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FBN’s Gerri Willis on the White House push to raise taxes on the rich.
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You remember Willie Sutton hot.
He was depression era bank robber who held up about outer banks over forty year career pretty impressive.
When asked why he robbed banks he famously it's dead because that's where the money yes.
I -- slick Willie is I was listening to reporting on fiscal -- Now the president's point man Tim Geithner shown here saying higher taxes on the wealthy do must be part of any resolution with Republicans.
Presumably the White House team thinks the wealthy are where the money -- I've got some news Lauria that strategy to soak the rich may not work.
Consider Clinton after Gordon Brown's government announced a plan to -- 850%.
Income tax on people earning a million pounds or more.
Number of folks in that category got decidedly smaller check out these numbers.
Number -- millionaire tax filers in 2009161000.
By 2010 the number had dropped to 6000.
Crazy right.
The government had pinned its hopes on raising two and a half billion pounds in new revenues but the law of unintended consequences took hold suddenly.
60% fewer millionaires.
Here's the impact on government coffers before the -- changed in 20092010.
British millionaires contributed thirteen and a half billion pounds or 9%.
Of the total tax liability of all taxpayers that year.
But -- a lot changed millionaire taxes raised six a half billion pounds or less than 4%.
And a half I'm sorry for a half percent of the total tax liability much smaller right so what happened.
To 101000 millionaires leave the country did wealthy people -- come -- 2009 to get a lower benefit.
Did they all get stung by a -- academy.
Look any of this -- -- this could -- happened but the story is a warning signal for politicians in the US if you believe.
You can finance entitlement nation nation on the backs of the wealthy well think again my friends.
It's not that easy would be better operating -- fair tax system which everybody has some skin in the game rather than trying to find out.
Where the money -- -- by the way.
