3 ms·
And see all billionaires disappear to whichever country doesn't do that? The point of remote work, is that a lot of wealth is now very geographically volatile.
by louison11 4y ago
And see all billionaires disappear to whichever country doesn't do that? The point of remote work, is that a lot of wealth is now very geographically volatile.
- flangola7 4y agoThis is just a paraphrasing of that braindead restaurant story conservatives love to quote. Billionaires can be stopped from taking their money elsewhere. Their bank accounts and corporate assets can be frozen or seized, and America's massive concentration of intellectual talent is unlikely to be moving out any time soon.
- louison11 4y ago15% of US billionaires are foreign born. And a large portion of the top-paid talent hired by billion $ companies are foreigners too. Going on a billionaire witch hunt would not only push residents out, it’d stop future wealthy residents from coming in. The US actually doesn’t have much that other places don’t have, especially in the age of remote work. There is excellent education and talent in many parts of the world, often accompanied with a better quality of life too. The freezing of assets and seizures you’re describing would be very hard to enforce. And if such exit taxes were announced, they would likely lead to mass exodus before being enforced. I’d add that this excessive confidence in American exceptionalism might be what will cause its demise. We already see it happening at the state level. California and NY are so arrogant in thinking they just have the best people, that they’re messing up and losing significant taxable income to Nevada, Texas and Florida right now. At the country level, many Americans are already moving to Portugal, Bahamas, Costa Rica, and others.
- Lolaccount 4y agoCapital does that already. Doesn't matter where the meat person resides now. As they say, follow (and act on) the money.