2 ms·
There is a big factor that you are missing when it come to huge taxes. And that is the fact that people, especially the wealthy, are mobile. Tax the wealthiest
by jjeaff 7y ago
There is a big factor that you are missing when it come to huge taxes. And that is the fact that people, especially the wealthy, are mobile.
Tax the wealthiest 0.01% at 99% and watch how fast they leave the country for low tax regions.
It already happens with people like the Facebook cofounder that renounced US citizenship.
- magpi3 7y agoI hear this a lot. I will believe it when I see it. Silicon Valley is crazy expensive. Why do people go there? Why don't the wealthy of Silicon Valley live someplace cheaper? Because that is where the action and the talent is. It's not just about money and cost of living. Also the 0.01 are so absurdly wealthy many are pledging to give away their money. They are not going to move away from their homeland because they are taxed more.
- jjeaff 7y agohttps://www.businessinsider.com/goodbye-america-billionaire-facebook-cofounder-renounces-citizenship-2012-5 https://www.businessinsider.com/goodbye-america-billionaire-... https://www.modbee.com/opinion/article226101685.html https://www.modbee.com/opinion/article226101685.html