America is falling out of love with billionaires, and it’s about time

  • You are viewing Orangepower as a Guest. To start new threads, reply to posts, or participate in polls or contests - you must register. Registration is free and easy. Click Here to register.

llcoolw

Territorial Marshal
Feb 7, 2005
5,469
3,149
1,743
Sammamish, Washington.Dallas, Texas.Maui, Hawaii
#21
Just watch and mark my words. People get behind raising taxes on the rich. 50% 60% 70% whatever the number. Those who are targeted will just leave. So the tax falls on the next in line. And so on. Soon it will be on those who make 50-60k. I don't know where it will end but I will not support it.
 

CaliforniaCowboy

Federal Marshal
Oct 15, 2003
15,569
2,440
1,743
So Cal
#22
“This is the flip side, Tax the rich, tax the rich, tax the rich. The rich leave, and now what do you do?”
Andrew Cuomo on his budget deficit

you just can't make this stuff up
 

StillwaterTownie

Federal Marshal
Jun 18, 2010
16,506
2,162
743
Where else but Stillwater
#24
Just watch and mark my words. People get behind raising taxes on the rich. 50% 60% 70% whatever the number. Those who are targeted will just leave. So the tax falls on the next in line. And so on. Soon it will be on those who make 50-60k. I don't know where it will end but I will not support it.
If rich people fled America decades ago when tax brackets did go up to 70% and higher, America sure didn't miss them, because that was when the strongest economic growth occurred.

After taking deductions no rich person would have to pay such a high rate. And continuing to be allowed to pay lower taxes on dividends and capital gains will further help to insure that.
 
Last edited:

llcoolw

Territorial Marshal
Feb 7, 2005
5,469
3,149
1,743
Sammamish, Washington.Dallas, Texas.Maui, Hawaii
#25
If rich people fled America decades ago when tax brackets did go up to 70% and higher, America sure didn't miss them, because that was when the strongest economic growth occurred.

After taking deductions no rich perosn would have to pay such a high rate. And continuing to be allowed to pay lower taxes on dividends and capital gains will further help to insure that.
No one in the history of the US paid the top rate. There were numerous loop holes and deductions. Those are gone now.
 

CaliforniaCowboy

Federal Marshal
Oct 15, 2003
15,569
2,440
1,743
So Cal
#26
What punishment? Billionaires have done quite amazingly well under the American system of government, regulations, economics and tax policies.
the taking their life, liberty and pursuit of happiness punishment.... the poor have done quite well also, as compared to the world stage... I don't see you trying to punish them and take their Obama phones, air conditioning and cable TV.
 

llcoolw

Territorial Marshal
Feb 7, 2005
5,469
3,149
1,743
Sammamish, Washington.Dallas, Texas.Maui, Hawaii
#27
They didnt leave the US. At least not yet. However, ther are numerous sites dedicated to teach you how to get out of the US with your wealth intact. Using jobob85 numbers. 2.4 trillion dollars breaks down to 6,666 for 360 million Americans. I need more than that just for one month of expenses. Taking all their wealth isn't going to help anyone for more than a year unless we are taking it and giving it to 540 other families which I suspect is the goal.
 

CaliforniaCowboy

Federal Marshal
Oct 15, 2003
15,569
2,440
1,743
So Cal
#28
If rich people fled America decades ago when tax brackets did go up to 70% and higher, America sure didn't miss them, because that was when the strongest economic growth occurred.

After taking deductions no rich perosn would have to pay such a high rate. And continuing to be allowed to pay lower taxes on dividends and capital gains will further help to insure that.
Say Goodbye, America: The Rich Are Renouncing Their Citizenship to Dodge Taxes
In the first quarter of 2015 the highest number of Americans - ever - renounced their citizenship. The number, 1,335, is a relatively small proportion of the population at large, but the U.S. now appears to be on track to log more citizenship renunciations in 2015 than in any prior year.

Year-on-year the total keeps growing. In 2013, 2,999 renounced their citizenship, an increase of 221% from 2012. In 2014, 3,415 renounced their citizenship, the highest total ever. But 2015 appears to be on track to see 5,000 say goodbye to the U.S., said David Hryck, a partner at Reed Smith in New York and a tax lawyer with a clientele studded with one-percenters. He added: “I have so many clients asking me about doing this now.”

In an online survey, Greenback Expat Tax Services in Hong Kong found that 23% of respondents are “seriously considering” renouncing U.S. citizenship. Other experts said similar: there recently is a stampede of citizens seeking to turn off relationships with the U.S.

Incidentally, by law, the U.S. publishes the names of citizenship renouncers. Here is the roster for Q1 2015.
https://www.thestreet.com/story/131...ouncing-their-citizenship-to-dodge-taxes.html
 

StillwaterTownie

Federal Marshal
Jun 18, 2010
16,506
2,162
743
Where else but Stillwater
#29
"people" do not want bigger and bigger government, the Democratic politicians want that. It's called control.

most people would likely prefer to know exactly what their taxes are going for.... not to whom.

and once again... we're talking about the FEDERAL government and their unconstitutional tyranny ... not State's that should govern themselves as their citizens see fit.
And once again to you, I don't see Republicans in DC, including President Trump, strongly advocating abolishing the many federal bureaucracies that you quite strongly believe shouldn't be there, because they weren't even authorized to be set up under the U. S. Constitution, for starters, the Dept. of Education.
 
Aug 16, 2012
1,154
768
743
56
#30
Maybe because the chitstorm that would ensue and the low probability of anything getting eliminated. Sometimes the fight is not worth it and attention is better spent elsewhere on things that can be changed.
 

CaliforniaCowboy

Federal Marshal
Oct 15, 2003
15,569
2,440
1,743
So Cal
#31
And once again to you, I don't see Republicans in DC, including President Trump, strongly advocating abolishing the many federal bureaucracies that you quite strongly believe shouldn't be there, because they weren't even authorized to be set up under the U. S. Constitution, for starters, the Dept. of Education.
I agree... I don't see them doing it either, which is why I'm opposed to the Republican Party, and I am advocating for the return to State's rights and reform through a Convention of States.

You're correct, the establishment politicians, of either party, are not going to give up their power - we must band together and take it back from them
 

CocoCincinnati

Federal Marshal
Feb 7, 2007
16,365
23,784
1,743
Tulsa, OK
#33
What punishment? Billionaires have done quite amazingly well under the American system of government, regulations, economics and tax policies.
Yeah, some might argue they have done well BECAUSE of some of those regulations and tax laws. Why you think you can fix that by creating more regulations and tax laws is quite frankly, a mystery.
 

StillwaterTownie

Federal Marshal
Jun 18, 2010
16,506
2,162
743
Where else but Stillwater
#35
Yeah, some might argue they have done well BECAUSE of some of those regulations and tax laws. Why you think you can fix that by creating more regulations and tax laws is quite frankly, a mystery.
Yeah, so why not remove those regulations and tax laws and millionaires can become billionaires quicker? Why should dividends and capital gains be taxed at all?
 

CocoCincinnati

Federal Marshal
Feb 7, 2007
16,365
23,784
1,743
Tulsa, OK
#36
Yeah, so why not remove those regulations and tax laws and millionaires can become billionaires quicker?
Because big government is in bed with big business and rich special interests. Why do you continue to ask questions to which you already know the answer?

Why should dividends and capital gains be taxed at all?
They shouldn't. As has already been pointed out, the business already paid taxes on that money. How many times do you think the government should tax the same dollar?
 

pokes16

Territorial Marshal
Oct 16, 2003
6,470
6,048
1,743
Tulsa
#38
OMG! Don't tax dividends and cap gains?? I finally agree with Townie on something!!!



NOW I am skerred!!!
 
Jul 25, 2018
1,309
366
163
48
Boulder, CO
#39
Because big government is in bed with big business and rich special interests. Why do you continue to ask questions to which you already know the answer?



They shouldn't. As has already been pointed out, the business already paid taxes on that money. How many times do you think the government should tax the same dollar?

Bbbbuuuuttttt, they're rich, so they deserve it, right?
 
Feb 11, 2007
4,116
1,892
1,743
Oklahoma City
#40
If rich people fled America decades ago when tax brackets did go up to 70% and higher, America sure didn't miss them, because that was when the strongest economic growth occurred.

After taking deductions no rich person would have to pay such a high rate. And continuing to be allowed to pay lower taxes on dividends and capital gains will further help to insure that.
Townie...you don't know your history of excessively high taxes. When they were 70% say from the sale of farm, people tried all kinds of tax avoidance schemes to avoid them. These schemes were extremely risky and most failed. Some were even found illegal and people not only lost their money but had to pay their tax anyway. All this resulted in a big waste of money.