Posted on 05/30/2008 1:07:15 AM PDT by bruinbirdman
What will happen to the U.S. economy if Barack Obama wins the presidency and he's backed by a filibuster-proof majority in the Senate?
Taxes will go up. Capital gains and dividends will bypass 20% on their way to 25% or 30%. Income taxes will go to 40% for higher earners and possibly more for the "super-rich." The ceiling on payroll taxes will rise to $150,000 or so.
Government tax receipts won't grow at all. The highest taxpayers, feeling assaulted, will flee. To where?
Some will take longer vacations. If your last earned dollar is pinched in the 60%-plus range by the feds, the state and your city, you'll envy the beach bum's life.
Some will move to smaller cities. If a $150,000 income in Des Moines, Iowa, or Spokane, Wash., buys you the same house and lifestyle as a $500,000 income in Greenwich, Conn., or Palo Alto, Calif., why not move? The tax monster will eat most of that $350,000 difference.
Some will move to entrepreneurship. If you can live with a lower income, you might as well build equity behind the tax curtain and harvest it in better times. That's what entrepreneurs did in the 1970s.
Some will switch careers, become tax lawyers and make the most money of all.
(Excerpt) Read more at blogs.forbes.com ...
Canada has FREE health care!
Yeah, and the waiting lists are to die for!
Here’s where I’m going: http://www.livinginthephilippines.com
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This time, though, there won't be a Ronald Reagan to come riding in and save the day.
Owing to dysgenic fertility & the aging of the baby boomers, circa 2020, the USA as we knew it will cease to exist.
Philippines, really?
People are very welcoming (at least in the Northern part of Philippines).....
But climate - sooooo hot?
Then there are earthquakes, terrorists who are active, Mostly in the South but also have been in Manilla area....
ON the other hand 0 someone mentioned Nova Scotia....but why would I want to go to socialized Canada?
Any consideration of Costa Rica?
What do any of the Island nations near the US offer?
People tell me Cebu (2nd largest city after Manila but MUCH cheaper and not near the Muslim terrorists) is the way to go.
There is more foreign money pulling our strings than can be counted. Arab money and Soros cash are running the show on both sides.
Oh - yes - have heard that too about Cebu....
But the heat and humidity? Would not bother you? Would me....
I firmly believe that sometime during McCain’s presidency he will raise taxes especially if he does two terms. He was against the tax cuts before he was for them. Funny how nobody remembers that!
That is an idea....yes have been thinking about our ancestors who left their homes and nations in search of freedom....
The Czech Republic President (I think it was he) sounded so sane - it makes that country look attractive. And what about Poland now?
If NC continues to be enslaved by the taxhikers, businesses will flee this state in droves and NC will descend into third world economic status...for instance.
Seems like conservatives would not need to leave this country but found a “state” somewhere - take it over as the Scientologists have taken over parts of Florida and the Mormons have most of Utah....e.g.
Thinking outside the box....things are going to become VERY bad economically in this country if the dems take power in the WH and in Congress....while staying in power in the states where they rule....
Im opening a quilt shop. See you on the beach!
If this occurs, it will be because that’s what a majority of the taxpayers want. I’m astounded that they do, but everything happening now tells me that in addition to higher gas and food prices, people want higher taxes. If it weren’t the case, you’d see a big majority in favor of the Republicans or a big majority going none of the above/third party.
That assumes that a majority are smart enough to make the connection between all the freebies they are "entitled" to and higher taxes/costs. They don't want higher taxes on themselves, they want them on you and me. Besides, half the people in this country pay little or no taxes anyway so they have no reason not to vote themselves more largess.
Right. Patriotism is for suckers after all.
Almost half of the voters pay no (that is a big fat 0) federal income tax. Others take far more from the government programs than they ever put into it. Only a small minority pay the majority of taxes. The top 10% of earners pay 75% of the taxes. So they can never influence the outcome directly.
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