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tjrad815 t1_iube9ob wrote

Reply to comment by LetsPlayCanasta in The face of opposition to Question 1 admits proposed tax wouldn’t hurt him much: ‘I’m not struggling’ - The Boston Globe by petepont

A person making $30,000 a year needs to use all of that money just to stay alive. A millionaire also needs to use $30,000 to stay alive, but he has hundreds of thousands of dollars leftover. That excess money should be taxed at a higher rate.

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LetsPlayCanasta t1_iubfbfh wrote

That $30K taxpayer gets a $4.4 exemption and with a 5% rate has a tax liability of $1280.

The millionaire will pay $49780.

You have no right to tell anyone what they can and cannot keep or what they deserve.

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tjrad815 t1_iubfpkl wrote

A bulk of that 30k gets taxed a second time (sales tax). The millionaire's hoarded wealth just sits there.

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LetsPlayCanasta t1_iubibq3 wrote

It just sits under a mattress, right?

Most of the time, wealth is invested in corporations that provide jobs to people. Or it sits in banks that provide capital that can be used to provide credit (business and personal loans) to people. Or it's in treasury bonds that fund the government.

But, sure, we need to hit them up just one more time.

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tjrad815 t1_iubim88 wrote

Ah the old trickle down economics theory that hasn't proven to work out for 40 years.

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LetsPlayCanasta t1_iubjk66 wrote

Yeah, it's funny how we've been beholden to trickle down economics here in Massachusetts until now.

After - who knows how long - with a flat and equal tax on everyone, we're going to reverse this policy.

It worked so well for Maryland: https://www.wsj.com/articles/SB10001424052748703976804575114241782001262

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tjrad815 t1_iubjsri wrote

Great source there... A 12 year old Opinion article.

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LetsPlayCanasta t1_iubkw0q wrote

>Well, the state comptroller's office now has the final tax return data for 2008, the first year that the higher tax rates applied. The number of millionaire tax returns fell sharply to 5,529 from 7,898 in 2007, a 30% tumble. The taxes paid by rich filers fell by 22%, and instead of their payments increasing by $106 million, they fell by some $257 million.

Which of the numbers here have spoiled with age?

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tjrad815 t1_iubmpuo wrote

Which of these numbers came from a news source instead of an Opinion article?

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LetsPlayCanasta t1_iubnx3n wrote

So I need to track down the actual comptroller office report?

Attacking the source is always the last refuge of these threads.

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tjrad815 t1_iubpbga wrote

Imagine pretending an Opinion article is a reliable source

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LetsPlayCanasta t1_iubq40v wrote

These numbers from a comptroller report can't be real because they're being reported from an opinion piece is a hell of a take.

An extremely weak and grasping take.

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tjrad815 t1_iubquml wrote

Ok... Let's pretend that your source is good. What else happened in 2008 that may have also contributed to a sudden change in people's fortunes? (Here's a hint: it was a national recession)

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LetsPlayCanasta t1_iubs7ui wrote

Yup, the WSJ article notes the financial crisis. Then there's this:

"One-in-eight millionaires who filed a Maryland tax return in 2007 filed no return in 2008. Some died, but the others presumably changed their state of residence. (Hint to the class warfare crowd: A lot of rich people have two homes.)
A Bank of America Merrill Lynch analysis of federal tax return data on people who migrated from one state to another found that Maryland lost $1 billion of its net tax base in 2008 by residents moving to other states. That’s income that’s now being taxed and is financing services in Virginia, South Carolina and elsewhere."

https://taxfoundation.org/marylands-millionaires-missing-after-income-tax-hike

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tjrad815 t1_iubtchk wrote

I read Tax Foundation's about page. They have a clear bias against progressive taxes. I'm done engaging with your nonsense.

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LetsPlayCanasta t1_iubtn52 wrote

Just like every other response: I don't like your totally accurate statistics because it comes from a partisan source.

Believe me, I'm used to it.

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