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Why a “Billionaire” Wealth Tax Would Hurt the Working Poor and the Middle Class
- blisterpeanuts 7y agoIf Sen. Sanders succeeds in enacting such a tax, the target population would move much of their wealth offshore. Stock-wealthy entrepreneurs such as Bezos would probably relocate company headquarters to safer countries. Wealth is a fluid thing. Probably better results could be achieved by cutting wasteful government spending, freeing billions of dollars for other purposes.
- Uhuhreally 7y ago"Wealth is a fluid thing" is quite a euphemism for "tax evasion"
- blisterpeanuts 7y agoCall it what you want. People will find a way to hold onto their money.
- iron0013 7y agoIf it’s money that should have been paid as tax, it’s not their money. It’s stolen.
- blisterpeanuts 7y agoLol, some would argue that taxation is a form of theft.
- iron0013 7y agoI mean, sure, they can argue that, but legally they’re wrong. Legally, tax evasion is a crime, and the money they’ve stolen by not paying their taxes isn’t their money.
- wmf 7y agoFATCA seems like it has been pretty effective against offshoring and AFAIK there's a hefty exit tax when renouncing US citizenship. There are always loopholes but it seems like it would be easier for the billionaires to lobby to prevent the wealth tax than to leave the US.
- pseingatl 7y agoThe regulations implementing such a law will see to it that the tax kicks in for anyone earning over $100,000, with billionaires just being at the top of the scale. In other words, it won't start at $100 million. That's how tax regs in the US always go.
- rogerkirkness 7y agoDon't tax good things, tax bad things. Price in externalities. Seeing success as a more harmful externality than climate change is hard to understand. We should focus on taxing carbon way more and less on jealous mimetic rage.