Wednesday, August 17, 2011

Vanishing Millionaires?

At this blog post we have the contention that the number of folks earning the big bucks is down and thus the amount of taxes paid by them is down.

We are talking several hundred billion dollars.

Hat tip to the Instapundit.

Regards  —  Cliff

1 comment:

nealcroz said...

Agree.....and the numbers are down because if you are smart or conniving enough to earn a million or more...you are smart or conniving enough to get it to places that the taxes are not onerous and threatening to be even more so. There is morality according to some...and there is the practicality of wealth. All but idealists and dreamers are going to go with the latter......especially if you are a millionaire plus.

Not only are their bank accounts disappearing....but they are as well. I am amazed at the number of American ex-pats living around the Med.

If I am a millionaire today in America, my attitude is "Oh, you want my money to give to someone who has done nothing to earn it on his or her own? Okay, I'll take my money somewhere else." That is precisely what is happening.....

When we establish a flat tax...and a mandate that anyone who makes money must pay taxes....and currently 51% don't...according to the CBO......then you'll see repatriation of personal wealth.

The same applies to corporate wealth. When America decides to stop being the second heaviest taxer of corporate profits and become competitive with the smarter countries in the world, we will see the return of not only corporate headquarters (and their income), but also their jobs.