Comments are closed for this entry
View All
Favorites
Recency  | 
Popularity
Page:  « First  ‹ Previous  1 2 3 4 5  Next ›  Last »  (6 total)
photo
HUFFPOST SUPER USER
glockman
09:09 AM on 05/31/2009
The very first paragraph states that Galisano moved his residency status to Florida. Others who are being taxed at a higher rate are actually physically moving to other states, or countries. Those states raising taxes in hopes of generating revenue are generally experiencing the opposite. They are losing revenue die to so many people leaving. And then once again, the middle class will be left to bear the brunt of higher taxation.
09:43 AM on 05/31/2009
Exactly ! The post above this actually details the distribution .
photo
Maury66
Call on God, but row away from the rocks. HST
10:42 AM on 05/31/2009
"Those states raising taxes in hopes of generating revenue are generally experiencing the opposite."

We might need a source for this nugget.
photo
HUFFPOST SUPER USER
glockman
10:56 AM on 05/31/2009
Well, google information on the state of Maryland. You'll find all kinds of stories about people leaving the state in droves.
photo
HUFFPOST SUPER USER
glockman
09:04 AM on 05/31/2009
bad tax policy doesn't get better without thoughtful reform. Note that the NY wealthy aren't moving, just changing their principal residence (of at least two) to a non income tax state. Where there are no income taxes, and a property tax system that freezes taxes and applies increases only to new purchases, the state relies upon high and highly regressive sales taxes to make ends meet. One legacy of the Reagan years is a disproportionate focus on absolutely minimizing the tax burden from year to year, instead of examing the services and costs of government,and looking for a sustainable mix of property, income, and sales taxes that is more fair than not. California is the basket case it is today because too many of its voters believe that can have government without paying for it, and because a distinct schism exists about what government ought to provide that has debilitated the governor, the state legislature, and the electoral process. You can't ratchet down costs on an annual basis for services that cross generations---but voters less schizo than Californians can and ought to insist on accountability.
08:39 AM on 05/31/2009
...And so it begins...It's about time the rich started paying their share. America is beginning to prosper again. All it took was to have the curtains pulled back for the world to see what a true republican was all about

Kelly
http://www.stockcoupons.com/
07:52 AM on 05/31/2009
lol, so much for saoking the rich. The libs aren't even bright enough to figure out the people they are trying to hose will pack up and leave. You cannot run a city, state, or a country off the backs of others be it rich or poor. The rich will just move away, and the poor will end up getting soaked that is until they decide they have had enough.
07:58 AM on 05/31/2009
Then you end up with the economic mess you already have only in spades. Why are Republicans trying to ruin America?
08:08 AM on 05/31/2009
there is no mess if the government starts living withing it's means rather then spending money they do not have.
HUFFPOST SUPER USER
hark
12:17 PM on 05/31/2009
You water carriers aren't even bright enough to understand how the rich are soaking you, and getting you to carry water for them to boot.

You people are pathetic, mindless.
07:24 AM on 05/31/2009
They will just move to tax friendly states and take their money with them. Look what happen in Maryland. Projected 100 plus million dollar tax addition for the state became an additional 100 million plus deficit as close to 1/3 of the wealthy left. Stupid policy.
photo
HUFFPOST SUPER USER
simplify
07:18 AM on 05/31/2009
Where is the Borg when you need them. Please come take the wealthy into your collective.
Capitalism breeds selfishness and greed...... We are a divided country thats why we are falling.
This user has chosen to opt out of the Badges program
sonoffestus
Got smart & got out!
12:15 PM on 05/31/2009
"We are a divided country that is why we are failing". ....................A very good point.
photo
HUFFPOST SUPER USER
simplify
07:11 AM on 05/31/2009
Its about time.....this country needs to come to grips w/reality.
This has to happen everywhere, California especially. States cannot survive by cutting taxes. The time to end Reaganomics has come.
07:17 AM on 05/31/2009
Regonomics ? Wow are you really that bitter ? The point is that the wealthy will move their primary residence to zero income states , taxing the rich won't work ... never has
photo
HUFFPOST SUPER USER
simplify
07:20 AM on 05/31/2009
Maybe not for you but it will for me.
photo
HUFFPOST SUPER USER
Bloggerrogr
Resist !
08:24 AM on 05/31/2009
The rich can run, but they can't hide...
photo
HUFFPOST SUPER USER
marijam
Independent
06:29 AM on 05/31/2009
Like Rush, they'll just move. Depending upon how greedy they are, of course.
06:28 AM on 05/31/2009
http://www.nytimes.com/2008/04/16/business/16wall.html

I quick read of the above article in the New York Times will prove why Capitalism has been BASTARDIZED. The top 50 hedge fund managers profitted to the tune of 29 billion dollars in 2007 and a little math gives us a average payout of 580 million dollars. Now what is even funnier is that these MASTERS OF THE UNIVERSE PAID ONLY 15% FEDERAL TAX cause RICH PEOPLE ARE GETTING SCREWED. Maybe we should write a check to John Paulson, who made only 3.7 billion for his family in 2007. You see he was SO BRILLIANT that he say THE HOUSING BUBBLE and made bets on Credit Default Swaps. And according to Barrons he had the best 3 year return of any hedge fund manager in 2008 and while his Wall Street buddies imploded the world financial markets, they profitted by SHORTING BANK STOCKS. Wow, I guess if you only knew the right people, we could all get rich. Of course, if Vlad Putin or Chavez was our president, these people would be IN JAIL. Bring on socialism so that we can save Capitalism from itself.
08:43 PM on 05/31/2009
"Of course, if Vlad Putin or Chavez was our president, these people would be IN JAIL."

Yeah, a lot of people would be in jail, much more than you might realize. I think I will pass on having a dictator.
05:49 AM on 05/31/2009
the states better act fast

barry and the dc gang

are going to tax

peoples net WORTH

not just income

barry and his merry band

will take from both rich and poor.
photo
HUFFPOST SUPER USER
simplify
07:12 AM on 05/31/2009
You can always move to another country.

Obama: 65%
03:40 AM on 05/31/2009
How about a LARGE outsource tax?

These U.S. corps that outsourced our jobs the last 10 years got rich, while we lost our tax base. This is part of the problem in states like California. Lots of jobs outsourced to make the upper management and wealthy share holders richer. It is a slash and burn mentality. We are burning up our good jobs to make a few VERY, VERY rich. FULL class warfare and a race to the bottom.

Let China and India pay my taxes now. They have our middle class jobs and tax base.
photo
richdibo
Love the sin; hate the sinner.
03:48 AM on 05/31/2009
That suggestion is not without appeal. Deductions for payments for off-shore outsourced servcses could be subject to limitations. Such discrimination will create an uproar in international regulatory agencies.
photo
HUFFPOST SUPER USER
simplify
07:13 AM on 05/31/2009
We can thank the union buster Ronald Reagan for that
photo
HUFFPOST SUPER USER
Bloggerrogr
Resist !
08:25 AM on 05/31/2009
got that right
photo
HUFFPOST COMMUNITY MODERATOR
noaxe397
03:28 AM on 05/31/2009
Conservatives and anti-tax zealots, please tell me why the high tax, high regulation "blue states" rank highest in quality of life indicies (college grads, income, home ownership, health, etc.) and the low tax, low regulation "red states" rank highest in social pathologies (divorce, dropouts, income, pregnant teens, alcoholism, drug use, etc.)

Could it be all those productive millionaires fleeing there?

There is nothing funnier than listening to today's new breed of welfare receipient cry about how tough he has it. Today, rich doesn't mean you've worked hard and created something. It means you've gamed the system and made money off other peoples' money. Today's rich don't risk anything of their own; they risk others money, and when they blow it, no responsibility, Then they turn to government for handouts and subsidies. That is new welfare in America today. How long before the low tax states like Florida buckle under the weight of people who want to use state services but not pay for them? That is another hallmark of the new welfare; let somebody else pay, usually working people who are viewed as chumps and suckers because they actually have to work for a living.

Conservatives: why do you hate working people? Why is income from labor taxed at 25-35% but income from capital taxed at 15%? Why is it OK for troubled industries to break labor contracts, but it's a crime against civilization to ask capital to take a few cents less on the dollar.
photo
richdibo
Love the sin; hate the sinner.
03:21 AM on 05/31/2009
Congress preserved Inherited wealth to pass on to future generations. A 1947 Supreme Court Case, affectionately known as the “Crane Decision” in the parlay of tax professional, gave rise to the tax shelter industry. Its progeny of court cases and creative tax minimization strategies, both solid and questionable, allowed the wealthy to legally avoid paying $millions of taxes for over 40 years. This escape scheme existed for years while congress feigned interest to prevent the abuse. In 1972 they swung hard, only to hit a little pop-up. The tax shelter industry lost luster; it had difficulty selling its product after Reagan lowered the marginal tax rates in 1982 – a tax deduction was not worth as much as it did when there was a 70% marginal rate. The 1986 Tax Act nailed the final nail in the coffin for the dying tax shelter industry. By then, the damage was already done. Some rich accumulated wealth while compounding their earnings without the inconvenient diminution by income taxes.

There is only one proven way to avoid repaying the tax benefits from a tax shelter when it burns out – you die.

Some should thank dad and mom. And don’t forget to thank congress.
03:21 AM on 05/31/2009
Two words... Flat Tax

Scares the cr@p out of the terminally rich with their endless list of write offs. Raising tax rates does nothing but make their tax people drool.
photo
richdibo
Love the sin; hate the sinner.
03:41 AM on 05/31/2009
"terminally rich with their endless list of write offs" - Who could possibly prepare the return?

If you earn more - you should pay more. Should someone who earns $20,000 pay the same rate as another who earns $2,000,000?
HUFFPOST SUPER USER
scottowego
07:01 AM on 05/31/2009
Yes. Absolutely. It's all relative.
This user has chosen to opt out of the Badges program
08:43 AM on 05/31/2009
Most of the wealthier citizens of this country lean toward supporting a flat tax. But don't let that stop you from making uninformed comments. It's worth the chuckle.
photo
HUFFPOST SUPER USER
NWBrunette
Blessed Girl
10:25 AM on 05/31/2009
Right. And they support it because they'll pay less, far less.
photo
HUFFPOST SUPER USER
jsgaetano
"Conservative" is not a political party, genius.
02:58 AM on 05/31/2009
This is how the risk/reward thing works.

When you increase your chances of benefitting, as the wealthy disproportionately did during the Bush years... so too do their chances of losing... as they now will during the Bush Depression.

If they want to avoid a boom/bust cycle, then they should be more willing to have a system more like other civilized nations. You don't have the chances to gain as much, but neither do you have the opportunity to lose as much. And if they don't want that... quit whining and pay up.