Comment by mizzao
7 days ago
Even if this were implemented, any country taxing wealth would see a flight of capital to other countries not taxing it.
7 days ago
Even if this were implemented, any country taxing wealth would see a flight of capital to other countries not taxing it.
Good, I'll help you pack your factory into your suitcase.
The US wouldn't as it taxes global income.
More generally, you'd probably get the OECD together and make a deal if you wanted to do this.
Not many billionaires will move to the Congo, regardless of how much they are taxed.
So? Less capital chasing after housing means housing prices fall. If the capital was not destined to be used in the first place, then it only serves to inflate the economy
The other countries will bear inequality and servitude.
Let them swallow that pill.
The rich can’t bring their assets without divesting and get taxed first.
Can you imagine if someone like Elon Musk got wealth taxed at 75% of his $400Bn?
He’s still a billionaires and USA coffers will increase by $300Bn.
He can’t replicate his success outside USA because USA has the market and the appetite to spend.
You wanna cut income tax? Get Wealth Tax in place. Not Tariffs and cutting Govt. That’s billionaires playbook.