Raise taxes, get less tax revenue; shocker

[Peter1469]

Link (http://www.breitbart.com/Big-Government/2012/12/07/CALIFORNIA-STATE-BUDGET-GOES-OFF-THE-CLIFF)

California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below budget.

Democrats thought they could hammer “the rich” by convincing voters to pass Proposition 30 to create the highest state income tax in the nation. But it now appears that high income earners have already “voted with their feet” by moving themselves and their businesses out of state, resulting in over $1 billion shortfall in corporate and income taxes last month and the beginning of a new financial crisis.

And in France: Link (http://www.myfoxny.com/story/20307940/french-star-depardieu-moves-to-lower-tax-belgium)

A Belgian mayor says famed French actor Gerard Depardieu has bought a home and set up legal residence in his small town, lured by the food, the people, the lifestyle — and lower tax rates than back home.


The Socialist government under French President Francois Hollande has infuriated many ultra-rich in France by presenting a 2013 budget that would tax top earners at 75 percent over the first €1 million of annual income. Belgium's top rate is 50 percent.

Mayor Daniel Senesael of Nechin, about a kilometer inside Belgium near the French city of Lille, said that "in our conversation, his reasons were also other than those about taxes," RTL radio reported.

[Mister D]

75%? They'll effectively chase people out of the country.

[Peter1469]

I imagine that they have deductions. I don't know.

[Mister D]

I imagine that they have deductions. I don't know.

I'm referring to the "rich". The article seems to confirm that.

[Peter1469]

Yes. Many rich have already left France over the tax increases.

[waltky]

Granny says, "Dat's right - an' we still in debt...
http://www.politicalforum.com/images/smilies/icon_grandma.gif
$213,300,000,000: Individual Income Taxes Set Record in First 2 Months of FY17
December 12, 2016 | The federal government brought in a record of approximately $213,300,000,000 in individual income tax revenues through the first two months of fiscal 2017 (Oct. 1, 2016 through the end of November), according to the Monthly Treasury Statement released today.


That is approximately 36 times the $5,966,000,000 the federal government brought in from customs duties imposed on foreign imports over the same two-month span. In constant 2016 dollars (adjusted using the BLS inflation calculator), the record $213,300,000,000 in individual income taxes the Treasury raked in during October-November of this year was up $6,432,550,000 from the $206,867,450,000 it brought in October-November of last year.


http://www.cnsnews.com/s3/files/styles/content_100p/s3/individual_income_taxes-november-record-chart.png?itok=z22GYpfm

Despite hitting this all-time record for individual income-tax revenues during the first two months of this fiscal year, overall federal tax revenues (in constant 2016 dollars) declined from $424,284,540,000 in October-November 2015 to $421,567,000,000 in October-November 2016. That is a drop of $2,717,540,000. While individual income tax receipts increased from last year to this year in the October-November period, inflation-adjusted revenues from corporate income taxes, Social Security and other payroll taxes, excise taxes, estate and gift taxes, and customs duties all declined. In constant 2016 dollars, corporation income tax revenues dropped from $8,085,610,000 in October-November 2015 to $2,920,000,000 in October-November this year.


http://www.cnsnews.com/s3/files/styles/content_100p/s3/individual_income_tax-customs_duty-chart.jpg?itok=e0UbA2So

Social Security and other payroll taxes dropped from $165,746,890,000 in October-November of last year to $164,936,000,000 in October-November this year. Excise taxes dropped from $13,407,350,000 in October-November of last year to $12,938,000,000 in October-November this year. Estate and gift taxes dropped from $3,921,440,000 in October-November of last year to $2,875,000,000 in October-November of this year. Customs duties dropped from $6,447,680,000 in October-November of last year to $5,966,000,000 in October-November of this year.


http://www.cnsnews.com/s3/files/styles/content_100p/s3/mts-chart.jpg?itok=BcPNIqNQ

That means that the record $213,300,000,000 in individual income taxes the federal government collected in October-November of this year was approximately 36 times as much as the $5,966,000,000 in customs duties it collected on foreign imports brought into the United States during the same period. While collecting overall tax revenues of $421,567,000,000 in October-November (including the record individual income tax revenues of $213,300,000,000), the federal government spent $602,410,000,000. Thus, the federal government ran a deficit of $180,843,000,000 in the first two months of this fiscal year—despite collecting record individual income tax revenues.

http://www.cnsnews.com/news/article/terence-p-jeffrey/213300000000-individual-income-taxes-set-record-first-2-months-fy17

[Newpublius]

75%? They'll effectively chase people out of the country.

Go onto youtube and there's a nice clip where Will Smith is being interviewed by a French station at about the time Hollande was either just elected or about to be elected. And Will Smith discusses how he doesn't mind paying taxes and he's grateful for being successful. And then the interview turns to French taxes and the interviewer says 75 in French but I guess Will Smith knows enough French to pick up the number.

He says, paraphrasing, "75? (incredulous)......yeah, well, THAT's different"

The French interviewer begins to chuckle......

[Newpublius]

I imagine that they have deductions. I don't know.

I am sure they do but even so, they ALSO jave $8 gas and a VAT, the specifics you can look up, but that is in the neighborhood of 20%

[DGUtley]

Go onto youtube and there's a nice clip where Will Smith is being interviewed by a French station at about the time Hollande was either just elected or about to be elected. And Will Smith discusses how he doesn't mind paying taxes and he's grateful for being successful. And then the interview turns to French taxes and the interviewer says 75 in French but I guess Will Smith knows enough French to pick up the number. He says, paraphrasing, "75? (incredulous)......yeah, well, THAT's different" The French interviewer begins to chuckle......

Socialism is for the people, not the socialists.

[Beevee]

Link (http://www.breitbart.com/Big-Government/2012/12/07/CALIFORNIA-STATE-BUDGET-GOES-OFF-THE-CLIFF)

California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below budget.

Democrats thought they could hammer “the rich” by convincing voters to pass Proposition 30 to create the highest state income tax in the nation. But it now appears that high income earners have already “voted with their feet” by moving themselves and their businesses out of state, resulting in over $1 billion shortfall in corporate and income taxes last month and the beginning of a new financial crisis.

And in France: Link (http://www.myfoxny.com/story/20307940/french-star-depardieu-moves-to-lower-tax-belgium)

A Belgian mayor says famed French actor Gerard Depardieu has bought a home and set up legal residence in his small town, lured by the food, the people, the lifestyle — and lower tax rates than back home.


The Socialist government under French President Francois Hollande has infuriated many ultra-rich in France by presenting a 2013 budget that would tax top earners at 75 percent over the first €1 million of annual income. Belgium's top rate is 50 percent.

Mayor Daniel Senesael of Nechin, about a kilometer inside Belgium near the French city of Lille, said that "in our conversation, his reasons were also other than those about taxes," RTL radio reported.

It's hardly a new phenomenon. Back in the day (maybe 1960's )socialist finance minister Denis Healey / Roy Jenkins(UK) introduced a tax in EXCESS of 100% on certain earnings.
He created what was known as the brain drain when the best and brightest emigrated to the US.