Thread by @roncaruthers

1. 'Increasing taxes creates more problems than it solves'

Let me give you a perfect example of this:

A buddy of mine that I've rented office space from in the past is about to sell his business for a few million dollars.

https://twitter.com/cynicpolitic/status/1440187660929097730

2. His accountant is telling him that he has to pay the State of CA over $500,000 in tax on the sale.

At the SAME time, the schools are harrasing him about getting vaccines for his kids, since CA is one of the few states that mandates a ton of them, not just the C-19 ones.

3. So, how does this work in the real world, and not commie utopia of 'raising taxes on the rich'?

Simple: I'm working on it for him, but if we can't come up with a better plan, he's going to move to Florida or Texas for a year while the sale goes through, and pocket 500k.

4. I mean, wouldn't YOU?

Shoot, he can send his kids to DisneyWorld every damn day of the year, AND move into the Ritz Carlton and still have money left over vs. staying in CA.

Now, here comes the real problem: will he ever come back?

5. Maybe, maybe not.....but here is what he has provided:

He pays rent, and he has a manufacturing company in CA currently.

He has multiple employees.

He has bought a Tesla and a really nice jeep.

He has a house.

And he pays taxes on ALL of that, and his employees do too.

6. If CA took, say $100-200k of his sale, it wouldn't be worth it for him to move out of state, even for a year, so they'd get the tax on that AND the tax on his income.

Plus, that tax on his ee's income as well, his property tax, and sales tax on all the stuff he buys.

7. And that's why increasing taxes never works.

Now, the Biden Admin is looking at raising corporate tax to higher than communist countries.

Will the 'corporations' pay it?

No.

Employees will get laid off, and the rest of the cost will get passed along to consumers.

8. It's been that way since the beginning of time.

And that's what happens when, as Thomas Sowell puts it, you put people in charge who have no consequences for being wrong.

Anyway, I've said it once, and I'll say it again:

9. Nobody...literally NOBODY...cares about your money as much as you do, and it is your duty to your family and yourself to pay the LEAST amount of taxes legally allowable.

If you wish, you can then donate to charities of your choice, or even just send the extra money to the gov

10. OK. End of rant for now, but it's worth noting that my buddy literally had tears in his eyes when he was saying:

Why would I continue to live in and invent and create wealth in a state that hates me.

Which is literally Ayn Rand 101.

/end.

Sorry about the typos.