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It's certainly true that political winds are driving the reversions. But what's driving the politics? Wealth taxes face three classic problems: (1) they're ver
by jeremy_arnold 5y ago
It's certainly true that political winds are driving the reversions. But what's driving the politics?
Wealth taxes face three classic problems: (1) they're very hard to set in any fair sense given complexities of markets and assets, (2) they can induce liquidation in ways that are net bad for the economy, and (3) capital flight.
3 seems to have been a problem in Norway (https://archive.is/L6kyZ https://archive.is/L6kyZ), as it was in France and elsewhere in Europe prior. If your tax system causes a net decrease in receipts because you're golden geese have fled, that's a workability problem!
- kristofferR 5y agoThat article consist of just a Conservative politician doing politics and a survey by various Chamber of Commerce's, not exactly good evidence. Of course, the taxed are going to say that they don't like paying taxes. Real evidence of capital flight in larger amounts than the taxes gained are harder to come by.
- jeremy_arnold 5y agoIf you'd been respectful, there'd be no ban!