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>...If people making more than $10 million a year or with a wealth of more than $50 million are going to leave the United States we have ways to handle this, na
by opo 8y ago
>...If people making more than $10 million a year or with a wealth of more than $50 million are going to leave the United States we have ways to handle this, namely the Expatriation Tax, which France doesn't have.
I wouldn’t necessarily expect many people giving up citizenship, but I would expect (as the article talks about) politically connected groups getting tax breaks. I would also expect lots of money spent in less productive ways to avoid the high rates and if people can’t avoid the tax, there will be dead weight losses from economic activity that isn't done.
>...You need to compare France to an equal situation like the US State of New Jersey applying a higher income tax and losing their state citizens to fellow states in the collective federal territory of the United States.
No state has ever tried such a bad policy, but if they did, I would imagine moving would be on the mind of everyone who might be affected by wealth taxes and 75% rates.
- undersuit 8y agoNo state but New Jersey. https://www.wsj.com/articles/new-jerseys-tax-gift-to-florida-1530481356 https://www.wsj.com/articles/new-jerseys-tax-gift-to-florida... Why are you so biased? High rates of taxation is not bad policy. Bad policy is far more nuanced than that.
- opo 8y ago>No state but New Jersey. https://www.wsj.com/articles/new-jerseys-tax-gift-to-florida.. https://www.wsj.com/articles/new-jerseys-tax-gift-to-florida.... Most people would agree that raising the max tax rate from 8.97% to 10.75%, is not anything like raising the max tax rate from 45% to 75% - never mind that France also instituted a wealth tax. >...Why are you so biased? High rates of taxation is not bad policy. All I’ve done is give evidence that countries have learned that very high confiscatory tax rates are counterproductive. (Much as the original article about Hollywood tax avoidance discusses.) You haven’t said what you mean by “high rates of taxation” or give evidence why you think they are good - it isn’t clear why you are accusing anyone else of being biased.