut residents with an 11-figure net worth, has taken his wealth from Greenwich to Florida, a move that all by itself explains part of the state's budget shortfall.

And Peterffy isn't the only Greenwich billionaire who has left for sunnier — and oh, by the way, lower tax — environs. C. Dean Metropoulos, an investor and food industry executive who controls Hostess Brands, is also now a Palm Beach resident, according to Forbes.

That’s not leaving the country goof...

The US has 8 of the 10 richest companies. Why haven’t they moved? There are countries that would have these companies pay no business expense to relocate.

Nearly all those companies have overseas subsidiaries and shell companies they use to avoid paying high US corporate taxes. Apple has more than $250 billion held overseas to avoid US taxes.

While I enjoy a good debate, you simply are not an equal to continue this conversation and your statement above demonstrates it for the board to see.

Yet another company who hasn’t moved overseas. Why doesn’t Apple move their headquarters from the US if the tax is so burdensome (never mind this thread is about individual tax and has nothing to do with these companies). Better yet, why doesn’t Tom Cook move?

originally posted by: Metallicus

originally posted by: pianopraze
a reply to: FamCore

She’s the gift that keeps on giving!

She might single-handedly get trump elected in 2020.

While I agree with you to some extent, she will definitely get an assist from Nancy Pelosi and Chuck Schumer.

I agree they will help marvelously.

I was laughing my ... ahem... off as Trump oh-so-politely was helping Pelosi keep her position as speaker

originally posted by: pianopraze

originally posted by: GeechQuestInfo

originally posted by: pianopraze

originally posted by: GeechQuestInfo

originally posted by: pianopraze

originally posted by: GeechQuestInfo

originally posted by: pianopraze

originally posted by: GeechQuestInfo

originally posted by: shooterbrody
a reply to: GeechQuestInfo

Why not just let the government take it all?

Who has even floated that idea?

The Dems. That’s the definition of socialism
which is the agenda they are pushing.

They are doing it slow though.

Like the frog in the pot. Slowly turning up the temperature of the water.

I must have missed that bill they introduced, care to reference it?

Her green bill is a good example. There is a whole thread on it recently.

Scary stuff.

I must have just missed the section where the terms were “let the government take it all”. Obviously I didn’t read the thing in it’s entirety. Honest mistake.

They are working up to it like frog in slowly heating pot of water. As I said that is the definition of socialism.

Here is Tim Pool talking to some socialists who make it clear if you really don’t understand.

Whatever Tim Pool says...

It’s not what Tim pol says. It’s what the socialist party says. Watch the video.

There is no socialist party. Quit being scared.

originally posted by: GeechQuestInfo

originally posted by: JAGStorm
a reply to: GeechQuestInfo

You’re basically arguing for people who value their time over money. It’s the same reason many don’t work 2 jobs if they have enough to live comfortably. It’s not because of the tax, it’s because they value their time. Bottom line, 70% tax above $10M wouldn’t affect ANYBODY on this board at all.

You don't know that.
I've known several multi millionaires, and you would have never in a million years would have guessed they were even above average wealth. One drove a rusty toyota and another wore his shoes until the soles fell off. I knew another very rich finance person that worked for big Pharma. He took a bag lunch to work every day, he dressed very low end, He paid for his second house in cash $800K! That doesn't matter though, what right is it to take away someone else's wealth.

Your thinking is also flawed that it wouldn't affect "regular" people like those on ATS. Of course it will, everything rolls downhill. Those wealthy people, who own businesses, rental units and everything else will start raising prices massively!

No, they wouldn’t raise prices.

But they’ll tell you that to keep the poor people poorer and the gap widening.

Oh well...

That makes zero sense.
You really think that the wealthy will just be ok eating the loss?
You must not know very many wealthy people!

a reply to: GeechQuestInfo

There are lots of socialist Dems pushing socialism.

originally posted by: GeechQuestInfo
Better yet, why doesn’t Tom Cook move?

Why would Cook have to move? Even if the top marginal rate went to 99% he wouldn't be impacted, he could pay himself $1 a year and still rake it in because of dividends and stock valuations being calculated as capital gains.

originally posted by: JAGStorm

originally posted by: GeechQuestInfo

originally posted by: JAGStorm
a reply to: GeechQuestInfo

You’re basically arguing for people who value their time over money. It’s the same reason many don’t work 2 jobs if they have enough to live comfortably. It’s not because of the tax, it’s because they value their time. Bottom line, 70% tax above $10M wouldn’t affect ANYBODY on this board at all.

You don't know that.
I've known several multi millionaires, and you would have never in a million years would have guessed they were even above average wealth. One drove a rusty toyota and another wore his shoes until the soles fell off. I knew another very rich finance person that worked for big Pharma. He took a bag lunch to work every day, he dressed very low end, He paid for his second house in cash $800K! That doesn't matter though, what right is it to take away someone else's wealth.

Your thinking is also flawed that it wouldn't affect "regular" people like those on ATS. Of course it will, everything rolls downhill. Those wealthy people, who own businesses, rental units and everything else will start raising prices massively!

No, they wouldn’t raise prices.

But they’ll tell you that to keep the poor people poorer and the gap widening.

Oh well...

That makes zero sense.
You really think that the wealthy will just be ok eating the loss?
You must not know very many wealthy people!

Coorparate taxes and individual taxes are not the same thing.

The price is set by the market, not the tax rates. Setting higher progressive tax brackets, which is what this whole thread is about, does not give the middle-class more purchasing power. If you think my Sony XF900 increases in price as individual taxes on the rich rise, I’m glad you’re not dealing with finance.

originally posted by: AugustusMasonicus

originally posted by: GeechQuestInfo
Better yet, why doesn’t Tom Cook move?

Why would Cook have to move? Even if the top marginal rate went to 99% he wouldn't be impacted, he could pay himself $1 a year and still rake it in because of dividends and stock valuations being calculated as capital gains.

You don’t say....

originally posted by: GeechQuestInfo

originally posted by: Edumakated

originally posted by: GeechQuestInfo

originally posted by: Edumakated

originally posted by: GeechQuestInfo

originally posted by: Jonjonj

originally posted by: GeechQuestInfo

originally posted by: pianopraze
a reply to: GeechQuestInfo

And those 5000 people are rich enough to easily change citizenship to another country and avoid her insane tax measures leaving her with no one but us lowly peons to fund her insanity.

...sigh....

You may sigh, let me ask you this: what keeps a rich person in a country?
Seriously.

Not the tax rate...

Funny, billionaire hedge fund managers are leaving the northeast in droves to Florida to avoid high state taxes... surely you don't think they won't pack up and move to Singapore or other tax friendly countries?

Fund Managers Ditching Wall Street to Florida

The Sunshine State’s most recent conquests are two of the founders of I Squared Capital, Sadek Wahba and Adil Rahmathulla, who are among executives relocating to Miami from New York, according to a person familiar with the moves....The former Morgan Stanley dealmakers, whose infrastructure firm will manage more than $12 billion in assets after its second fund closes later this year, stand to benefit tax-wise -- as would any other executives from the financial industry who make the move from New York or Connecticut. That’s because Florida doesn’t have a state income tax and its property taxes are relatively low, whereas the tri-state area has among the highest property taxes in the country.

Connecticut has a budget shortfall because ONE BILLIONAIRE said F YOU and move to Florida....

Two Billionaires Head to Florida

Thomas Peterffy, one of three Connecticut residents with an 11-figure net worth, has taken his wealth from Greenwich to Florida, a move that all by itself explains part of the state's budget shortfall.

And Peterffy isn't the only Greenwich billionaire who has left for sunnier — and oh, by the way, lower tax — environs. C. Dean Metropoulos, an investor and food industry executive who controls Hostess Brands, is also now a Palm Beach resident, according to Forbes.

That’s not leaving the country goof...

The US has 8 of the 10 richest companies. Why haven’t they moved? There are countries that would have these companies pay no business expense to relocate.

Nearly all those companies have overseas subsidiaries and shell companies they use to avoid paying high US corporate taxes. Apple has more than $250 billion held overseas to avoid US taxes.

While I enjoy a good debate, you simply are not an equal to continue this conversation and your statement above demonstrates it for the board to see.

Yet another company who hasn’t moved overseas. Why doesn’t Apple move their headquarters from the US if the tax is so burdensome (never mind this thread is about individual tax and has nothing to do with these companies). Better yet, why doesn’t Tom Cook move?

The more you respond, the more you show how ignorant you are of business, taxes, and legal structures...

The point of these examples is to demonstrate that capital will move to where it is taxed the least. It doesn't matter if it is an individual or a company. At some point, people (or companies) determine the cost is too high and they will move to lower cost areas.

I showed you how top Wall Street traders are moving from NYC and CT to Florida to avoid state taxes. These types of moves are even easier nowadays because of technology. Companies and people are not longer "captured" and thus willing to pay exorbitant taxes.

Many A list actors aren't even "residents" of CA to avoid their high state income taxes. Same with athletes.

If you start taxing the wealthy up to 70%, they will pack their sh*t and move or they will stop working because they will feel it is not worth it.

originally posted by: Edumakated

originally posted by: GeechQuestInfo

originally posted by: Edumakated

originally posted by: GeechQuestInfo

originally posted by: Edumakated

originally posted by: GeechQuestInfo

originally posted by: Jonjonj

originally posted by: GeechQuestInfo

originally posted by: pianopraze
a reply to: GeechQuestInfo

And those 5000 people are rich enough to easily change citizenship to another country and avoid her insane tax measures leaving her with no one but us lowly peons to fund her insanity.

...sigh....

You may sigh, let me ask you this: what keeps a rich person in a country?
Seriously.

Not the tax rate...

Funny, billionaire hedge fund managers are leaving the northeast in droves to Florida to avoid high state taxes... surely you don't think they won't pack up and move to Singapore or other tax friendly countries?

Fund Managers Ditching Wall Street to Florida

The Sunshine State’s most recent conquests are two of the founders of I Squared Capital, Sadek Wahba and Adil Rahmathulla, who are among executives relocating to Miami from New York, according to a person familiar with the moves....The former Morgan Stanley dealmakers, whose infrastructure firm will manage more than $12 billion in assets after its second fund closes later this year, stand to benefit tax-wise -- as would any other executives from the financial industry who make the move from New York or Connecticut. That’s because Florida doesn’t have a state income tax and its property taxes are relatively low, whereas the tri-state area has among the highest property taxes in the country.

Connecticut has a budget shortfall because ONE BILLIONAIRE said F YOU and move to Florida....

Two Billionaires Head to Florida

Thomas Peterffy, one of three Connecticut residents with an 11-figure net worth, has taken his wealth from Greenwich to Florida, a move that all by itself explains part of the state's budget shortfall.

And Peterffy isn't the only Greenwich billionaire who has left for sunnier — and oh, by the way, lower tax — environs. C. Dean Metropoulos, an investor and food industry executive who controls Hostess Brands, is also now a Palm Beach resident, according to Forbes.

That’s not leaving the country goof...

The US has 8 of the 10 richest companies. Why haven’t they moved? There are countries that would have these companies pay no business expense to relocate.

Nearly all those companies have overseas subsidiaries and shell companies they use to avoid paying high US corporate taxes. Apple has more than $250 billion held overseas to avoid US taxes.

While I enjoy a good debate, you simply are not an equal to continue this conversation and your statement above demonstrates it for the board to see.

Yet another company who hasn’t moved overseas. Why doesn’t Apple move their headquarters from the US if the tax is so burdensome (never mind this thread is about individual tax and has nothing to do with these companies). Better yet, why doesn’t Tom Cook move?

The more you respond, the more you show how ignorant you are of business, taxes, and legal structures...

The point of these examples is to demonstrate that capital will move to where it is taxed the least. It doesn't matter if it is an individual or a company. At some point, people (or companies) determine the cost is too high and they will move to lower cost areas.

I showed you how top Wall Street traders are moving from NYC and CT to Florida to avoid state taxes. These types of moves are even easier nowadays because of technology. Companies and people are not longer "captured" and thus willing to pay exorbitant taxes.

Many A list actors aren't even "residents" of CA to avoid their high state income taxes. Same with athletes.

If you start taxing the wealthy up to 70%, they will pack their sh*t and move or they will stop working because they will feel it is not worth it.

They won’t, no matter what you want to believe.

How many companies moved when the Obama administration let the Bush Tax Cuts expire? How many individuals?

The thread is very succinct in talking about Federal Tax Levels on the individual. People moving from CT to FL were still under this purview. You know those individuals you referenced could move to Zimbabwe and would still be taxed at the US Federal rates right?

Unless you foresee a massive exodus of companies from the US because an administration changes the individual tax brackets (and you wouldn’t), nobody is leaving.

a reply to: dfnj2015

If no one has any money to raise capital with, then there is no free market.

a reply to: GeechQuestInfo

The wealthiest earners actually got a tax reduction when obama let the bush tax cuts expire.
Bush cut the top wage income bracket, but increased the capital gains tax.
Capital gains is where the uber rich make thier bread. Not wages.

a reply to: FamCore

It'll be great at first. The few rich billionaires that stay behind will find tax loopholes to get out of it or but you have to remember that there hasn't been explained what they consider rich, I've heard numbers from as low as 80 thousand dollars and others on MSNBC talking about how it'll be people paid more than 100, thousand. So remember what they consider rich might not be what everyone considers rich. Now I'm not saying it wouldn't be great to have 80, thousand dollars (whatever that is in sterling I'm not great on the exchange rate stuff) but you have to be sure you know completely what you're voting for.

Also, these "new" Democrats are getting nice high paid jobs with good healthcare, better housing, they'll be moving on up so how long it'll last is anyones guess. Also, the idea of 70 tax rate is great and will last a few decades but when they've spent all the money, when the rich have left then who starts to get railroaded? the poor. We've seen this story time and time again and know whats written on the final page.

And I'm from the UK where a lot of our systems are government run.

a reply to: GeechQuestInfo

Just to clear up; are you really saying that no matter how high the rate of tax gets, it will not affect people moving or stopping working once they reach that level?

If thats the case, why not tax all income over 100 thousand at a 95% rate. There would be no losers at all according to you, and think of the extra money we would have for socialist programs!

a reply to: GeechQuestInfo

Sometimes, I think you don't even read what you write.

We all have a limited number of hours to work in a day, week, month. That time is absolutely the same no matter how rich or poor you might be. When the government says that 70% of your working time is effectively spent only to fund them, why on earth do you bother?

originally posted by: caterpillage
a reply to: GeechQuestInfo

The wealthiest earners actually got a tax reduction when obama let the bush tax cuts expire.
Bush cut the top wage income bracket, but increased the capital gains tax.
Capital gains is where the uber rich make thier bread. Not wages.

You know you could look up what you said in regards to capital gains and find out that it’s not true, right?

a reply to: GeechQuestInfo

The Obama tax rates weren't anywhere near 70%, either.