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consider britain. after the government announced a plan to levy a 50 percent income tax on people earning a million pounds or more big number of people in that category shrunk. check out these numbers. the number of millionaire tax filers in 2009. by the time, the tomb of the law went into affect it fell. the government had been its @%pes on raising two and a half billion pounds in new revenue but the law of unintended consequences to cold. suddenly and inexplicably there were 60 percent fewer millionairess. british million has contributed 13 and a half billion pounds or 9 percent of all the government and come before the hike. fast forward. millionaire taxes raised six and a half billion pounds or less. for a half percent after the hike. that is not the comparison there were looking for. what happened? 10 billion as of the country, well to people moving come into 2009 to get the benefit of a lower rate. did they all get stung by a weak economy? probably all of that or maybe some of it. but this story
consider britain. after the government announced a plan to levy a 50 percent income tax on people earning a million pounds or more big number of people in that category shrunk. check out these numbers. the number of millionaire tax filers in 2009. by the time, the tomb of the law went into affect it fell. the government had been its @%pes on raising two and a half billion pounds in new revenue but the law of unintended consequences to cold. suddenly and inexplicably there were 60 percent fewer...
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Dec 17, 2012
12/12
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FBC
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consider britain. after they announced a plan to levy a 50 percent income tax on people earning a million pounds are more, the number of books in that category gets decidedly smaller. check out these numbers. the number of millionaire tax filers in 2009, 16,000. by 2010 that number had dropped to 6,000. that government pinned its hopes on raising new revenues, with the law of unintended consequences took hold. suddenly 60 percent fewer millionaires. here is the impact on government coffers. a lot has changed. britiih millionaire's contributed 13 and a half billion pounds or 9% of a total tax liability of all taxpayers the year. but in a lot changed. amelya air taxes raised six and a half billion pounds or less than 4 percent and have -- for a half percent of the total tax liabilities. so what happens? then dozens of millionaires leave the country? what the people move to get a lower benefit? did they all get stung by a weak economy? any or all of this could have happened, but the story is a warning sig
consider britain. after they announced a plan to levy a 50 percent income tax on people earning a million pounds are more, the number of books in that category gets decidedly smaller. check out these numbers. the number of millionaire tax filers in 2009, 16,000. by 2010 that number had dropped to 6,000. that government pinned its hopes on raising new revenues, with the law of unintended consequences took hold. suddenly 60 percent fewer millionaires. here is the impact on government coffers. a...
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Dec 17, 2012
12/12
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FBC
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build more wind farms was bring in a senior fellow from the manhattan institute it is almost laughable britain said the offshore wind farm is not produce as much as three thought. it is not even a good idea we still spend money. >> it is agreed example to show the wind industry is the most favored in america wis subsidies and mandates hang getting subsidies under the national wildlife flawed no bearing more money at the offshore sector that would give expensive. tracy: the floating when the bill is out on the water somewhere slowly bringing powewer back? >> the important thing to realize what is the cost of electricity that may be generated offshore? look at the data it is clear. the cost of offshore wind is 2.5 times from the onshore wind turbine and five times as natural-gas. it will be extremely expensive if it is built. tracy: more money and not as much energy as we thought. what is the rationale? [laughter] part of the obama administration push all of the above strategy does not matter if it works. we should have a diverse portfolio for those that are viable. the view is not winter solar
build more wind farms was bring in a senior fellow from the manhattan institute it is almost laughable britain said the offshore wind farm is not produce as much as three thought. it is not even a good idea we still spend money. >> it is agreed example to show the wind industry is the most favored in america wis subsidies and mandates hang getting subsidies under the national wildlife flawed no bearing more money at the offshore sector that would give expensive. tracy: the floating when...
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Dec 29, 2012
12/12
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our major trading partners, britain and europe and canada -- they are only 16%. so there is a very good reason why just about every industrial country has a really low capital gains tax rate. that's because policymakers just about everywhere know that low capital gains tax rates are crucial for a growth of economy and entrepreneurship and high-technology industries. gerri: so what if we compare favorably with a lot of developed countries out there -- what would be the practical effect? >> it will slow the flow of venture capital and investment for high-technology companies. if you think about every mjor high-tech company like apple or microsoft or ebay or amazon, they were all nurtured by high income people putting money in early on to these startup companies. we dramatically cut the capital gains tax rate from 40% to 20% before, so what we are going to do is kill america's entrepreneurial economy. gerri: let's get into the details of this. why you would want to keep these capital gains taxes low. you say it is an issue of double taxation. >> that's right. corpor
our major trading partners, britain and europe and canada -- they are only 16%. so there is a very good reason why just about every industrial country has a really low capital gains tax rate. that's because policymakers just about everywhere know that low capital gains tax rates are crucial for a growth of economy and entrepreneurship and high-technology industries. gerri: so what if we compare favorably with a lot of developed countries out there -- what would be the practical effect? >>...