UK example of why high tax rates on the rich don't work

[joeydb]

If you charge enough in taxes for any group, they will use measures to decrease the tax collected: moving, not increasing their businesses, or "Going Galt" entirely.

You cannot collect what people decide not to earn in the first place.

[Danzig]

Originally Posted by joeydb

If you charge enough in taxes for any group, they will use measures to decrease the tax collected: moving, not increasing their businesses, or "Going Galt" entirely.

You cannot collect what people decide not to earn in the first place.

they do that either way. it's bs. and it's amazing the amount of growth we experienced in past eras, when the taxes were higher.

[Danzig]

http://www.slate.com/blogs/spitzer/2..._up_a_lot.html

on cap gain tax increases.


and note this excerpt:

A couple of data points: First, in 2010, 93 percent of the income that was added to our economy accrued to the top 1 percent of families. Second, corporate earnings as a percentage of GDP are at an all-time high—totaling 1.75 trillion in the third quarter of this year, while wages as a percentage of GDP are at an all-time low—just about 43 percent of GDP.

[GenuineRisk]

Originally Posted by joeydb

If you charge enough in taxes for any group, they will use measures to decrease the tax collected: moving, not increasing their businesses, or "Going Galt" entirely.

You cannot collect what people decide not to earn in the first place.

Have you read Atlas Shrugged?

[jms62]

Originally Posted by GenuineRisk

Have you read Atlas Shrugged?

I'll show you, I won't earn any money so you won't get any taxes from me.
Profound logic

[GenuineRisk]

Originally Posted by jms62

I'll show you, I won't earn any money so you won't get any taxes from me.
Profound logic

That wasn't the question I asked. I asked if you've read Atlas Shrugged. It's easy- the answer is:

A) Yes
B) No
C) Yes except I sort of just skimmed John Galt's speech in the third part because come on, it's 80 pages long.

[jms62]

Originally Posted by GenuineRisk

That wasn't the question I asked. I asked if you've read Atlas Shrugged. It's easy- the answer is:

A) Yes
B) No
C) Yes except I sort of just skimmed John Galt's speech in the third part because come on, it's 80 pages long.

Me No. I'm strictly Non Fiction. I read this yesterday and got a chuckle.

http://blog.ourfuture.org/20120209/J...and-so-are-you

[GenuineRisk]

Originally Posted by jms62

Me No. I'm strictly Non Fiction. I read this yesterday and got a chuckle.

http://blog.ourfuture.org/20120209/J...and-so-are-you

That was hilarious; thanks for the link!

[Danzig]

Originally Posted by GenuineRisk

Have you read Atlas Shrugged?

probably not.
but it's one of the current go to phrases. might as well use it.