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From: Kevrob <kjrobinson@mail.com>
Newsgroups: rec.arts.sf.written
Subject: Re: the future long term financial apocalypse of the USA
Date: Sat, 25 May 2024 17:54:17 -0400
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On 5/25/2024 1:54 PM, D wrote:
> 
> 
> On Sat, 25 May 2024, Scott Dorsey wrote:
> 
>> D  <nospam@example.net> wrote:
>>> On Thu, 23 May 2024, Scott Dorsey wrote:
>>>> D  <nospam@example.net> wrote:
>>>>>
>>>>> And yet here we are, and China is more prosperous than ever, while 
>>>>> europe,
>>>>> the master of regulations is sliding down into socialism.
>>>>
>>>> Yes, and yet China has become famous for manufacturing unsafe knockoff
>>>> products.  Perhaps prosperity isn't everything?  The Chinese government
>>>> values prosperity over individual safety, that is certainly clear.
>>>
>>> I think you'll find if we remove your prosperity, that to the contrary,
>>> safety isn't everything. Also from a quality of life and wealth point of
>>> view, china has been doing pretty well. You should read up on the 
>>> trickle
>>> down effect and I recommend you Johan Norbergs The Capitalist Manifesto.
>>> Read it and it will revolutionize your world and you will no longer be
>>> able to follow socialism in a serious way. =)
>>
>> I mentioned this much earlier in the thread.  Yes, the trickle-down 
>> effect
>> exists, but it doesn't work the way the laissez-faire crowd thinks.  If
>> you give money to rich people, they just get richer and richer and if 
>> there
>> is no motive for them to invest it in the economy, they don't.  It only
>> works when there is an actual incentive for them to invest it and make it
>> work.
> 
> Even if it just sits in the bank, it is still doing good.
> 
>> That's how Haiti got to be an isolated set of compounds owned by a few
>> multimillionaires, who had to buy helicopters to visit one another
>> because they didn't want to spend money to fix the roads. (Eventually
>> it got to they point that they just all left the country and took their
>> money with them.)
>>
>> This is what I see happening in the US today and it's a bad thing because
>> it doesn't take much change to make capitalism actually work well.
>> --scott
> 
> The trickle down works over time. By zooming in to a specific country 
> over a few years you won't see it as clearly. Zoom out and check 
> economic development over let's say 50 years, and you'll see if globally.


Make the effective tax rate on the wealthiest too high and you encourage
capital flight.

https://en.wikipedia.org/wiki/Capital_flight

It doesn't help a country much if that money is in a bank in a tax 
haven. If you are an 800-lb gorilla like the USA, you just declare
all money an American earns anywhere taxable {with some exclusions.}

[ 
https://www.irs.gov/individuals/international-taxpayers/figuring-the-foreign-earned-income-exclusion 
]

-- 
Kevin R



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