We see this topic popping up all over the world. When things are tough, lets rob the rich then we will all be rich. Except it only leads to everyone being poor. Communism is a prime example of this. The overlords have access to the best things and the citizen is left in poverty. But, they then always say "it wasn't real communism" and if only they had done it right it would have worked. Except it never does
We see in the us many proposals for some sort of wealth tax. Some states have already implemented this, some are considering it. What always happens is that the vast majority of the rich simply pick up and move to where they are not being robbed. This has happened throughout history, whole countries have been left impoverished when they tried to rob the wealthy and they took off
The next step of course is to pursue those wealthy individuals and companies and try to claw back something after they have fled or to forbid them to leave altogether. Would you want to live in a country or state that pulled that sort of crap on you? Most people have hopes of becoming wealthy or at least comfortable. If they see it will be taken away, why go there?
California is already trying to do this. They have the highest taxes of anyplace and they have been considering a law that if you leave the state, the state can collect income taxes on you for 10 more years after you have left. Their lawyers have so far persuaded them not to do it because its unconstitutional but liberals don't let little things like that stand in their way. If you were looking for a place to move or expand your multimillion dollar business, would you even consider california now?
I see constant lies and propaganda in the media. One popular lie is to say millionaires pay only about 7% or 8% of their income in taxes. Do you believe that fairy story? The fact is that the alternate minimum tax (amt) kicks in on all income over about $190k and is 26%. If you make over about $550k it goes to 28% and there is an additional 3.8% investment tax if most of your income is from investments and capital gains
The amt hits everyone no matter the source of income. Tax free municipal bonds, long term capital gains, it doesn't matter, the amt hits everyone. So explain to me again how people making millions and billions are paying only a few percent? Its a lie to make you support tax theft
