LetsPlayCanasta

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.

7

LetsPlayCanasta t1_iubg38k wrote

OMG, so SO much is wrong in this but I'll leave with one question: why does Massachusetts need a new tax on "rich fucks to pay for education" when we already have the highest education level in the entire country?

Tesla, Oracle, and Hewlett Packard say "hello" from Texas.

8

LetsPlayCanasta t1_iubcgyn wrote

They tried this millionaires tax in Maryland and they said it would raise $106 million. Take a wild guess what happened:

>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.

Oopsie.

https://www.wsj.com/articles/SB10001424052748703976804575114241782001262

9

LetsPlayCanasta t1_iub60ev wrote

>Cakounes believes the damage from Question 1 lies elsewhere; he worries higher taxes will drive businesses from the Commonwealth, as they relocate to avoid the extra burden; that Beacon Hill cannot be trusted with the extra $2 billion annually advocates say the measure will raise; that the state, which is enjoying a huge surplus right now, does not actually need the money.

If only there were some evidence to support the crazy idea that businesses relocate to low tax states.

1

LetsPlayCanasta t1_iub3tw5 wrote

>adding that he always treats his tenants well, and charges them below-market rent because he knows working people need housing.

Yeah, what a monster. He built up a business and owns property earned over years. Clearly he must be punished.

−23

LetsPlayCanasta t1_iub3gxt wrote

>“Every single one of those pieces of property my wife and I have bought and sold, we got through hard work and sweat. I am not a trust fund baby.”
His real estate records reflect that work, and considerable savvy: His properties have risen greatly in value over the years, and he holds almost all of them in trusts, “for liability reasons,” he said, adding that he always treats his tenants well, and charges them below-market rent because he knows working people need housing.

It sounds like this cranberry farmer has been working and investing his whole life and has achieved success in the process.

Why should he be punished with an additional tax?

−5