Comment on The Sequester by TBSchemer
People with 6-figure salaries pay upwards of 30%. You're full of shit.
If you double their income taxes, they'll flee to countries with lower tax rates. Here's a nice list to show you how easy it would be to find such a country: [link]
If you double the tax burden in the US from 30% to 60%, then people who can afford to move will flee to South Korea, Ireland, New Zealand, Japan, Iceland, Australia, Switzerland, Canada, the UK, or any other developed nation on that list. There are plenty of developed nations (some of them even more developed than the US) that have far lower tax rates than you're suggesting, and they will all receive the wealth that you scare away with your idiotic tax proposal.
If you double their income taxes, they'll flee to countries with lower tax rates. Here's a nice list to show you how easy it would be to find such a country: [link]
![[link]](https://www.deviantart.com/users/outgoing?http://en.wikipedia.org/wiki/File:Income_Taxes_By_Country.svg){kind=link}
If you double the tax burden in the US from 30% to 60%, then people who can afford to move will flee to South Korea, Ireland, New Zealand, Japan, Iceland, Australia, Switzerland, Canada, the UK, or any other developed nation on that list. There are plenty of developed nations (some of them even more developed than the US) that have far lower tax rates than you're suggesting, and they will all receive the wealth that you scare away with your idiotic tax proposal.
[link] This idea of tax flight is a complete myth. Most people don't flee countries to avoid tax rates. People will stay in the US because they don't have citizenship elsewhere, are afraid of foreign people, have never touched an atlas, and have well paid jobs and family in the US that they wouldn't have if they moved to South Korea. The vast majority, and I'm talking all but 5% of the multi-millionaires, would stay exactly where they were.
The US was perfectly fine before Reagan with a 60-80% top tax rate. People who can afford it need to bite the bullet, stop bitching, and start paying their country's debt.
The US was perfectly fine before Reagan with a 60-80% top tax rate. People who can afford it need to bite the bullet, stop bitching, and start paying their country's debt.
LOL. You're counting on rich people to be "too afraid of foreigners" to take their business somewhere where it will make 20% more?
PS. When Reagan slashed the top-end tax rate immigration to the US from other developed countries FELL.
![[link]](https://www.deviantart.com/users/outgoing?http://www.npg.org/forum_series/images/imm&pop_growth/chart_1.gif){kind=link}
That figure is inflated by immigration from Asia and Latin America. Immigration to the US from developed nations FELL from the 70s to the 80s. [link]
In order to explain this further, we first have to dig a little into the disastrous effects of Reaganomics - the massive new underclass created by the cuts to education, welfare and policing and the resultant crime wave made the US highly unattractive to wealthy immigrants despite the fact that tax rates had been halved in an effort to attract them.
In order to explain this further, we first have to dig a little into the disastrous effects of Reaganomics - the massive new underclass created by the cuts to education, welfare and policing and the resultant crime wave made the US highly unattractive to wealthy immigrants despite the fact that tax rates had been halved in an effort to attract them.
Are you suggesting that more than half of the top 40% earners in the US would emigrate if they had to pay 35% effective income tax?
Yup.
Okayyyy, so an exodus of 20 million+ wealthy Americans would leave behind their cushy careers in middle management for a life of 'freedom from taxes' in New Zealand? Riiiight.