due to their 'tax the rich' climate.
Good for them! I think it's hilarious.
Every tax the rich scheme that's been tried ends up with lower tax revenues. Norway tried it a while back. Tax revenue dropped. Surprise!
I see where Ken Griffen is most likely going to pull a 6 billion dollar investment plan out of NYC and go elsewhere where it will be greatly appreciated instead of being looked at as free lunch to Mamdani and Company.
John Catsimatidiais (Sp?) is another one that is considering pulling out of NYC. John C owns, among other things a couple of supermarket chains, It would be interesting to see what would happen if he decided to close a few unprofitable stores in NYC on the way out of town. I can picture Mamdani screeching about that one. In addition to accusing a rich person for leaving he can screech about food deserts. A two-fer!
FWIW Chicago had 8 Walmarts in 2020. They currently have only 4 left citing large losses to shoplifting among other things that closed the 4 stores.
People don't understand that the truly wealthy got that way for a reason and they also seem to forget that when billionaires were creating their empire that they took an awful lot of people up with them.
God only knows how many millionaires that Bill Gates created on his way to the top. knows how many damned good jobs he created when he built Microsoft. He hired people from high level engineers all the way down to the guys that swept the floors.
That doesn't include the jobs the Microsoft suppliers created or the local increase in wealth Microsoft created. Employees need to eat and get gas for their vehicles. They need places to live and the list is endless. A LOT of wealth was created and God only many people don't even realize their paychecks were made possible by Microsoft.
When Jeff Bezos wanted to open HQ2 on the east coast he first looked into NYC. He asked for a deal for a limited time tax relief. AOC and a few others screeched about giving Bezos an incentive to open HQ2 there so he decided to open it in Arlington, VA.
When he chose not to open in NYC AOC and company stood there agape in outrage, showing their stupidity. What did they think would happen?
NYC lost out on a lot of good jobs and all the local wealth that came with it. Arlington would up with a valuable asset and some serious wealth.
NY Governor Kathy Hochul is now among the ranks of those stading there agape begging for wealthy people that left to return to New York. Please come back to New York so I can tax you into poverty. Of course those that had left laughed in her face. I would have.
Besides the weather in Miami is nicer. New York winters suck.
A lot of people don't realize that fortunes have been made from ideas and the actual products generate the income are simply developed to make the idea work.
A pretty good example is Henry Ford. His idea was to put the working man in an automobile by making it affordable. The Model T was the product of the idea and became the vehicle that made owning a car affordable. In the mid 20s the price dropped to about $260 for a new Model T. That's about $4300 today. The machines were a lot simpler back then.
The price dropped because of increased effiency in the assembly process. He was the first carmaker to use the assembly line. Previously cars had been built one at a time.
Ford also created wealth by paying his people the (then) princely sum of $5/day, almost double of what his competitors were paying and that opened yet another market, his employees.
Ford not only got rich he created wealth. His model T started being used as ad hoc taxis, some were converted to pickup trucks and other types of vehicles and became the infancy of our non railroad land transportation industry. We ALL became better off for it.
Currently the top 1% pay between between 38 and 45% of all federal income tax. The bottom 30-40% pay nothing.
The other thing most people fail to realize is the very rich don't have a huge vault of cash somewhere like Scrooge McDuck. The money is in assets. They have no cash value until they are sold. You can't take stock certificates or real estate to Walmart to buy a pair of pants with.
Although they may increase in value, they may also decrease in value. If they increase the increase is figured in unrealized capital gains. An example of unrealized capital gains is one's house. Most people's (but not everyone's) gain in value over time. The $100K home you bought 20 years ago may now be worth twice as much which means you now have $100K in unrealized capital gains.
You can't buy a new car (or anything else) with unrealized capital gains. It's just a paper gain until you sell.
Back to the very wealthy.
I see where Bernie and Liz Warren are screaming about billionaires. If those two circus clowns get their way t LOT of capital will be out of here like a shot. They forget that there's a lot of opportunity overseas and with less government interference and fewer taxes. A billion here and there would be welcome in Vietnam, (electronic manufacturing) Argentina,(beef) Venezuela (oil) and other places that have a fairly stable government and a desire to grow.
The United States isn't the only place with opportunity. Big money can generally cut a reasonable deal in most countries.
Besides, if someone cashes out a billion dollars and decides to retire they can build a compound and live practically anywhere.
Djibouti...Four things live there. Snakes, scorpions, Foreign Legionnaires and J.Pooply Potts, Billionaire.
Hell, if Iran ditches the regime thet's a lot of work there to be done there since the US Military has plastered the hell out of it.
Tax their incomes the same way you tax everyone else's income. I propose a flat percentage for everyone.
As far as the lame excuse of 'they don't need all that money' I'll say neither do you. You don't NEED to go out to dinner three times a week or even once. You don't NEED to go on a fancy vacation. All you NEED are 3 hots and a cot. It's their money. They earned it and taking it from them with confiscatory taxation is just plain wrong.
To find out why the blog is pink just cut and paste this:
http://piccoloshash.blogspot.com/2009/12/my-feminine-side-blog-stays-pink.html NO ANIMALS WERE HARMED IN THE WRITING OF TODAY'S ESSAY
