This is HORRIBLE! If Rich People leave then States might have to use TAXPAYER MONEY to bailout TAXPAYERS instead of RICH PEOPLE!
Good. Box 'em in. If they threaten to leave, “Bye, motherfuckers”
Norway is trying out a different plan that sounds pretty damn reasonable, despite all the braying about “capital flight” you may see from the likes of Bloomberg and Forbes. It’s incredible to consider the amount of ink being spilled about something that’s only going to affect a comparative handful of wealthy people.
TL;DR you can enact good, progressive taxation policies if you just straight up ignore the neoliberals and hypercapitalists.
I hadn’t heard of this. Here’s the rates which I was interested in I found in a separate article:
The new tax, set to take effect Jan. 1, will apply to any portion of taxable income above $1 million. For example, a taxpayer earning $2 million will pay the state’s current 5% tax rate on the first $1 million. The second million dollars will be taxed under a higher rate: 9%. That adds up to an extra $40,000 in state income taxes."
The tax also applies to “one-time millionaires,” including people who make more than $1 million in taxable income from selling their homes or businesses. According to an analysis by the Center for State Policy Analysis at Tufts University, an estimated 0.6% of tax filers would see their tax bill increase as a result of this measure.
“I’ve had three clients who would’ve had income that would’ve meant they’d have the millionaires tax every year, and all three of them have left for Florida,” Matthew Erskine, a Worcester-based estate attorney, said in an interview.
If they’re leaving for Florida, they’re idiots and/or assholes anyway. I don’t see a downside.
Great, all three people who have an INCOME of a million dollars a year might have to pay tax if they don’t move. Stop passing income taxes and then patting ourselves on the back thinking we taxed the rich, income is just one flavor of money and most rich people with a brain don’t have any income, it is the most taxed type of money.
Great, all three people who have an INCOME of a million dollars a year might have to pay tax if they don’t move.
Up to $1M would still pay the same tax as everyone else. Its income from $1m to $2m per year that would get the higher that would pay this new tax.
Except they made a shit ton on it
