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> Tax the rich and they go somewhere else (see recent discussions about the wealth tax in France) Let them go, then, the earlier the better and threat them as
by ezst 4y ago
> Tax the rich and they go somewhere else (see recent discussions about the wealth tax in France)
Let them go, then, the earlier the better and threat them as pariah. What good do you expect to gain from them at that rate?
- mcntsh 4y agoIn NYC for example, 40% of the tax revenue comes from 1% of the tax payers[1]. High taxes are causing high earners to leave the city. What's going to fill that gap in revenue? I'm not sure how it is in France though. [1]: https://www.bloomberg.com/news/articles/2022-12-14/new-york-risks-losing-wealthiest-residents-if-taxes-keep-rising?leadSource=uverify%20wall#:~:text=The%20top%201%25%20of%20taxpayers%20are%20responsible%20for%2040%25%20of%20the%20state%20personal%20income%20tax%20revenue https://www.bloomberg.com/news/articles/2022-12-14/new-york-...
- pydry 4y agoCristobal Young and Charles Varner did a study “Millionaire Migration and State Taxation of Top Incomes” and found that when taxes were jacked up on New Jersey residents they tended to stay despite low tax states (e.g. Connecticut) being quite close. If people are reluctant to move to a nearby state to save on taxes theyre gonna be even more reluctant to move to a whole other country.