UK Telegraph: Two-thirds of millionaires left Britain to avoid 50p tax rate

[Jumbo]

I think that was a solid post, djd. I may even see you in Central America. Scout the area--we may need to take cover, given my plans.

[Bang]

Pfah. Nevermind.

~Bang

[deejaydana]

Didn't the Rolling Stones exile themselves back in the 1970's due to excessively high taxation upon their excessively excessive lifestyles?

[China]

[twa]

Peter, aren't state income taxes deductible from the federal one?

I would think adjusting their taxable income would be the first response before considering changing status

[Bang]

Didn't the Rolling Stones exile themselves back in the 1970's due to excessively high taxation upon their excessively excessive lifestyles?

They did, and so did a lot of other major musical acts.

The Stones exiled themselves to a private villa on the Riviera, and recorded "Exile on Main Street", as I recall.

~Bang

[alexey]

No I was calling him out for the 'evil rich' stereotype that's so popular these days. I find it just deplorably unAmerican.
...

I was just fishing for some outrage The real outrage is people getting outraged at outrageously nonexistent stereotypes.

Relax. Everybody loves rich people. Even people who want to raise their taxes love them.


The "cockroaches in a high-rise" analogy was used to illustrate some interesting issues raised by globalization. Taxes to high? Live in another country. Environmental laws too strict? Pollute in another country. People want more than 25 cents an hour? Hire in another country. At some point smart business decisions start looking more and more like immoral squirmy ways to take advantage of things.

[PeterMP]

Peter, aren't state income taxes deductible from the federal one?

I would think adjusting their taxable income would be the first response before considering changing status

Either state income or state sale taxes, and I know NJ and NY you have significant sale taxes. If you are that wealthy, I don't know which one it makes sense to deduct, but certainly raising the state income tax is going to be an issue in terms of making that decision.

Like me, I think most people just deduct their state income taxes so they don't have to worry about documenting sales tax in case of an audit, but if your wealthy enough or organized enough that might make more sense.

In addition, I know the rates for NJ taxes top the federal rates so the deduction doesn't save me money vs. not paying the tax at all.

Just to make up some numbers as an example, if we are talking about paying taxes on $20,000, and my state rate is 1.5% and my federal rate is 1% then turns into $300 for the state and $197 for the federal after the deduction over the $300.

I'd been better off paying only the federal 1% where I'd owe $200 on the total $20000.

For the deduction actually to be "neutral" your state taxes have to be enough to have changed your income bracket or the rates have to be lower than the federal rate.

[pointyfootball]

Apparently one of the escapees forgot to claim their $$$. Idiot!

"The winner of a lottery prize worth more than $100 million will lose the money if the ticket holder does not come forward in the next few days, organizers in the U.K. warned Wednesday."

http://worldnews.nbcnews.com/_news/2...ery-prize?lite

[Tulane Skins Fan]

No I was calling him out for the 'evil rich' stereotype that's so popular these days. I find it just deplorably unAmerican. I really do. Somewhere along the line a cross section of society has moved from being inspired by the entrepreneurial spirit to an embrace of envy. I don't think it's really a productive viewpoint but I do see (and even empathize at times) where it comes from. And I'm not calling out that person because like all the other posters on the board, I don't know what path that chap has walked. I will say this, in moving to Central America I plan on giving up a lot of comforts because I believe it will make me---and my spouse---better, less materially driven people (which may come off as contradictory given much of my posting to date here). My wife is probably driving the "live a simpler, less material life" bus more than I am but God bless her for it. I do need it at times and I'm the better for it.

There's no envy. Here's what you're missing in all of this: the rich aren't victims of our government. They have been lobbying and tilting the field IN THEIR FAVOR for the last thirty years. Its not even close. And frankly, everyone agrees that money buys washington. Well, guess who has more money when it comes to the rich or the poor. You think the rich are lobbying for more to go to the poor? hahahaha.

Its not like we are on an even playing field and we're saying "let's tilt it against the rich." No. This is a very uneven playing field that FAVORS the rich and people are saying let's make it an even playing field.

[Thiebear]

I was going to complain about the 46% corp tax coming.
But then you read they don't pay it.

It's not the tax rates, it's the who pays it ...

[Jumbo]

At White House, CEOs offer support for higher tax rates

http://xfinity.comcast.net/articles/...AL-OBAMA-CEOS/

Chief executives from corporations such as Goldman Sachs and Deloitte LLP met with President Barack Obama on Wednesday and offered support for resolving U.S. fiscal problems with an approach that included higher tax rates for wealthy Americans.

much more at link

[twa]

Don't we own Goldman Sachs?
Was GM invited,or did O do a proxy?

[zoony]

So did our population of millionaires increase by 2/3 when Bush passed this tax cut?

[Predicto]

So did our population of millionaires increase by 2/3 when Bush passed this tax cut?

Actually, probably did.

There are many more millionaires now, and many, many more working class poor. It's the middle class that is shrinking.