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Are super-rich people just better at making money?

pudding.cool

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Re: Are super-rich people just better at making money?

#581

Post by lwhi »

nickpp wrote: post #551
naasking wrote: post #497

Earlier quoted context omitted.

Most business revenue in America is still from small to medium sized businesses, so this investment you speak of doesn't sound too important. So yes, I agree that business produces wealth, but the business that matters isn't going anywhere because they're largely local. The larger corporations are still going to do business here as well because of the market power. As for wealth flight, it's overblown. First fleeing…

Pretty much every country that tried to tax wealth had to back up exactly because of wealthy and capital flight. > local competitors will immediately spring up What is your experience starting new businesses? It is a highly difficult and risky endeavor and few people find it more attractive than simply getting a job. It's exactly this kind of people that you will alienate and drive away with these of wealth-hostile p…

> Pretty much every country that tried to tax wealth had to back up exactly because of wealthy and capital flight.

Which brings the need for inter governmental regulation.

Re: Are super-rich people just better at making money?

#582

Post by pas »

xg15 wrote: post #554
rayiner wrote: post #513

Earlier quoted context omitted.

That, and economists broadly agree that taxing businesses and investment is a bad idea, and that the most efficient thing is a consumption tax: https://www.npr.org/sections/money/2012/07/19/157047211/six-... . Note that this article is from NPR of all things.

Most efficient in archieving what exactly? They only gave actual objectives for 3 of the 6 proposals - and those objectives where "fairer markets" and "create more jobs". Reducing inequality was not mentioned anywhere. Indeed they acknowledge it will hurt lower-income households but handwave that away with some unspecified measures to "minimize" harm to those households. > Eliminating the deduction will drive up cost…

> poor on paper

How does that have anything to do with corporate income tax? CIT is paid by the legal entity, usually on the profit. After that the board decides what to do with it. Pay dividends or not, etc. And capital gains taxes are due on that. (That is it's basically a specialized personal income tax.)

Rich people appearing poor on paper only works if the tax system allows deducting luxury expenses. (Like mortgage payments on second, third and so on properties. Which the US tax system usually does.)

Re: Are super-rich people just better at making money?

#583

Post by nickpp »

lwhi wrote: post #581
nickpp wrote: post #551

Earlier quoted context omitted.

Pretty much every country that tried to tax wealth had to back up exactly because of wealthy and capital flight. > local competitors will immediately spring up What is your experience starting new businesses? It is a highly difficult and risky endeavor and few people find it more attractive than simply getting a job. It's exactly this kind of people that you will alienate and drive away with these of wealth-hostile p…

> Pretty much every country that tried to tax wealth had to back up exactly because of wealthy and capital flight. Which brings the need for inter governmental regulation.

Good luck with that! The most authoritarianists have ever managed to do was make it illegal for people to leave their inhuman regime: guns on borders, pointing inside. Not surprisingly, those countries were quickly outcompeted by free countries.

Re: Are super-rich people just better at making money?

#584

Post by lwhi »

nickpp wrote: post #583
lwhi wrote: post #581

Earlier quoted context omitted.

> Pretty much every country that tried to tax wealth had to back up exactly because of wealthy and capital flight. Which brings the need for inter governmental regulation.

Good luck with that! The most authoritarianists have ever managed to do was make it illegal for people to leave their inhuman regime: guns on borders, pointing inside. Not surprisingly, those countries were quickly outcompeted by free countries.

It's exactly what has happened / is happening in Europe.

Re: Are super-rich people just better at making money?

#585

Post by nickpp »

lwhi wrote: post #584
nickpp wrote: post #583

Earlier quoted context omitted.

Good luck with that! The most authoritarianists have ever managed to do was make it illegal for people to leave their inhuman regime: guns on borders, pointing inside. Not surprisingly, those countries were quickly outcompeted by free countries.

It's exactly what has happened / is happening in Europe.

Europe is divided between countries deeply infiltrated by Russia and countries who can’t wait to escape and write their own futures. UK, Poland, Hungary will welcome fleeing capital. Brexit wasn’t the last exit.

With its anti-business attitude, tiny high-tech industry and lacking innovation and creativity, Europe’s importance in the world is vanishing fast.

The future is in Asia and Eastern Europe. And US, of course.

Re: Are super-rich people just better at making money?

#586

Post by wlecometo »

theamk wrote: post #485
dennis_jeeves1 wrote: post #475

Earlier quoted context omitted.

>A very simple distribution solution therefore is to stop privileging capital gains and tax all income equally. An even more simpler solution would be to take away the all wealth of rich people and divide it among all people. The calculations would be a lot easier. Taxes are complicated.

Someone tried this, it was called "USSR" (a.k.a. Soviet Union)! They started by nationalizing all businesses, and had all sort of interesting laws, like jail time for people without "real" jobs (to prevent people living off passive income). Or jail time for people who were trying to get rich by selling stuff for too high of a price. Look it up, pretty interesting story. They did have to build a strong border protecti…

while i agree that "taking away the all wealth of rich people and divide it among all people" is simply unrealistic, wrong and unpractical, i do believe we could ask the wealthier more "effort" than the actual one, without having to recreate a "ussr 2.0" or worst go again for that awful original "experience".

Re: Are super-rich people just better at making money?

#587

Post by lwhi »

nickpp wrote: post #585
lwhi wrote: post #584

Earlier quoted context omitted.

It's exactly what has happened / is happening in Europe.

Europe is divided between countries deeply infiltrated by Russia and countries who can’t wait to escape and write their own futures. UK, Poland, Hungary will welcome fleeing capital. Brexit wasn’t the last exit. With its anti-business attitude, tiny high-tech industry and lacking innovation and creativity, Europe’s importance in the world is vanishing fast. The future is in Asia and Eastern Europe. And US, of course.

I completely disagree.
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