9 thoughts on “Taxing the Rich Does Not Tank the Economy”
Well, sure, if you want to bring facts and studies into it, it doesn't hurt the wealthy. But it hurts their feeeeeelings, and isn't that what's most important? We don't want the nobility to suffer too much.
The wealthy will move to other countries to avoid the tax increase: A recent study examined the propensity of the rich to move between U.S. states in response to state tax increases. The lead author of the study, Cristobal Young of Stanford University, summarized the results by saying, "The most striking finding in our study is how little elites seem willing to move to exploit tax advantages across state lines."
There was a time when I could have moved from San Diego to Huntsville to benefit from the lower state income tax rate (6% vs 9.5%) in al-Abama. I concluded that I might do it if Alabama paid me 15%, but otherwise…get serious.
The wealthy deserve what they earn: This argument assumes that they're paid according to their contribution to society. But in a world of monopoly power, regulatory capture and asymmetric power relationships in bargaining over the wage and profit shares of business earnings, the presumption that those at the top of the income distribution earned their income flies out the window.
![giphy[1]](http://wonkville.net/wp-content/uploads/2016/06/giphy1.gif)
Well, sure, if you want to bring facts and studies into it, it doesn't hurt the wealthy. But it hurts their feeeeeelings, and isn't that what's most important? We don't want the nobility to suffer too much.
"Good job, Mr Trump!"
There was a time when I could have moved from San Diego to Huntsville to benefit from the lower state income tax rate (6% vs 9.5%) in al-Abama. I concluded that I might do it if Alabama paid me 15%, but otherwise…get serious.
Zing!
Some of the wealthy have done things to earn it, and innovation,creativity or even skill at sportsball should be rewarded.
But many, many of the wealthy just selected the right parents. There's no benefit to society from letting them die grasping their zillions.
True and true. Case in point: The Donald…
What gets me is that so many lower- and upper-middle class who barely scrape by are all for lower taxes on those who've created their misery.
Here's |another counterargument| to the "rising tide lifts all boats" theory.
Helicopter pads on Wall Street and out at the Hamptons are in fine shape, thank you very much.