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Thread: New NYS millionaire's tax

  1. #1
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    New NYS millionaire's tax

    [URL="http://www.nypost.com/p/news/local/new_ny_tax_bill_hits_millionaires_JKAs6PkOEb8Rh9Fv8glgWP"]http://www.nypost.com/p/news/local/new_ny_tax_bill_hits_millionaires_JKAs6PkOEb8Rh9Fv8glgWP[/URL]

    So it looks like a done deal despite Senate Republicans and Cuomo, both of whom refused to do this months ago.

    While I'll make out good (couple of hundred back instead of paying more), I don't like this: not good for the economy and does nothing to solve out of control spending problems.

    Thoughts?

  2. #2
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    Not going to be good for the state overall - even more rich folks will be switching their permanent residences out of the state now. Net result will be even lower revenue when all is done.

  3. #3
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    I am hopeful that New York will do as many of it's political majority (liberals) desire, and raise taxes into the stratosphere on anyone making over $250,000.

    Self-inflicted damage to New Yorks economy means potential opportunity for other States. Hopefully, my own State can take advantage.

  4. #4
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    [QUOTE=Warfish;4269789]I am hopeful that New York will do as many of it's political majority (liberals) desire, and raise taxes into the stratosphere on anyone making over $250,000.

    Self-inflicted damage to New Yorks economy means potential opportunity for other States. Hopefully, my own State can take advantage.[/QUOTE]

    Question.

    If high taxes are so bad for millionaires...why has their income increased during the past few years when their taxes have been high?

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    [QUOTE=PlumberKhan;4269813]Question.

    If high taxes are so bad for millionaires...why has their income increased during the past few years when their taxes have been high?[/QUOTE]

    Because the work volume and efficiency increases. The top 10 percent always will make tremendously more than irthe bottom 90. the 80-20 rule.

    BTW...I told you,I have 2 plumbers as clients. One makes about 60K, the other 160K. Same skill set.

    Who do you think I called to do my sink stuff for the granite countertop???

    yep..the more expensive 160K guy. Why? he shows up on time, will do it on a Saturday, wont leave until its perfect and even returns phone calls. I bet he is $100 more than the other guy. I dont care.

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    [QUOTE=southparkcpa;4269835]yep..the more expensive 160K guy. Why? he shows up on time, will do it on a Saturday, wont leave until its perfect and even returns phone calls. I bet he is $100 more than the other guy. I dont care.[/QUOTE]

    So...the more expensive something is, the better. Is that why doing business in NY is more advantageous than doing business in North Dakota?

  7. #7
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    [QUOTE=southparkcpa;4269835]Because the work volume and efficiency increases. The top 10 percent always will make tremendously more than irthe bottom 90. the 80-20 rule.

    BTW...I told you,I have 2 plumbers as clients. One makes about 60K, the other 160K. Same skill set.

    Who do you think I called to do my sink stuff for the granite countertop???

    yep..the more expensive 160K guy. Why? he shows up on time, will do it on a Saturday, wont leave until its perfect and even returns phone calls. I bet he is $100 more than the other guy. I dont care.[/QUOTE]

    He probably knows the proper way to handle the granite without staining it too.

  8. #8
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    [QUOTE=PlumberKhan;4269845]So...the more expensive something is, the better. Is that why doing business in NY is more advantageous than doing business in North Dakota?[/QUOTE]

    huh...My point is those who do quality work (per the customers NOT themselves), show up on time are responsible and work Saturdays usually make a LOT more than the 80 percenters.

  9. #9
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    [QUOTE=PlumberKhan;4269813]Question.

    If high taxes are so bad for millionaires...why has their income increased during the past few years when their taxes have been high?[/QUOTE]

    Reply.

    The question assumes the only two factors in economics are "tax rates" and "gross income", and seem to state that one (taxes) directly and exclusively effects the other (gross income).

    Thats just a slight simplifiction of the complexity of economics, isn't it? Not a very accurate one at that.

    So the question itself is too flawed to even make an attempt to answer, as tax rates and gross income are not directly and exclusively related in such a way.

    A more appropriate and insightful question to ask is "How much gross revenue is earned before the tax rates change and from how many in that bracket, and how much gross revenue is earned after the tax rate change and from how many in that bracket".

    That would tell if you if the change is a success for the State (gross revenue vs. gross revenue) and for the citizenry being taxed (how many were in that bracket before, how many after).

  10. #10
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    [QUOTE=Warfish;4269878]So the question itself is too flawed to even make an attempt to answer, as tax rates and gross income are not directly and exclusively related in such a way. [/QUOTE]

    Gotcha.

    So...if higher taxes have actually resulted in the top 1%'s income increasing, I'm gonna assume that they are actually the ones behind the increase and the formation of our convoluted tax code. As Sun-Tzu once opined..."follow the money".

  11. #11
    [QUOTE=southparkcpa;4269877]huh...My point is those who do quality work (per the customers NOT themselves), show up on time are responsible and work Saturdays usually make a LOT more than the 80 percenters.[/QUOTE]

    The 160K guy probably does not smoke pot either.

  12. #12
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    [QUOTE=PlumberKhan;4269890]Gotcha.

    So...if higher taxes have actually resulted in the top 1%'s income increasing, I'm gonna assume that they are actually the ones behind the increase and the formation of our convoluted tax code. As Sun-Tzu once opined..."follow the money".[/QUOTE]

    Wowza

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    [QUOTE=Ernie;4269899]The 160K guy probably does not smoke pot either.[/QUOTE]

    And why would you assume that? Richer people don't smoke pot?

    And why would that be a strike against? All things being equal, I'd probably hire the smoker. He's probably more fun to talk to.

  14. #14
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    [QUOTE=PlumberKhan;4269890]So...if higher taxes have actually resulted in the top 1%'s income increasing[/quote]

    Again, you're making a non sequiter (i.e. False Cause) argument. Post hoc ergo propter hoc. Cum hoc ergo propter hoc.

    Higher Taxes -> More 1%'er Income

    If you're going to stick to that claim, by all means, prove it. Cite a source that in detail and scientificly links directly and exclusively that a change in income taxes higher directly caused gross income of the 1% to rise.

    Put simply, you could raise taxes and 1%'er income could rise, stay the same or fall. It's dependant upon a laundry list of other factors, not income tax rates.

    [QUOTE]I'm gonna assume that they are actually the ones behind the increase and the formation of our convoluted tax code.[/QUOTE]

    No, Government is the one behind the convoluted tax code. And it's convoluted specificly because of attempts to enforce state-sanctioned "fairness", i.e. feeding deductions and exceptions to special interest groups, or engaging on State-Sponsored Social and Economic Engineering.

    The rich, like any other special interest, has surely gotten their fingers in that pie as well, but it's a big pie, with a lot of fingers in it, and a lot of social engineers baking it. It should also be pointed out that "the rich" are also as politically and socially diverse in their politics as any other group.

  15. #15
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    "The number of storks in Europe has been going down for years, the birth rate's going down for years," Dr. Ames pointed out. "If you plot one against the other, it's a beautiful correlation. But it doesn't mean storks bring babies."

  16. #16
    [QUOTE=JetPotato;4269907]And why would you assume that? Richer people don't smoke pot?

    And why would that be a strike against? All things being equal, I'd probably hire the smoker. He's probably more fun to talk to.[/QUOTE]

    Marijuana smokers are in general less motivated.

  17. #17
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    [QUOTE=Ernie;4270311]Marijuana smokers are in general less motivated.[/QUOTE]

    You have experience and first-hand knowledge of that?

  18. #18
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    [QUOTE=Ernie;4270311]Marijuana smokers are in general less motivated.[/QUOTE]

    Link?

    It is clear from your posts that you have no first hand knowledge of marijuana use or users.

    Some day you're going to have to face the reality that none of these lies that you're recycling are true and that most of the world knows this. More than half of adults in this country use it, whether they are open about it or not. Some of the most motivated people you know in your life are smokers, they just don't share that with you because they know where you stand.

    Captains of industry. Powerful politicians. Talented musicians. Hard working blue and white collar workers. Its Friday. They're all stoned.

  19. #19
    [QUOTE=JetPotato;4270382]Link?

    It is clear from your posts that you have no first hand knowledge of marijuana use or users.

    Some day you're going to have to face the reality that none of these lies that you're recycling are true and that most of the world knows this. More than half of adults in this country use it, whether they are open about it or not. Some of the most motivated people you know in your life are smokers, they just don't share that with you because they know where you stand.

    Captains of industry. Powerful politicians. Talented musicians. Hard working blue and white collar workers. Its Friday. They're all stoned.[/QUOTE]
    I doubt it. And even if one accepts this fable as truth, imagine how much more these "titans of industry" could do if they were not high.

    Get high on life, not on pot. Get high on exercise, not on dope.

  20. #20
    :leaf

    :jets17

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