High income taxes also cause high wealth and net income individuals to leave greedy states for more favorable tax climates, particularly the states with no income taxes.
Anybody who saves money under an income tax regime and spends it under a sales tax regime has the same wealth taxed twice.
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The states with low or no income tax gained working wealth and are growing and thriving.
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Income from wealth is easy to hide and hard to tax -- and perfectly legally.
He is a member of Responsible Wealth, which brings together high-wealth and high-income individuals in support of progressive tax policy.
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He will also boost taxes on financial income, scrap exemptions from the annual wealth tax, end stock options and cap bonuses.
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Pursuing such a vision would require very high marginal tax rates on anyone with above average production, income and wealth, which experience as well as theory shows us leads to less production.
They will miss the comfortable refuge from default risk, the wealth of noncallable issues, the exemption from state income tax and the dependable benchmark that corporate bond issuers use to price their securities.
This is why Mr Hollande will start by cutting the retirement age for some workers to 60, putting the top marginal income-tax rate up to 75%, raising taxes on wealth, inheritance and dividends, increasing the minimum wage and making it much harder for employers to fire workers.
Because of your substantial wealth you must now consider short and long term income, gift, estate and generation skipping tax planning.
Governors Fallin and Pence in Oklahoma and Indiana respectively, also fearful of walking wealth, are actively seeking to reduce income tax rates in their states.
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Another thing we could do is revise our tax laws, which at this point, as Marilyn just indicated, tend to incentivize people at the upper income scales to spend a lot of their wealth on housing and I think we need policies that make a tax advantage to save.
The states with relatively high income tax lost working wealth, triggering an economic death spiral as they continue to raise taxes and lose people, businesses, and working wealth.
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