Should taxes be raised on the wealthiest people?

[Isaac]

It's probably the latest fetish we'll have to start affirming or lose our jobs

 

[AccessBlaster]

Dow plunges over 1,000 points, Nasdaq and S&P 500 sink as global sell-off intensifies

But how can we blame this on Trump, says every democrat.

 

[Cotswold]

I'm particularly interested in the UK right now. I've seen more than a few videos of UK migration running a muck. I saw one yesterday of young migrants with swords and knives chasing people. Maybe someone can explain why.

I don't know what you have seen but I don't know of any such event.
There was a few days ago, a group of teenagers, some as young as 16 from London, or Southend with machetes messing about in Southend. They then decided to fight amongst themselves and chased each other around. They all looked to be white caucasion nut jobs. The police cam along and arrested them. There weren't any immigrants involved on my understanding.

Unfortunately, loads of false stories after the terrible mass stabbing of ten children in Southport by a 17 year old black youth. Born in Cardiff to Rwandan parents.

Following that event thousands took to the streets to demonstrate against illegal immigration and the boat people. Unfortunately, some neo-Nazis and white supremacists joined them to do what they most enjoy doing. Attacking the police and lighting fires.
The government and others have obviously fanned the flames. The government because they simply refuse to believe that the thousands of illegals sailing over every week are anything less than the nicest of people. And the rest on social media doing what they do every day but are now concentrating on these events. Oh yeh, I forgot, Russia is also involved in the false stories.

We have had many weekly Hamas demonstrators causing huge problems all year, climbing on Cenotaphs and threatening those they don't like. The usual stuff. These have been almost assisted by the police it does appear. However, now we have white people demonstrating and that is definitely not allowed in Britain today. Problem is that we have so many illegal offenders in jail that they will have to let them out early to jail any neo-Nazis they now convict. It has all unfortunately turned into a political event of misinformation and point scoring. So not looking good.

If you are coming on holiday, not a problem. London is unaffected. The problem towns are those where thousands of illegals have been dumped into. Just as the politicians don't go to these places, they generally aren't places for tourists to go to either. And if you did the government has commandeered all of the hotels anyway. So no worries.

 

[Cotswold]

Dow plunges over 1,000 points, Nasdaq and S&P 500 sink as global sell-off intensifies

But how can we blame this on Trump, says every democrat.

If you haven't sold. SELL! SELL! SELL!
I expected this months ago.

 

[pbaldy]

I see, semantics are more important then the big picture.

Add to this, untaxed increases in wealth. You guys are always saying that taxes should not redistribute wealth, but that is exactly what they do. They redistribute it to the very top.

Ah, this is what you resort to when your statements get shot down? Glib changes of subject?

If taxes redistribute wealth to the top, why do you want to raise them?

 

[AccessBlaster]

I don't know what you have seen but I don't know of any such event.
There was a few days ago, a group of teenagers, some as young as 16 from London, or Southend with machetes messing about in Southend. They then decided to fight amongst themselves and chased each other around. They all looked to be white caucasion nut jobs. The police cam along and arrested them. There weren't any immigrants involved on my understanding.

Unfortunately, loads of false stories after the terrible mass stabbing of ten children in Southport by a 17 year old black youth. Born in Cardiff to Rwandan parents.

Following that event thousands took to the streets to demonstrate against illegal immigration and the boat people. Unfortunately, some neo-Nazis and white supremacists joined them to do what they most enjoy doing. Attacking the police and lighting fires.
The government and others have obviously fanned the flames. The government because they simply refuse to believe that the thousands of illegals sailing over every week are anything less than the nicest of people. And the rest on social media doing what they do every day but are now concentrating on these events. Oh yeh, I forgot, Russia is also involved in the false stories.

We have had many weekly Hamas demonstrators causing huge problems all year, climbing on Cenotaphs and threatening those they don't like. The usual stuff. These have been almost assisted by the police it does appear. However, now we have white people demonstrating and that is definitely not allowed in Britain today. Problem is that we have so many illegal offenders in jail that they will have to let them out early to jail any neo-Nazis they now convict. It has all unfortunately turned into a political event of misinformation and point scoring. So not looking good.

If you are coming on holiday, not a problem. London is unaffected. The problem towns are those where thousands of illegals have been dumped into. Just as the politicians don't go to these places, they generally aren't places for tourists to go to either. And if you did the government has commandeered all of the hotels anyway. So no worries.

Thanks, it does seem very chaotic and hard to tell who's doing what to whom.

 

[Isaac]

If you haven't sold. SELL! SELL! SELL!
I expected this months ago.

I think the opposite. Hold hold hold - or should I say HODL.

don't leave the market on a day like this... retirement saving in the broad American market has been the 2nd most reliable way to build retirement savings for over 100 years (after home ownership). Just don't sell, and lock in losses, on a day like this!

Been going up for several years, post-Covid. Over 8% average annual increase in the S&P since the Depression

 

[The_Doc_Man]

Agree - short-term gyrations frequently level out in the long run. The big crash of 1929 was an anomaly. What we have here is an adjustment. One of the down sides of the stock market that is actually an up side. When the market is going crazy, it corrects itself. That isn't actually a bad thing.

 

[Pat Hartman]

Only on realized increases.

Duh!

Nope. Only your extream right wind blinders make you see it that way.

Why do you think that anyone who disagrees with you is extreme right wing or just too stupid to get your point and agree with it? Some people simply disagree with just about everything you say because they think your opinions are wrong.

 

[JonXL]

To your first point, you are confusing capilism, with entrepreneurialism. We are not talking about small business, we are talking about the trillions that are controlled by a small group.

No true Scotsman - Wikipedia

en.m.wikipedia.org

 

[AngelSpeaks]

This is what happens with high taxes. It would be easy for wealthy people to leave the US and take their businesses with them

‘We’re leaving!’: Rich Americans are ditching California and ‘taking their tax dollars with them — and now the tax rates they're fleeing have been raised even higher

All the millionaires want out.

finance.yahoo.com

 

[pbaldy]

This is what happens with high taxes. It would be easy for wealthy people to leave the US and take their businesses with them

It's not just wealthy people. My sister-in-law lived in Los Angeles and retired from the FBI there. She moved to Nevada to escape the CA income tax of 10%. An old college buddy was an attorney for the state of CA and retired. On a zoom call the other day he said he and his wife wanted to come to NV and get a tour from my wife and I, as they were strongly thinking about moving to escape the tax. They want to get a feel for neighborhoods, etc, to guide their search.

Frankly Nevada has been overrun by Californians moving to escape the high cost of living, of which one component is the income tax.

 

[AngelSpeaks]

It's not just wealthy people. My sister-in-law lived in Los Angeles and retired from the FBI there. She moved to Nevada to escape the CA income tax of 10%. An old college buddy was an attorney for the state of CA and retired. On a zoom call the other day he said he and his wife wanted to come to NV and get a tour from my wife and I, as they were strongly thinking about moving to escape the tax. They want to get a feel for neighborhoods, etc, to guide their search.

Frankly Nevada has been overrun by Californians moving to escape the high cost of living, of which one component is the income tax.

Bottom line- when those paying the taxes leave, what's left?

 

[pbaldy]

Bottom line- when those paying the taxes leave, what's left?

Reminds me of the old Ten Years After lyrics:

Tax the rich
Feed the poor
Till there are no
Rich no more

 

[The_Doc_Man]

Bottom line- when those paying the taxes leave, what's left?

What's left are the nightmarish situations where stores like Walgreens and Target and other retailers leave neighborhoods because the people steal everything in sight. And then protest when the stores close. What's left are the homeless encampments that are being pushed around because they have no place to be and no place to go, because owning a home is too expensive. What's left are the people who are too poor to be able to afford to even eat at a fast food joint because the exorbitant minimum wage makes everything too expensive.

 

[ColinEssex]

What's left are the nightmarish situations where stores like Walgreens and Target and other retailers leave neighborhoods because the people steal everything in sight. And then protest when the stores close. What's left are the homeless encampments that are being pushed around because they have no place to be and no place to go, because owning a home is too expensive. What's left are the people who are too poor to be able to afford to even eat at a fast food joint because the exorbitant minimum wage makes everything too expensive.

But the good news is. . . . . . .
Col

 

[Steve R.]

Wealth is mobile. Those who are rich can simply move to another location that is more tax friendly to them. So - should they leave, they will no longer directly be involved and/or contribute to the economy. Moreover, there are issues of corruption and political orientation. One can view Venezuela as an example of what happens with corruption and excessive social spending. The lesson is that the government cannot unilaterally (socialism) manage an economy. The US, under a Harris/Walz administration could be headed down the same road a Venezuela.

Unfortunately the article below ends in 2013, though it states that it was updated in 2023.

How Venezuela Fell From the Richest Country in South America into Crisis | HISTORY

Overspending, lower oil prices and political unrest all combined to throw the once prosperous nation into crisis.

www.history.com

How Venezuela went from a rich democracy to a dictatorship on the brink of collapse

The government’s response to economic crisis is reshaping the nation.

www.vox.com

 

[The_Doc_Man]

But the good news is. . . . . . .
Col

We're still waiting for any good news out of that part of the country. So far, nothing useful or hopeful.

 

[Pat Hartman]

Frankly Nevada has been overrun by Californians moving to escape the high cost of living, of which one component is the income tax.

The problem is that they bring their bad ideas wherever they go. They have virtually ruined Seattle and Portland and are working hard on parts of Texas and Florida. I think we need a wall around California to keep them in and make them live with what they voted for.

I didn't read the whole stories. Did they talk about Venezuela nationalizing American oil interests? That is theft folks and that is what Socialists do.

 

[AccessBlaster]

But the good news is. . . . . . .
Col

Life is good....be happy.