Level Extreme platform
Subscription
Corporate profile
Products & Services
Support
Legal
Français
Talking Rotten
Message
From
13/02/2019 16:07:27
John Ryan
Captain-Cooker Appreciation Society
Taumata Whakatangi ..., New Zealand
 
General information
Forum:
Politics
Category:
Economics
Title:
Miscellaneous
Thread ID:
01665625
Message ID:
01666363
Views:
35
BTW, re rich people and tax: first CA and now NY is reporting a huge deficit because state tax deductions are capped at $10K. According to Cuomo, his richest residents who were happy to pay 46% of state tax as long as they could deduct it from federal owings, therefore not actually paying it themselves- are so horrified at the specter of paying it themselves that they're changing primary residence or otherwise behave as the rich always do when it affects their bottom line.

http://longisland.news12.com/story/39904570/serious-as-a-heart-attack-ny-faces-dollar23b-shortfall-cuomo-blames-tax-overhaul

Note how he calls it a strategem to benefit red states at the expense of blue states? What it really means is that high blue state taxes only worked because taxpayers simply deducted the obligation from their federal tax, effectively making the fed pay their state tax and transferring more of the federal burden to states like Florida with no state tax.

The rule of Ryan to determine if something is reasonable: what if everybody did it. What if red states also set high state taxes that are deducted from federal owings, potentially leaving the fed with nothing?

As always, unreasonable behavior often relies on everybody else behaving properly.

Which high-tax state will be next?
"... They ne'er cared for us
yet: suffer us to famish, and their store-houses
crammed with grain; make edicts for usury, to
support usurers; repeal daily any wholesome act
established against the rich, and provide more
piercing statutes daily, to chain up and restrain
the poor. If the wars eat us not up, they will; and
there's all the love they bear us.
"
-- Shakespeare: Coriolanus, Act 1, scene 1
Previous
Reply
Map
View

Click here to load this message in the networking platform