Sep 30
Only the richest, the top 5% , will be affected by Obama's tax increase. There will be a trickle-out effect - as 95% of Americans will be better off - they will spend more on the basics and everyday things which will stimulate the economy on a much wider scale. Spending in bars and restaurants, spending on cars and homes, spending on health and college educations. The top 5% rich tend to spend their extra money overseas, on holidays, on overseas property etc. And the extra money that Obama gets will again be spent WITHIN America - on infrastructure - and not going OUT of the country. This is why Obama's plans will work. Idget - you make my point for me. The rich take their extra money overseas. If they invest in business overseas - then that gets taxed overseas. The fact is that the businesses are in America BECAUSE that's where the market is. And that market is good if the vast majority have money to spend. Lara - I'm afraid you are stuck in the past. Break free from the conservative thinking you have become acclimatised to and think economically. . OK - for those of you who just don't get it - lets reverse the argument. Yopu say businesses will downsize with higher taxes. They will also downsize if their market has shrunk . Get it now !
Sep 12
Hi my husband and I are moving to Australia in December and we are going to rent out our property we have been told we would have to pay Tax on the rental income. 1. If we only get enough to cover our mortgage, insurance and agency fees. Do we still have to pay tax? 2. How much tax would we have to pay %? Thanks