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Because of a tiny wealth tax that is already lower than in many other countries? You think a relatively well off individual from a less wealthy country facing

by xbpx 6y ago

Because of a tiny wealth tax that is already lower than in many other countries? You think a relatively well off individual from a less wealthy country facing many systemic problems for business will pass up the opportunity to migrate to the US because they may need to pay a couple percent if they strike gold?

refurb 6y ago
I mean, isn’t that exactly what Singapore did to attract talent and capital? And it worked? And didn’t one of the Facebook founders give up his US citizenship and move there? Sure it’s one case, but it’s evidence at least some are motivated by taxes. Sure, not every founder will make that choice and not right away, but you could see a slow shift over decades to more tax friendly locations.
- Tepix 6y ago
  You may be right. A small number of startups may be founded elsewhere. But the large income from a wealth tax likely provides a greater benefit. We've had a wealth tax in the past. It worked. The only reason why it got removed was because the super rich used their vast influence. It's not something that's in the public's best interest.
  - jimbokun 6y ago
    > We've had a wealth tax in the past. Who's "we"? I can't find any references to a wealth tax in US history.
  - refurb 6y ago
    You do realize that most European countries that has a wealth tax abandoned it and the recent ones never actually collected anything close to what was forecasted because it’s not that hard to move wealth around.
jimbokun 6y ago
"facing many systemic problems for business" Like a wealth tax?
- danShumway 6y ago
  No, I don't think that's the kind of thing that GP means. There are problems that your business faces once it's successful, and there are problems that prevent it from becoming successful. This has come up in a number of other areas on HN. For example, scaling your technology is a problem you'd like to have, because it implies you actually have customers causing you to scale. Regardless of whether or not a wealth tax is a bad idea, it's certainly in the "problems you'd like to have" category. That doesn't necessarily mean it's not a problem that business owners worry about, but it's a completely different category of problem from "I can't get my business off the ground at all." It's a problem that you only run into after you've (by many measures) already won the game.
ameister14 6y ago
What countries currently have a wealth tax that is higher than the proposed wealth tax combined with existing property taxes?

by xbpx 6y ago

refurb 6y ago

I mean, isn’t that exactly what Singapore did to attract talent and capital? And it worked? And didn’t one of the Facebook founders give up his US citizenship and move there? Sure it’s one case, but it’s evidence at least some are motivated by taxes. Sure, not every founder will make that choice and not right away, but you could see a slow shift over decades to more tax friendly locations.

Tepix 6y ago
You may be right. A small number of startups may be founded elsewhere. But the large income from a wealth tax likely provides a greater benefit. We've had a wealth tax in the past. It worked. The only reason why it got removed was because the super rich used their vast influence. It's not something that's in the public's best interest.
- jimbokun 6y ago
  > We've had a wealth tax in the past. Who's "we"? I can't find any references to a wealth tax in US history.
- refurb 6y ago
  You do realize that most European countries that has a wealth tax abandoned it and the recent ones never actually collected anything close to what was forecasted because it’s not that hard to move wealth around.

jimbokun 6y ago

"facing many systemic problems for business" Like a wealth tax?

danShumway 6y ago
No, I don't think that's the kind of thing that GP means. There are problems that your business faces once it's successful, and there are problems that prevent it from becoming successful. This has come up in a number of other areas on HN. For example, scaling your technology is a problem you'd like to have, because it implies you actually have customers causing you to scale. Regardless of whether or not a wealth tax is a bad idea, it's certainly in the "problems you'd like to have" category. That doesn't necessarily mean it's not a problem that business owners worry about, but it's a completely different category of problem from "I can't get my business off the ground at all." It's a problem that you only run into after you've (by many measures) already won the game.

ameister14 6y ago

What countries currently have a wealth tax that is higher than the proposed wealth tax combined with existing property taxes?