tag:blogger.com,1999:blog-5465015914589377788.post5412162244471198077..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: Short Takes: Killing Mutual Fund Reforms, Taxing the Rich, and moreMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-5465015914589377788.post-7910382854856616712020-11-07T22:56:17.276-05:002020-11-07T22:56:17.276-05:00The following exchange is reproduced to remove bro...The following exchange is reproduced to remove broken links.<br /><br />----- BHCh October 12, 2018 at 2:01 PM<br /><br />Thanks for the info on the net outcome of tax hikes. I did my very best to make a small personal contribution to this outcome. Not that they - or anyone else- will learn a thing from the whole exercise.<br /><br />----- Michael James October 12, 2018 at 2:23 PM<br /><br /> @BHCh: I find discussions about this subject often degenerate into "they have lots - they should pay." Lots of people don't get that even if you decide the high income earners should pay more and you raise their tax rates, many of those high income earners will find ways to not pay more. My way was to retire.<br /><br />----- BHCh October 12, 2018 at 10:28 PM<br /><br /> Yep, many love the concept of “making the rich pay”, without appreciating or perhaps caring how it works in practice. And this isn’t the first example; works this way every single time. And wins elections, at least for a while.<br /><br /> My way was to spend A LOT of effort on planning and then changing things around. 53% Tax wasn’t the only consideration, but an important one. Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-58973466789667537192018-10-12T15:32:41.672-04:002018-10-12T15:32:41.672-04:00@Loonie Doctor: "Just evidence that the Liber...@Loonie Doctor: "Just evidence that the Liberals care about our work/life balance" -- LOL. I did this myself for a couple of years by taking a month off unpaid in addition to my regular vacation. Then I went the whole way and retired.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-90087826802649092822018-10-12T15:19:09.257-04:002018-10-12T15:19:09.257-04:00I am a high income professional (doctor). The marg...I am a high income professional (doctor). The marginal income taxes passing the 50% threshold is a psychological deterrent to work. The subsequent attack on corps to increase tax on actively earned income if you have a lot invested has a similar effect. <br /><br />The most eloquent solution to progressive taxation when it becomes excessive is to spend less and work less. Most of us would not leave medicine since it is intrinsically rewarding, but many will enjoy it more working part-time. I know many colleagues who have started looking at this option or already started shifting that way. Just evidence that the Liberals care about our work/life balance ;)Loonie Doctorhttp://www.looniedoctor.canoreply@blogger.com