We have heard it repeatedly during the Obama administration:
The rich must pay their fair share.
What is their “fair share,” exactly? 40% of their income? 47%? 55%? 75%?
Terms like “fair share” are subjective but how much more can the top 20% contribute in taxes if they already pay 69.9% of them?
In 2008, New York City mayor Michael Bloomberg said this about paying taxes and skipping town:
“I can only tell you, among my friends, I’ve never heard one person say I’m going to move out of the city because of the taxes. Not one. Not in all the years I’ve lived here.”
Well, Bloomberg (and other Liberals) were wrong:
Why do the wealthy leave places when the taxes increase?
Because they can, that’s why.
England recently raised taxes on the rich to 50%. What happened? 2/3rds of them apparently left:
In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.
This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election.
Did the state come out ahead by raising taxes?
Far from raising funds, it actually cost the UK £7 billion in lost tax revenue.
Of course not.
And in France, where the Socialist government is going to raise taxes as high as 75% what’s going on?
A flood of top-end properties are hitting the market as businessmen seek to leave France before stiff tax hikes hit, real estate agents and financial advisors say.
“It’s nearly a general panic. Some 400 to 500 residences worth more than one million euros ($1.3 million) have come onto the Paris market,” said managers at Daniel Feau, a real-estate broker that specialises in high-end property.
Does the Left never learn?
Of course not, no wonder our economy is in shambles because Liberals are trying to make life “fair” according to their rules:
In a 2008 debate, Charlie Gibson asked Barack Obama about his support for raising capital gains taxes, given the historical record of government losing net revenue as a result. Obama persevered: “Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.”