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Thread: New York's Wealthiest Are Moving Out

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    Re: New York's Wealthiest Are Moving Out

    Quote Originally Posted by MrPeanut View Post
    https://www.theguardian.com/inequali...naires-threats
    In other words, wealthy people will threaten to move away if you raise their taxes but they generally won't.
    For further reference, see Detroit.

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    Re: New York's Wealthiest Are Moving Out

    Quote Originally Posted by iguanaman View Post
    Except they don't pay those high rates, that is just a myth. Effective rates are comparable to the rest of the world. Cutting Corporate taxes EVEN LOWER is nothing but a give-away to the 1% and the bill will go to the rest of us.

    Instead of taking the average how about actually looking at the effective tax rate of individual countries. The US while similar to UK or Germany is significantly higher than Mexico and Canada.

    https://www.npr.org/2017/08/07/54179...e-in-the-world

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    Re: New York's Wealthiest Are Moving Out

    Quote Originally Posted by iguanaman View Post
    Except they don't pay those high rates, that is just a myth. Effective rates are comparable to the rest of the world. Cutting Corporate taxes EVEN LOWER is nothing but a give-away to the 1% and the bill will go to the rest of us.
    Not a myth


    Key Findings:
    The United States has the third highest general top marginal corporate income tax rate in the world, at 38.92 percent. Due to the recent reduction in Chad’s corporate tax rate, the U.S. rate is exceeded only by the United Arab Emirates and Puerto Rico.
    The worldwide average top corporate income tax rate, across 188 countries and tax jurisdictions, is 22.5 percent. After weighting by each jurisdiction’s GDP, the average rate is 29.5 percent.
    By region, Europe has the lowest average corporate tax rate, at 18.88 percent (26.22 percent, weighted by GDP). The G7 has the highest simple average, at 30.21 percent.
    Larger, more industrialized countries tend to have higher corporate income tax rates than developing countries.
    The worldwide average corporate tax rate has declined since 2003 from 30 percent to 22.5 percent.
    Every region in the world has seen a decline in its average corporate tax rate in the past thirteen years.

    It is well known that the United States has the highest corporate income tax rate among the 35 industrialized nations of the Organisation for Economic Co-operation and Development (OECD).[1] However, it is less well known how the United States stacks up against countries throughout the entire world. Expanding the sample of countries and tax jurisdictions to 188, the U.S.’s corporate tax rate of almost 39 percent is the third highest in the world, lower only than the United Arab Emirates’ rate of 55 percent and Puerto Rico’s rate of 39 percent. The U.S. tax rate is 16.4 percentage points higher than the worldwide average of 22.5 percent and a little more than 9 percentage points higher than the worldwide GDP-weighted average of 29.5 percent. Over the past ten years, the average worldwide tax rate has been declining, pushing the United States farther from the norm.

    https://taxfoundation.org/corporate-...nd-world-2016/
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    Re: New York's Wealthiest Are Moving Out

    Quote Originally Posted by iguanaman View Post
    Except they don't pay those high rates, that is just a myth. Effective rates are comparable to the rest of the world. Cutting Corporate taxes EVEN LOWER is nothing but a give-away to the 1% and the bill will go to the rest of us.

    The question is more, why tax the entities that invest and employ. That reduces investment and employment.

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    Re: New York's Wealthiest Are Moving Out

    Quote Originally Posted by joG View Post
    The question is more, why tax the entities that invest and employ. That reduces investment and employment.
    Every tax on business ends up on a price tag. Every one. Working class people need to understand that.
    "I did not mean that Conservatives are generally stupid people. I meant that stupid people are generally Conservatives."
    -John Stuart Mill-

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    Re: New York's Wealthiest Are Moving Out

    Quote Originally Posted by joG View Post
    The question is more, why tax the entities that invest and employ. That reduces investment and employment.
    Please stop that foolishness. U.S corporations are experiencing record profits AFTER taxes and have trillions in reserves. Besides in what world is employment based on how much money they have? Employment is solely based on need which is based on demand. Demand is based on salaries which have been flat for 35 years. It appears the lower we tax the highest brackets the more greedy the wealthy get with raises. From these charts it appears the optimal top rate is about 70%. Less than that and management takes all the extra profits from productivity increases for themselves.



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    Re: New York's Wealthiest Are Moving Out

    Quote Originally Posted by iguanaman View Post
    Please stop that foolishness. U.S corporations are experiencing record profits AFTER taxes and have trillions in reserves. Besides in what world is employment based on how much money they have? Employment is solely based on need which is based on demand. Demand is based on salaries which have been flat for 35 years. It appears the lower we tax the highest brackets the more greedy the wealthy get with raises. From these charts it appears the optimal top rate is about 70%. Less than that and management takes all the extra profits from productivity increases for themselves.



    Every time I see those charts I wonder if the people who put them together have any brain cells at all

    Now I wonder what happened in the early 70’s that may have caused production to skyrocket? Hmmmmmmmm?

    Could it be the mass production of computers? How many trillions have companies invested in technology since then? Constantly upgrading machines to make their workers more productive. We started with 18 column ledger pads in the accounting world, then moved to the initial spreadsheets, and now have progressed to excel.

    And the jobs in my office that used to take four people now take one person less than a day. Should I pay that one person what the four people used to make because the owner invested in computers, software, and training for his employees?

    Mine is just one way companies have increased efficiency and productivity. There are many others....I get paid to run my company as efficiently as possible....not to pay as many people as possible.
    “Most of the shadows of this life are caused by standing in one's own sunshine.”

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    Re: New York's Wealthiest Are Moving Out

    Quote Originally Posted by gdgyva View Post
    Every time I see those charts I wonder if the people who put them together have any brain cells at all

    Now I wonder what happened in the early 70’s that may have caused production to skyrocket? Hmmmmmmmm?

    Could it be the mass production of computers? How many trillions have companies invested in technology since then? Constantly upgrading machines to make their workers more productive. We started with 18 column ledger pads in the accounting world, then moved to the initial spreadsheets, and now have progressed to excel.

    And the jobs in my office that used to take four people now take one person less than a day. Should I pay that one person what the four people used to make because the owner invested in computers, software, and training for his employees?

    Mine is just one way companies have increased efficiency and productivity. There are many others....I get paid to run my company as efficiently as possible....not to pay as many people as possible.
    You are not alone but believe it or not there was a time when all income groups incomes moved pretty much in unison and CEO's made 40 times the salary of their workers instead of 400 times. Do you think it was computers that changed that too? When did it become acceptable for an owner of a company to take home $20 million a year? When the taxes on most of that income dropped below 40% that's when. Efficiency is worthless if it does not include planning for the future or concern for the financial health of their employees/customers.

    Last edited by iguanaman; 12-17-17 at 03:10 AM.
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    Re: New York's Wealthiest Are Moving Out

    Quote Originally Posted by Grand Mal View Post
    Every tax on business ends up on a price tag. Every one. Working class people need to understand that.
    So that means everything will get cheaper now right? LOL You are such a tool.
    Those who can make you believe absurdities can make you commit atrocities.
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    Re: New York's Wealthiest Are Moving Out

    The migration out of New York State has been going on long before the Trump presidency and it's not just about taxes.

    White collar, blue collar, young, and older workers are also included this migration.

    A lot of millennials are also moving out of NY because of the high costs of living and the cost of buying and owning homes. 43% of millennials in NY live with their parents.
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