Sure thing! I enjoy talking about topics like this more than most because I can usually dive in a bit better (I'll touch on that later since you asked what I do).
I see, interesting. I can picture more people jumping to places in Europe depending on how much money they have, the higher up we go. Remember with the France debacle when their famous actor, Gerald something pretty much packed up to Russia because they were hiking rates too high? They had a lot of that going on at the time, and imagine if they didn't stop at around 50% and kept pushing up to 70%. It could have been a massive disaster. That is what I would fear the most, and it's why I'd push for smaller increments gradually, raising some specific taxes higher than other types, than one giant leap forward to a planned 70% rise (even though it would be over time). Here it is a bit different though because it would be applied differently than France did, and we don't have the same level of bordering nations as they do to move more conveniently. I think people and corporations that are within the "celebrity rich" range likely would be a smaller amount of people jumping ship or tucking money, but when we start reaching the billionaires I get very nervous thinking about how they may react since they'd be factoring in how to withhold such large amounts of money even more than they already do.
Yea that makes perfect sense. I think some people may assume I didn't understand because I fully don't agree with their position, but I don't really address that because I feel it's an unfair way to have a good conversation on the subject. Especially if I respect the poster, it's a bit disheartening. When I argue 70% is too high, it's because I think it's too high, not because I don't know anything. One of the better breakdowns superior to the generic google search finds for people who would like to read on it is here though (I save things like this religiously lol)-
http://pages.stern.nyu.edu/~adamodar/New_Home_Page/valquestions/taxrate.htm
Of course! I try to show everyone the most respect as possible as we accomplish nothing by being rude to each other or dismissing others we disagree with if they are being respectful as well. Nice!!! It's always good and valuable information because you never know when you may need the knowledge. For tax purposes, to open a business, etc. It's always good on-hand knowledge so you were lucky. I work for one of the big 4 accounting firms (PWC) in finance, and I'm fully involved in client accounts for fortune 500 companies, monitoring and adjusting budgets, moving money across accounts for the same client (shadiest part of the job), yelling at our partner(s) who make 3x more than me (or even more) on make the right financial decisions with our clients only for them to get all the credit afterwards, etc etc among a bunch of other both cool and boring financial work. I admit, I am part of the problem as I am helping these rich people be even richer lol.
