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I agree with this but sadly in a multi national world the ultra wealthy will simply flee to some tax haven country as primary residency.
@desmosthenes @technocrit why does that matter if they're not contributing anyway. But also https://taxjustice.net/press/millionaire-exodus-did-not-occur-study-reveals/
because they buy things - especially luxury items, create more companies, hire people, in theory… who knows anymore
@desmosthenes a lot of it is more likely to go into the Cayman Islands or investing in media they can control or buying politicians. Give $1b to one man or $20 each to 50 million people - bet you more money makes it into your local economy the second way.
this is what I was alluding towards. but have to crawl back that initial 1b in the first place.. but agreed, normal folk actually pay taxes
@desmosthenes they also buy food and drink from your local town, rather than designer limited editions from Paris.
@desmosthenes but to go back to the first point - if they want to have a company in the US they will do it whether or not they're resident. Can't very easily employ thousands of Cayman Islanders in your billion dollar business. A Way would be found. But by structuring the business in such a way as to avoid whatever restrictions there are, there would at least be a small reduction in their cut. And a small reduction in billions is not insignificant. Plus... One fewer tax haven reduces options.
Good.
Okay. So, just keep bending over. Got it.
/s
This is an empty "threat" they promote. They want you to believe they are somehow valuable to society, when really, they are just leeches who contribute nothing. Let them flee, the entire world is getting tired of their shit.
na just think of other solutions on top of this. not saying to not set the maximum - but perhaps a multinational solution is needed, or set the standards on the banks themselves, or on repatriation of their income when they’re trying to spend (ie a sales tax for rich) or a carbon tax, or withdrawal of government grants/contracts for their companies (i’m sure there’s other besides aws and azure out there) for some ideas - so on
Senator Warren’s wealth tax confronted this with a 50% exit tax on all funds relocated within 25 years of the plan’s adoption (IIRC).
see that’s a good solution
I preferred it to Sander’s plan as his exit tax sunset after 4 years as I recall. Many younger tech guys can plan on being alive in 4 years but far fewer will be able to count on 25 years.