Obamanomics: Ruining the economy, one mistaken, big-government attempt to fix it at a time.
The millionaire that you liked to bash the most Romney made his millions off high risk ventures it is what Bain capitol did
But even if you did find such a level...so what? I mean, what if over $50M we put marginal tax rates at 90% and a CEO at a bank no longer find it worthwhile to make more than that. What is the result? He'll either cap his compensation at around $50M or else he'll try to weasel the board to pay him grotesque amounts to make up the difference, but there is only so much he can squeeze them for so it may not be worthwhile. Is he going to not try to maximize bank profits because he thinks he is worth $100M and $50M is not worth his time? No--he still wants that $50M and if his bank doesn't perform well he'll get replaced or a competitor will outstrip them.
What about the guy who owns his own company? Will he not be willing to grow his business because his taxes make it impractical to earn more? Only if he is a fool. If he's making so much that he's getting maxed up then he can simply stop paying himself and investing to make his company grow to help ensure that he can STAY on top by crowding out competition. He could also use some of the extra profits to pay his workers better because he's an actual human being with some care and compassion. But he might decide to simply work less. Fine. That opens the door for someone else to come in and pick up that slack. Nothing is lost, and in fact you may have some net gain.
My parents are in their 70's. They are still working, and since it is a medical practice they earn money really based on how much they work, and not just some arbitrary salary level. They make a fair amount of money and pay high tax rates. So why do they keep doing it? Because 40 cents on the dollar is better than 0 cents, and they see a benefit to continue to work even at such tax rates.
Last edited by ptwonline; 2013-02-13 at 06:37 PM.
In most cases, if you leave the country/state, you still pay income tax that you earn in said country/state. If you run a film studio in Hollywood, you can't move your house to Kansas and pay less income tax on the studio's earnings.lets look at France the raised their top end rate to 75% and millionaires left France by the boat full then we have California that raised its rate and combined with federal and local tax the high end is paying over 50% and they are leaving in droves also
You're talking about the dangers of going past the midpoint of the Laffer Curve and going too far to the right, where increased taxes lead to lower production and revenue. Pretty much every economist in the business agrees that the US is pretty well to the left on the Laffer Curve, which makes your protests on that matter baseless.
I bet if you got rid of student loans you would see a BIG decrease in the tuition rate. Why do you think higher education cost is going up so damn fast? Students can just get a loan.
The millionaire "I" like to bash, huh? Show me a post where I've bashed Romney for his money.
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Bain Capital makes money whether the companies they take on become successful, or don't. It's not a risk venture. If they can't turn a profit by improving the company's performance, they'll sell it off piecemeal, since the company becoming long-term profitable isn't a consideration.