http://online.wsj.com/article/SB10001424052748703882404575520241519315372.html?mod=googlenews_wsj
* OCTOBER 5, 2010
The Bill Gates Income Tax
* If Washington's most famous billionaires are really worried about their state's finances, they'd write personal checks to the government and leave everyone else alone.
by Arthur Laffer
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Mr. Gates Sr. has personally contributed $500,000 to promote a statewide proposition on Washington's November ballot that would impose a brand new 5% tax on individuals earning over $200,000 per year and couples earning over $400,000 per year. An additional 4% surcharge would be levied on individuals and couples earning more than $500,000 and $1 million, respectively.
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To imagine what such a large soak-the-rich income tax would do to Washington, we need only examine how states with the highest income-tax rates perform relative to their zero-income tax counterparts. Comparing the nine states with the highest tax rates on earned income to the nine states with no income tax shows how high tax rates weaken economic performance.
In the past decade, the nine states with the highest personal income tax rates have seen gross state product increase by 59.8%, personal income grow by 51%, and population increase by 6.1%. The nine states with no personal income tax have seen gross state product increase by 86.3%, personal income grow by 64.1%, and population increase by 15.5%.
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Originally posted by zeeblebotNo it doesn't.
Comparing the nine states with the highest tax rates on earned income to the nine states with no income tax shows how high tax rates weaken economic performance.
As for the hilariously stupid "well they should just donate money themselves!", think about this: if people want the government to catch more criminals, would a valid rebuttal be to tell people to go catch criminals themselves?
Originally posted by zeeblebotwhat if you live in an overcrowded state where you want to see the population decrease?
http://online.wsj.com/article/SB10001424052748703882404575520241519315372.html?mod=googlenews_wsj
* OCTOBER 5, 2010
The Bill Gates Income Tax
* If Washington's most famous billionaires are really worried about their state's finances, they'd write personal checks to the government and leave everyone else alone.
by Arthur Laffer
...
Mr. ...[text shortened]... %, personal income grow by 64.1%, and population increase by 15.5%.
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(table)
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Originally posted by KazetNagorraInstead of just saying 'no', point out what you don't like about the comparison.
No it doesn't.
As for the hilariously stupid "well they should just donate money themselves!", think about this: if people want the government to catch more criminals, would a valid rebuttal be to tell people to go catch criminals themselves?
Originally posted by generalissimoAbsolutely. That'll teach them. And no1m will be there telling us how, since the vote to decapitate was democratic, it is all perfectly OK and legal under precedents dating from 13th century Dutch law as any of you pathetic imbeciles should know.
flogged? ha, how tender-minded you are!
I want the rich decapitated in the public squares, and their money evenly distributed among the peasantry.
Out of the top 20 countries in GDP per capita (the US itself is 9th, IMF 2009), 16 levy higher taxes than the US (the remaining three are two oil states and Singapore). Of these 16 at least 14 have a higher tax rate for the rich than the US (I'm not sure about Switzerland or Luxembourg). So if the argument in the OP is valid, it's arguing for increased taxes for the rich.
Originally posted by KazetNagorraif the govt can't do the job shouldn't they ask the citizens to do it?
No it doesn't.
As for the hilariously stupid "well they should just donate money themselves!", think about this: if people want the government to catch more criminals, would a valid rebuttal be to tell people to go catch criminals themselves?
Originally posted by zeeblebotDo you mean that rich people don't pay taxes, that they only pay taxes over a part of their income?
http://online.wsj.com/article/SB10001424052748703882404575520241519315372.html?mod=googlenews_wsj
* OCTOBER 5, 2010
The Bill Gates Income Tax
* If Washington's most famous billionaires are really worried about their state's finances, they'd write personal checks to the government and leave everyone else alone.
by Arthur Laffer
...
Mr. %, personal income grow by 64.1%, and population increase by 15.5%.
...
(table)
...