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Is the tax man coming for you?

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  • Lesson one in taxation... the super rich do NOT get the hit. They and their money are mobile. They don’t have to stay in a place and simple take a huge hit. They can dodge it. It’s the middle class who wind up taking it on the chin every time. And the problem gets worse as more people fall out of the

    Lesson one in taxation... the super rich do NOT get the hit. They and their money are mobile. They don’t have to stay in a place and simple take a huge hit. They can dodge it. It’s the middle class who wind up taking it on the chin every time. And the problem gets worse as more people fall out of the middle class, demand the rich pay, and the cycle continues over and over.

  • Lots of big talk, but odds are taxes are coming for the upper middle class. this is what it takes if the US wants a more progressive tax system.

  • There’s been a lot of fiery rhetoric about raising taxes on the wealthy, but as Allison Schrager explains, it’s mostly political posturing. The money raised from taxing the richest Americans won’t come close to paying for new entitlements, which is why she predicts tax increases for the “mass affluent.”

  • Rather, they choose to put it on a charitable organisation, I guess.

  • The rich normally do have a part of their wealth in mobile investments such as precious gems, and recently in Bitcoin or other crypto currencies, and even in cash. However precious gems and cash, while being the most mobile, do not pay interest. The rich are very aware of the amount of money they are

    The rich normally do have a part of their wealth in mobile investments such as precious gems, and recently in Bitcoin or other crypto currencies, and even in cash. However precious gems and cash, while being the most mobile, do not pay interest. The rich are very aware of the amount of money they are losing every minute their riches are not invested.

    That is why it will be such a blow to our economy if the proposed tax hikes on the rich get further than just talk. One of the reasons for the current economic high is in part due to companies bringing their companies back to the US. They did this because the recent tax cuts made it more affordable to do business here that overseas. If new higher tax rates on the rich, especially the high amount being mentioned, the rich will take those companies and more back overseas to escape the higher rates. It won't be just their mobile funds that are moved but many billions in investment also.

    Once those investments, companies, and mobile funds are gone, it could be a very long time before they could return as the new laws put a high fee on returning American companies who move their funds overseas.

    Someone on here posted that the math skills of people wanting to raise taxes to pay for new government programs are normally terrible.

    Someone else posted that even the proposed 70% tax rate proposed by Congressman Ocasio-Cortez will be enough to pay for the wanted programs.

    Both posts are correct and when combined with the knowledge of the amount of investments and mobile funds that would immediately vanish from our economy, it is scary beyond belief.

    This nation would more than likely enter a recession that would make the 1930s Recession look like a Sunday walk in the park. The way goes America, so goes the world. Millions, possibly as many as a billion, people could starve. The amount of wealth that would disappear is mind boggling.

    A poll showing 61% of the population want higher taxes on the rich was mentioned but that poll was skewed by the biased questions used and the way those questions were asked by the polsters. The number remains over half but a closer percentage is 53% with a +· of 4.

    That is before a nation wide campaign against the tax hikes has even begun and one will occur if the hikes seem to be becoming more than political jostling.

  • Not sure I would say math is the enemy of liberals. Just move money from defense spending, spend more on cyber defense and border defense. Seems easy enough.