Should taxes be raised on the wealthiest people? (3 Viewers)

[pbaldy]

This is what happens with high taxes. It would be easy for wealthy people to leave the US and take their businesses with them

It's not just wealthy people. My sister-in-law lived in Los Angeles and retired from the FBI there. She moved to Nevada to escape the CA income tax of 10%. An old college buddy was an attorney for the state of CA and retired. On a zoom call the other day he said he and his wife wanted to come to NV and get a tour from my wife and I, as they were strongly thinking about moving to escape the tax. They want to get a feel for neighborhoods, etc, to guide their search.

Frankly Nevada has been overrun by Californians moving to escape the high cost of living, of which one component is the income tax.

 

[AngelSpeaks]

It's not just wealthy people. My sister-in-law lived in Los Angeles and retired from the FBI there. She moved to Nevada to escape the CA income tax of 10%. An old college buddy was an attorney for the state of CA and retired. On a zoom call the other day he said he and his wife wanted to come to NV and get a tour from my wife and I, as they were strongly thinking about moving to escape the tax. They want to get a feel for neighborhoods, etc, to guide their search.

Frankly Nevada has been overrun by Californians moving to escape the high cost of living, of which one component is the income tax.

Bottom line- when those paying the taxes leave, what's left?

 

[pbaldy]

Bottom line- when those paying the taxes leave, what's left?

Reminds me of the old Ten Years After lyrics:

Tax the rich
Feed the poor
Till there are no
Rich no more

 

[The_Doc_Man]

Bottom line- when those paying the taxes leave, what's left?

What's left are the nightmarish situations where stores like Walgreens and Target and other retailers leave neighborhoods because the people steal everything in sight. And then protest when the stores close. What's left are the homeless encampments that are being pushed around because they have no place to be and no place to go, because owning a home is too expensive. What's left are the people who are too poor to be able to afford to even eat at a fast food joint because the exorbitant minimum wage makes everything too expensive.

 

[ColinEssex]

What's left are the nightmarish situations where stores like Walgreens and Target and other retailers leave neighborhoods because the people steal everything in sight. And then protest when the stores close. What's left are the homeless encampments that are being pushed around because they have no place to be and no place to go, because owning a home is too expensive. What's left are the people who are too poor to be able to afford to even eat at a fast food joint because the exorbitant minimum wage makes everything too expensive.

But the good news is. . . . . . .
Col

 

[Steve R.]

Wealth is mobile. Those who are rich can simply move to another location that is more tax friendly to them. So - should they leave, they will no longer directly be involved and/or contribute to the economy. Moreover, there are issues of corruption and political orientation. One can view Venezuela as an example of what happens with corruption and excessive social spending. The lesson is that the government cannot unilaterally (socialism) manage an economy. The US, under a Harris/Walz administration could be headed down the same road a Venezuela.

Unfortunately the article below ends in 2013, though it states that it was updated in 2023.

How Venezuela Fell into Crisis

Many factors led the once prosperous nation to fall into crisis.

www.history.com

How Venezuela went from a rich democracy to a dictatorship on the brink of collapse

The government’s response to economic crisis is reshaping the nation.

www.vox.com

 

[The_Doc_Man]

But the good news is. . . . . . .
Col

We're still waiting for any good news out of that part of the country. So far, nothing useful or hopeful.

 

[AccessBlaster]

But the good news is. . . . . . .
Col

Life is good....be happy.