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Atlas Shrugging?

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Atlas Shrugging?

Postby Ned Flanders » Thu Jan 31, 2013 5:05 pm

Are the wealthy coming to terms of the Obama-Economy, its long-term implications and voting with their feet? Mickelson,Woods and Gerard Depardieu seem to be. Are others doing the same more quietly?

"Sixty percent of your income? I don't think so," said state Assembly Republican leader Connie Conway. "The man has a family. He has a business to run. He is a business. Sixty percent of income goes way beyond fair share.”

She told the Associated Press that Mr. Mickelson’s exit “will be the first of many.”

http://news.yahoo.com/phil-mickelson-ef ... YAb1rQtDMD
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Re: Atlas Shrugging?

Postby Stebben84 » Thu Jan 31, 2013 5:09 pm

No where in the article did I see a link to the fact that this is actually occurring. No stats, no nuttin'. Just a bunch of people SAYING the tax rates are going to occur. I'm not saying it couldn't happen but, Ned, if there are more concrete proposals or numbers, I would like to see them.
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Re: Atlas Shrugging?

Postby HawkHead » Thu Jan 31, 2013 5:34 pm

I don't think your numbers in the article are correct. I just ran some numbers in my program.

Someone making $7,000,000 of self-employment income will pay $3.8M or 54.41%.

If we break that to $5M in SE income and $2M in dividends the tax is $3.4M or 49.09%

Don't always take someone elses numbers for granted. I am sure they found the absolute worst case scenario they could come up with for the article.
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Re: Atlas Shrugging?

Postby HawkHead » Thu Jan 31, 2013 5:35 pm

HawkHead wrote:I don't think your numbers in the article are correct. I just ran some numbers in my program.

Someone making $7,000,000 of self-employment income will pay $3.8M or 54.41%.

If we break that to $5M in SE income and $2M in dividends the tax is $3.4M or 49.09%

Don't always take someone elses numbers for granted. I am sure they found the absolute worst case scenario they could come up with for the article.


CA has a 13% rate for top earners.
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Re: Atlas Shrugging?

Postby Galoot » Thu Jan 31, 2013 5:49 pm

Yawn. When FL has the equivalent of Silicon Valley going, then call me.
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Re: Atlas Shrugging?

Postby Ned Flanders » Thu Jan 31, 2013 5:57 pm

Stebben84 wrote:No where in the article did I see a link to the fact that this is actually occurring. No stats, no nuttin'. Just a bunch of people SAYING the tax rates are going to occur. I'm not saying it couldn't happen but, Ned, if there are more concrete proposals or numbers, I would like to see them.


Good point, but I don't think may people will be so open about the situation when they make the move. That said, I read another article in Forbes that said "moving" and "residency" are not that cut and dried in regards to wealthy people who own homes and do business in multiple places. I've also heard Limbaugh complain that he moved from NY to FL years ago, but continues to be audited by NY.

Also, you hear anecdotally about Californians moving to Oregon, Washington, Nevada, Montana etc., driving up prices and generally irritating the natives.
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Re: Atlas Shrugging?

Postby snoqueen » Thu Jan 31, 2013 6:07 pm

...you hear anecdotally about Californians moving to Oregon, Washington, Nevada, Montana etc., driving up prices and generally irritating the natives.


Also, you hear anecdotally about people from all over moving to California, driving up prices and generally irritating the natives. Look at San Francisco. How many people in SF were actually born there? It's the quintessential magnet city. What in the world is your point?
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Re: Atlas Shrugging?

Postby Ned Flanders » Thu Jan 31, 2013 9:01 pm

snoqueen wrote:
...you hear anecdotally about Californians moving to Oregon, Washington, Nevada, Montana etc., driving up prices and generally irritating the natives.


Also, you hear anecdotally about people from all over moving to California, driving up prices and generally irritating the natives. Look at San Francisco. How many people in SF were actually born there? It's the quintessential magnet city. What in the world is your point?


CA's population actually decreased by 3.8% from 2000 to 2010.
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Re: Atlas Shrugging?

Postby Ned Flanders » Fri Feb 01, 2013 9:28 am

The Golden State's new 13.3 percent income tax on top earners prompted golfer Phil Mickelson to say earlier this month he was considering a move, and according to the accountants who advise millionaire athletes, he was just saying what a lot of jocks were already thinking. Federal taxes on the top income bracket just rose by roughly 5 percent, and, while there's nothing rich athletes can do about that, they are paying attention to which states dip into their game checks — and how much they take.

“They’re going to have an exodus of people,” said John Karaffa, president of ProSport CPA, a Virginia-based firm that represents nearly 300 professional athletes, primarily in basketball and football. “I think they’ll see some [leave California] for sure. They were already a very high tax state and it’s getting to a point where folks have to make a business decision as well as a lifestyle decision.”



Read more: http://www.foxnews.com/sports/2013/01/3 ... z2JepyZzhB
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Re: Atlas Shrugging?

Postby wack wack » Fri Feb 01, 2013 9:44 am

So wealth and personal character are largely inversely proportional... gee whiz, whooda thunkit?

Ned, do you have any examples of this affecting people who actually work for a living? Not actors, athletes, CEOs, but actual workers?
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Re: Atlas Shrugging?

Postby Henry Vilas » Fri Feb 01, 2013 9:47 am

So Ned, when are you moving from Minnesota to a state that doesn't have an income tax?
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Re: Atlas Shrugging?

Postby Ned Flanders » Fri Feb 01, 2013 10:04 am

wack wack wrote:So wealth and personal character are largely inversely proportional... gee whiz, whooda thunkit?

So choosing to not pay taxes at confiscatory rates makes one immoral?
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Re: Atlas Shrugging?

Postby Detritus » Fri Feb 01, 2013 10:07 am

Ned Flanders wrote:
wack wack wrote:So wealth and personal character are largely inversely proportional... gee whiz, whooda thunkit?

So choosing to not pay taxes at confiscatory rates makes one immoral?

13.3% is a "confiscatory rate?" Since when?
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Re: Atlas Shrugging?

Postby wack wack » Fri Feb 01, 2013 10:20 am

Ned Flanders wrote:
wack wack wrote:So wealth and personal character are largely inversely proportional... gee whiz, whooda thunkit?

So choosing to not pay taxes at confiscatory rates makes one immoral?


No, playing golf for a living, then whining about it is as if you actually worked for it is immoral.

Golf is not a job, it's a competition; financial gains are not earnings, they are winnings and should be taxed at 99%.

Want to pay less taxes? get a JOB.
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Re: Atlas Shrugging?

Postby Ned Flanders » Fri Feb 01, 2013 10:28 am

wack wack wrote:
Ned Flanders wrote:
wack wack wrote:So wealth and personal character are largely inversely proportional... gee whiz, whooda thunkit?

So choosing to not pay taxes at confiscatory rates makes one immoral?


No, playing golf for a living, then whining about it is as if you actually worked for it is immoral.

Golf is not a job, it's a competition; financial gains are not earnings, they are winnings and should be taxed at 99%.

Want to pay less taxes? get a JOB.

Mickelson, for example, employs hundreds if not thousands of people on his own team, at the media outlets that cover him, at the companies that sponsor him....
Last edited by Ned Flanders on Fri Feb 01, 2013 10:30 am, edited 1 time in total.
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