Bernie soon to announce. Who here picks him?

[BAUS]

Do you know what communism is? They build walls in communist countries.

 

Do understand what a 70% marginal tax is? It's a tax rate on a taxpayers annual taxable income about a certain amount. The amount most likely being somewhere between 10 to 20 million.

 

I heard the top 1% richest Americans own more wealth than the bottom 90%. Think about that.

 

70% is a good starting point. Maybe a little high.

Yes I fully understand what a 70% tax rate will do. It will cause wealthy people to move their assets to a reasonable country. And also renounce American citizenship, which has been climbing year after year by the way.

 

So there will no be actual increase in tax revenues. Companies will close and unemployment will rise even further. More people will need food stamps then ever before, yet there will be no tax revenue to support it. The government will print more money, which will cause inflation, and the whole thing will become a disaster.

 

Pretty easy to see how a 70% tax rate will play out.

 

BAUS

[FISHHEAD]

BAUS is WINNING

[Sol Aristatel]

Yes I fully understand what a 70% tax rate will do. It will cause wealthy people to move their assets to a reasonable country. And also renounce American citizenship, which has been climbing year after year by the way.

 

So there will no be actual increase in tax revenues. Companies will close and unemployment will rise even further. More people will need food stamps then ever before, yet there will be no tax revenue to support it. The government will print more money, which will cause inflation, and the whole thing will become a disaster.

 

Pretty easy to see how a 70% tax rate will play out.

 

BAUS

 

What are the benefits of renouncing American citizenship vs just moving to another country?  

 

Once renouncing is done, I'm not sure you can just get it back.  Not easily at least. 

[BAUS]

What are the benefits of renouncing American citizenship vs just moving to another country?

 

Once renouncing is done, I'm not sure you can just get it back. Not easily at least.

Because the USA is perhaps the only country in the world that forces its citizens to pay income tax on worldwide income, regardless of where they live.

 

One of the guys who make millions or billions off Facebook renounced his citizenship and took off so he didn’t have to pay tax on it.

 

BAUS

[BAUS]

Once renouncing is done, I'm not sure you can just get it back. Not easily at least.

That’s the whole point. It’s a liability; not an asset.

 

BAUS

[Sol Aristatel]

Because the USA is perhaps the only country in the world that forces its citizens to pay income tax on worldwide income, regardless of where they live.

 

One of the guys who make millions or billions off Facebook renounced his citizenship and took off so he didn’t have to pay tax on it.

 

BAUS

 

Interesting.  

 

So although you don't live in the US anymore, if you are a citizen the US requires you to pay income tax if you live and work in Japan?

 

Wow.  That's fucked up. 

[BAUS]

Interesting.

 

So although you don't live in the US anymore, if you are a citizen the US requires you to pay income tax if you live and work in Japan?

 

Wow. That's fucked up.

Or say you’re born in another country to American parents. They apply for your citizenship. Your entire adult life you’ll have to file a US tax return even if you’ve never stepped foot in the US.

 

A nuisance for the average person. A huge liability for someone who goes on as an entrepreneur and makes a fortune.

 

This is why thousands renounce every year.

 

BAUS

[Sol Aristatel]

Or say you’re born in another country to American parents. They apply for your citizenship. Your entire adult life you’ll have to file a US tax return even if you’ve never stepped foot in the US.

 

A nuisance for the average person. A huge liability for someone who goes on as an entrepreneur and makes a fortune.

 

This is why thousands renounce every year.

 

BAUS

I’ve been educated tonight.

 

SOL

[Bigrunner]

Yes I fully understand what a 70% tax rate will do. It will cause wealthy people to move their assets to a reasonable country. And also renounce American citizenship, which has been climbing year after year by the way.

 

So there will no be actual increase in tax revenues. Companies will close and unemployment will rise even further. More people will need food stamps then ever before, yet there will be no tax revenue to support it. The government will print more money, which will cause inflation, and the whole thing will become a disaster.

 

Pretty easy to see how a 70% tax rate will play out.

 

BAUS

Fishead & Baus obviously don't get it.

 

The 70% tax isn't on Assets. It's on Income above a certain amount. It's seems that Baus and Fishead don't know income and Assets are two different beasts.

 

There is not a Federal Income Tax on Assets! Keyword "Income". Nice try Baus, Fishead. Do you feel exposed?

[Bigrunner]

Baus, a house is an asset! Fishhead a boat is an asset. You don't pay income tax on those items. So Baus I ask why would wealthy people move their houses and boats to reasonable countries?

 

FYI, a paycheck, a annuity check, a dividend check, a 1099 check are all types of income

[mikeman]

Or say you’re born in another country to American parents. They apply for your citizenship. Your entire adult life you’ll have to file a US tax return even if you’ve never stepped foot in the US.

 

A nuisance for the average person. A huge liability for someone who goes on as an entrepreneur and makes a fortune.

 

This is why thousands renounce every year.

 

BAUS

It's also why our policy of birth citizenship is so ridiculous, people are desperate to become citizens when they know they wont be paying any taxes, the scientific term is mooch.

[Dr. Paddy]

He has zero chance, for better or for worse. Dont waste your money.

 

Some tasty odds on the orange dude today at bm ,i tripple popped it

I'm calling bullshit, because the alternative is too depressing.

[Bigrunner]

Because the USA is perhaps the only country in the world that forces its citizens to pay income tax on worldwide income, regardless of where they live.

 

One of the guys who make millions or billions off Facebook renounced his citizenship and took off so he didn’t have to pay tax on it.

 

BAUS

But you left out the part that you also get a dollar for dollar credit for foreign taxes paid.

[BAUS]

Baus, a house is an asset! Fishhead a boat is an asset. You don't pay income tax on those items. So Baus I ask why would wealthy people move their houses and boats to reasonable countries?

 

FYI, a paycheck, a annuity check, a dividend check, a 1099 check are all types of income

Omg. Why are you defending the act of taking something from a successful person in order to give it to an unsuccessful person?

 

If income is taxed at 70% no one will have any assets to worry about.

 

Even so, the US tax situation on inheritance is so mind boggling unfair that wealthy people should still have motivation to leave.

 

BAUS

[BAUS]

But you left out the part that you also get a dollar for dollar credit for foreign taxes paid.

True. With countries that the US has tax treaties with.

 

The average person won’t be affected. Someone who makes a lot of money in another country will be.

 

BAUS

[Sol Aristatel]

[BAUS]

yeah man, the US is truly a police state

 

all your forefathers must be rolling in their graves the way shit is today, its scary

 

 

and its scary because all the western countries wanna follow your lead

Or are bullied into it by the US.

 

BAUS

[Sol Aristatel]

yeah man, the US is truly a police state

 

all your forefathers must be rolling in their graves the way shit is today, its scary

 

 

and its scary because all the western countries wanna follow your lead

Although I agree many things are fucked up here, still a great place to live and raise a family. For now.

 

I’m afraid it wont be this way for my grandchildren though. Dark days ahead.

[BAUS]

Although I agree many things are fucked up here, still a great place to live and raise a family. For now.

 

I’m afraid it wont be this way for my grandchildren though. Dark days ahead.

I agree. Day to day life is good in the US.

 

The main problem I would have if I were an American is seeing half my tax dollars go to waste on the military, military-industrial complex etc.

 

BAUS

[Bigrunner]

Omg. Why are you defending the act of taking something from a successful person in order to give it to an unsuccessful person?

 

If income is taxed at 70% no one will have any assets to worry about.

 

Even so, the US tax situation on inheritance is so mind boggling unfair that wealthy people should still have motivation to leave.

 

BAUS

You don't get it! It's not 70% on every dollar of taxable income. It's would be 70% on every dollar over 10 maybe 20 million. You're still left with plenty of money to purchase assets.

 

This same taxpayer doesn't make this kind of income in another country. Plus most of the wealthiest subject to this tax own businesses and are making fortunes, so they also have family members on payroll, ownership which reduces the tax liability. Less exposure at the 70% marginal rate.

 

But I know you don't get it. I hope some do.

 

The 1% richest Americans own more wealth than 90%.

[BAUS]

You don't get it! It's not 70% on every dollar of taxable income. It's would be 70% on every dollar over 10 maybe 20 million. You're still left with plenty of money to purchase assets.

 

This same taxpayer doesn't make this kind of income in another country. Plus most of the wealthiest subject to this tax own businesses and are making fortunes, so they also have family members on payroll, ownership which reduces the tax liability. Less exposure at the 70% marginal rate.

 

But I know you don't get it. I hope some do.

 

The 1% richest Americans own more wealth than 90%.

It doesn’t matter how you slice it, taxing successful people to transfer it to unsuccessful people is bad for everyone involved.

 

I agree with you about the 1%. But that has a lot more to do with corruption than taxation.

 

BAUS

[Always Call Heads]

Yes I fully understand what a 70% tax rate will do. It will cause wealthy people to move their assets to a reasonable country. And also renounce American citizenship, which has been climbing year after year by the way.

 

So there will no be actual increase in tax revenues. Companies will close and unemployment will rise even further. More people will need food stamps then ever before, yet there will be no tax revenue to support it. The government will print more money, which will cause inflation, and the whole thing will become a disaster.

 

Pretty easy to see how a 70% tax rate will play out.

 

BAUS

Not likely. If the US is taxing at 70%, European countries will also. And the climate for the wealthy will be shaky at best throughout the world. The more likely scenario will be that the rich will simply lose a lot of their ownership in society and simply become less rich.

 

Tax rates are something the rich enter into voluntarily to avoid worse outcomes.

[mikeman]

I always love those people that have big plans about what to do with other peoples money!

[BAUS]

Not likely. If the US is taxing at 70%, European countries will also. And the climate for the wealthy will be shaky at best throughout the world. The more likely scenario will be that the rich will simply lose a lot of their ownership in society and simply become less rich.

 

Tax rates are something the rich enter into voluntarily to avoid worse outcomes.

I’ve never seen that phrase written before. It’s sort of eloquent, in an extreme-socialist way.

 

I don’t think one can enter into a tax rate voluntarily though. It’s usually something imposed upon you, by a king or a government.

 

BAUS

[BAUS]

Not likely. If the US is taxing at 70%, European countries will also. And the climate for the wealthy will be shaky at best throughout the world. The more likely scenario will be that the rich will simply lose a lot of their ownership in society and simply become less rich.

 

Tax rates are something the rich enter into voluntarily to avoid worse outcomes.

European countries already are. France has 60% income tax and 20% sales tax.

 

Talk about having no incentive to work.

 

BAUS