Billionaire Looks to Disappear

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[Tymathee]

Why move to country that no exist?

He no longer wants to exist!

http://www.reuters.com/article/2012/09/08/us-france-tax-lvmh-idUSBRE88709520120908

[PonySlaystation]

wow 75% tax, why work harder if most of it is gonna be taxes.

[SophiaT1991]

wow 75% tax, why work harder if most of it is gonna be taxes.

Agreed, its fucking ridiculous. Everyone should have same tax and government should have other sources of money making.

[PonySlaystation]

Agreed, its fucking ridiculous. Everyone should have same tax and government should have other sources of money making.

Your logic is even worse.

[nikomas]

Your logic is even worse.

lol 

[SophiaT1991]

Your logic is even worse.

How is everyone having same tax bad logic? Seems fair to me.

[puddin]

Well, The problem with a flat tax is this, 20% for 30,000 dollars its a greater chunk then 20% of 100,000 or 1Million. 

Flat taxes are a good idea in concept but don;t take enough into effect. 

Also how else will governments make money?>  If they are a business they stop being a government.

[Sachaztan]

How is everyone having same tax bad logic? Seems fair to me.

Because it doesn't work.

Either your flat tax will be so high that consumers won't be able to afford anything and then the entire economy goes to hell, or it's low enough to sustain an economy but not a modern government.

A flat tax is like communism; a seemingly good idea at first glance that has no chance to stand up in reality.

http://www.businessweek.com/magazine/bloomberg-view-why-a-flat-tax-wont-work-making-swiss-accounts-less-swiss-10272011.html

[Masacree]

wow 75% tax, why work harder if most of it is gonna be taxes.

Why work at all when you have $41 billion?

[PonySlaystation]

so that you can buy a country?

[RikiRude]

im sure even with 75% tax he still lives an amazingly easy life.

the problem is this, with all the money they are taking from him, are they doing something useful with it? probably not.

[AmPM]

Why work at all when you have $41 billion?

I'd have moved the hell out of France for sure, fuck 75% taxes. Not like he will ever use the free medical...

[Sachaztan]

75% taxes sounds ridiculously harsh, but hey if they can get away with taxing that much and do something useful with it then why not.

However, the real question is will they get away with it or will there be an exodus of the super rich? Will they even do something useful with the extra money?

[Tymathee]

75% taxes...and people in america get in a tizzy when a politician wants to raise their 9% tax to 11% lmao

[tank130]

A flat tax rate is exactly what all governments should do. And here is why.

I own a business and pay myself a salary

To avoid paying a lot in taxes, I pay myself a salary each year of 150K. This is considered a very high personal income and I am taxed at 29% (43,500.00)

The rest of my money stays in the corporation and is taxed at a corporate rate. By using holding companies and other business advantages, I am able to further reduce the taxable income, but the base rate I end up paying rounds out to about 12%

My company grossed 17 mil last year and gross profit of about 12 mil. Now obviously I did not pay out 1.4M in taxes. If I did, my accountant would be inside the next foundation I pour.....

What I did pay was around 500K.

But here's the the deal. The money I saved on taxes sits in holding companies basically doing nothing other then allowing to use it as finance leverage for large land acquisitions. What it does not do is directly stimulate the local economy.

The theory behind lower corporate taxes is that the business will use the savings to hire more staff and create economic growth. This is true to a very small extent, but the fact is, there is billions of dollars in canada just sitting there doing nothing.


How does a flat rate fix the problem?

Simple: 7% for everyone

Reduce personal income tax to a flat rate of 7%. In my personal income situation, I would only be paying 10,500.00. That would save me 33,000.00 a year in taxes. For most people, they are going to spend this money on a nicer home, new vehicles, renovations, etc. Directly stimulating the local economy and creating job growth in those sectors.

Tax corporation at a flat rate of 7% and get rid of the holding companies loop holes and my company would shell out 840K in taxes. That is only roughly 300K increase on a 17 mil company. It's fucking peanuts.

The end result is average Canadians get a massive tax break that directly stimulates the economy and the government gets more tax money overall to better run our education and health care system. (lets not get into government waste, it's not the pint of this conversation)

Simple.

[Sachaztan]

Doesn't sound one bit like the problem is the progressive tax. It does however sound like a combined problem of high income tax, low corporate tax and loopholes.