The lower the tax - the more money will stay and will be reinvested into the local economy. That should be easy to understand. Just as robbing productive people with taxes is not going to work.
How do you pay for schools, police, firefighters in your tax-free world?
Make tax rate 5% to keep ALL capital in local economy.
And that better than losing 90% of capital away for good.
Significantly reduce or offset personal and capital gain taxes for people who are investing into public projects.
There are many more better ways that tax abusive policies that never work.
That's why i'm against high taxes. We get a bunch of random political parties, promising to "tax the rich" and stuff, we get new laws... and what happens? - The poor already pay very little tax - no change there - The rich avoid the tax by doing shady stuff (who remembers the panama papers.. or this.. or many other stories like these) - I, the middle class engineer get fucked by the taxes, and I get fucked hard, and…
> I, the middle class engineer get fucked by the taxes Fwiw we feel like middle class but we’re really in the top 5% or higher. We’re the rich people these taxes and politicians talk about. The ultra rich/wealthy are a red herring, there’s only a few 10k of them of them. Only 614 people are billionaires. 7 figure income (salary) puts you in top 0.35% ... that’s 1,120,000 Americans. Not a whole lot. edit: top 10% star…
Could you define "fair share" please in a way that everyone is agree with?
I'll throw a range out there for the sake of argument, and I'm really low-balling it: 25-30%
So a little bit less than they pay right now in the US? The latest CBO data has the average Federal tax rate at around 31% for both the top 1% and top 0.01% cohorts [1].
That's why i'm against high taxes. We get a bunch of random political parties, promising to "tax the rich" and stuff, we get new laws... and what happens? - The poor already pay very little tax - no change there - The rich avoid the tax by doing shady stuff (who remembers the panama papers.. or this.. or many other stories like these) - I, the middle class engineer get fucked by the taxes, and I get fucked hard, and…
And the taxes they take from you get spent as poorly as possible. And the solution is always more taxes.
That's not a result of high taxes but of either badly designed/balanced taxes or of lack of enforcement.
But the conversation is always towards higher taxes rather than fixing enforcement, design, etc. Edit: I think I hit a nerve.
Not really. The Biden administration’s proposals include more funding and organisational reform for the IRS. Democrats have been talking for some time about how the steady defunding of the IRS has resulted in less tax collection from the rich and powerful.
That's why i'm against high taxes. We get a bunch of random political parties, promising to "tax the rich" and stuff, we get new laws... and what happens? - The poor already pay very little tax - no change there - The rich avoid the tax by doing shady stuff (who remembers the panama papers.. or this.. or many other stories like these) - I, the middle class engineer get fucked by the taxes, and I get fucked hard, and…
This doesn't seem to make much sense: You're against a policy because someone lied and didn't implement it when they said they would? You can be for taxing the rich and against people who do otherwise simultaneously.
I think the point is that beyond total and complete global totalitarianism there isn't a great way for any government to truly tax the rich to the extent desired because there were always be another safe haven for it overseas.
Momentum trading is all you have. So last week that was Dogecoin and a few years ago it was value investing. The answer is “make money” and let it be taxed . The governments dont care about after-tax money which can then go anywhere unaccounted for. Thats when it can go in a tax deferred account in perpetuity.
How depressing that people on HN of all places think of Dogecoin trading before starting a business. If that is really your perspective, why live in the US?
Correct, you don't need any infrastructure of the US to make money. It offers nothing except a collective culture of growth expectations. But you don't need any aspect of the US to act on it. The variety of growth capital from a wide array of investment firms is only available to a thin sliver of society that has a similar background as the investment firm directors, which would make prioritizing "starting a business" to be a waste of time in comparison to an internationally available opportunity like Dogecoin, an opportunity which only needed to last a few weeks before the market reverts to allocating capital in other things. Be depressed. The rest of us just want to give an answer to the question.
> I, the middle class engineer get fucked by the taxes Fwiw we feel like middle class but we’re really in the top 5% or higher. We’re the rich people these taxes and politicians talk about. The ultra rich/wealthy are a red herring, there’s only a few 10k of them of them. Only 614 people are billionaires. 7 figure income (salary) puts you in top 0.35% ... that’s 1,120,000 Americans. Not a whole lot. edit: top 10% star…
That's why i'm against high taxes. We get a bunch of random political parties, promising to "tax the rich" and stuff, we get new laws... and what happens? - The poor already pay very little tax - no change there - The rich avoid the tax by doing shady stuff (who remembers the panama papers.. or this.. or many other stories like these) - I, the middle class engineer get fucked by the taxes, and I get fucked hard, and…
> I, the middle class engineer get fucked by the taxes Fwiw we feel like middle class but we’re really in the top 5% or higher. We’re the rich people these taxes and politicians talk about. The ultra rich/wealthy are a red herring, there’s only a few 10k of them of them. Only 614 people are billionaires. 7 figure income (salary) puts you in top 0.35% ... that’s 1,120,000 Americans. Not a whole lot. edit: top 10% star…
More than 1% of US households (something like 1.5M households with a total of ~3M people) have >$10M in household net worth. The primary target is that class, irrespective of its members’ earned income, in part because they can reliably earn mid-six-figures per year in returns to capital alone. https://www.forbes.com/sites/jackkelly/2019/10/22/the-number...
"Other" jurisdictions are easily attracting capital from countries who are trigger happy to rob their citizens with taxes.
People very rarely actually leave countries over tax policies. Countries pretend ignorance because of who’s benefiting, but unless they renounce citizenship moving money off shore is effectively symbolic. Loopholes for example aren’t some inherent element of tax codes their built and maintained for the express purpose of being used.
Quite a few wealthy people do. Especially Canadians and non-americans who can.
Why wouldn't person move outside of tax jurusdiction if it afford saving few extra $MM's and possibility to discover more beautiful, friendly countries?
Of course US Citizenship essentially became IRS trap and renouncing it became very difficult thing to do for americans