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If you inductionally apply the argument that you shouldn't increase taxes because someplace else offers a lower tax burden, no place can raise it's taxes. There
by KarlKode 6y ago
If you inductionally apply the argument that you shouldn't increase taxes because someplace else offers a lower tax burden, no place can raise it's taxes. There are other factors in choosing your country of residence (and nationality) than taxes.
- gridlockd 6y agoSure, there are other factors. Taxes are like prices, states and countries are competing on them. If you can make up for high taxes, that's fine, but at some point it becomes a shitty deal, so people won't show up anymore. If you are rich, you can just retire in any country and preserve your wealth for yourself and your children. A wealth tax of 2-3% would enormous. Combined with an average capital gains tax, the incentive to get the capital out of the US becomes huge. Yet, even 2-3% doesn't bring in that much money relative to deficit spending and stimulus bills, so who is to say it's going to stop there? If you're clueless enough to go with a 2-3% wealth tax, you're clueless enough to go with 5% and more (Warren).