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Yes but you're ignoring capital flight. Billionaires and multi-millionaires can just up and leave to more tax friendly destinations. There are actually tax ad
by icu 7y ago
Yes but you're ignoring capital flight.
Billionaires and multi-millionaires can just up and leave to more tax friendly destinations.
There are actually tax advantaged schemes (EIS and VCT) in the UK to try and funnel money into emerging tech and new businesses. However you would only invest in them if you were extremely wealthy do too the risks involved.
- hakfoo 7y agoCapital flight is easily challenged if you have the cojones. Paper assets require a supportive legal framework to transfer them usefully. Imagine creating a blacklist of tax evaders with the sort of teeth we see with, say, the sanctions on Iran/Venezuela/the DPRK. Shut down their economic life until they'll yield a useful cut. Physical assets can't easily be schlepped across national borders without anyone noticing.