Let millionaires leave every country to form their own utopia. Let them try and live without anyone making the life go around. Just millionaires eventually eating each other.
So most assets are shares and structures. Shares you can sell, but someone still holds them, structures can be sold, but someone still owns them.
If a billionaire left, a fortune in capital gains would be made, the wealth would remain to be taxed from other hands, and that precludes the destination not having a higher wealth tax.
Wealth taxes are never one off. They might get a big payday once, but then thousands of people have lost their jobs, 50% of the income tax is now gone from the books for the next year, along with all the other business related taxes.
Most places would love billionaires to move in, because then they get enormous amounts of extra tax revenue and, typically, jobs.
Hang on - so you’re saying that when a billionaire sells something it ceases to exist? Surly not!
You might be suggesting that a billionaire creates jobs that vanish when they leave, however that’s not likely to be the case. Got any data to back that figure up?
They don’t sell, they move. All those jobs and taxes move somewhere else.
What did Musk do with Twitter/X when California became too hostile politically for his business? Moved it to Texas. All those jobs moved to Texas. Those jobs in San Francisco disappeared, as did the revenue and taxes that they brought in.
You never asked. You said that billionaires don’t take their companies out of state/country. You thought that they would just leave them there lol. I shows you that they don’t and now you switch arguments 🤣
Let millionaires leave every country to form their own utopia. Let them try and live without anyone making the life go around. Just millionaires eventually eating each other.
And what do you think happens to the countries that just lost 50% of their tax revenue because the 1% left?
Hang on…
So most assets are shares and structures. Shares you can sell, but someone still holds them, structures can be sold, but someone still owns them.
If a billionaire left, a fortune in capital gains would be made, the wealth would remain to be taxed from other hands, and that precludes the destination not having a higher wealth tax.
Wealth taxes are never one off. They might get a big payday once, but then thousands of people have lost their jobs, 50% of the income tax is now gone from the books for the next year, along with all the other business related taxes.
Most places would love billionaires to move in, because then they get enormous amounts of extra tax revenue and, typically, jobs.
Hang on - so you’re saying that when a billionaire sells something it ceases to exist? Surly not!
You might be suggesting that a billionaire creates jobs that vanish when they leave, however that’s not likely to be the case. Got any data to back that figure up?
They don’t sell, they move. All those jobs and taxes move somewhere else.
What did Musk do with Twitter/X when California became too hostile politically for his business? Moved it to Texas. All those jobs moved to Texas. Those jobs in San Francisco disappeared, as did the revenue and taxes that they brought in.
Still waiting on the source of your 50%.
You never asked. You said that billionaires don’t take their companies out of state/country. You thought that they would just leave them there lol. I shows you that they don’t and now you switch arguments 🤣
Nice try - you gave the stat; prove it first.