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This is patently false for the only case I have data on. The wealth tax in France had quadrupled its collections in a time where the French GDP had doubled, and
by carlob 2y ago
This is patently false for the only case I have data on. The wealth tax in France had quadrupled its collections in a time where the French GDP had doubled, and all this was without an exit tax.
Unfortunately Macron got rid of it a few years ago and replaced it with something that only applies to real estate.
- omnimus 2y agoThe thing is lots of the ultra rich moved to Luxemburg so this happened and this is going to keep happening. Its same why every tech company has european HQ in Ireland. If it were EU wide it might work somehow but with so many ultra rich high in politics there is no way this could happen. There is always going to be tax haven countries taking advantage of this situations. New French gov will want to reintroduce these taxes but i think they have to find different ways.
- carlob 2y agoI don't think you even need the ultra rich high in politics, there is a more mundane explanation: countries are competing against one another to attract the HQs. It's a race to the bottom and it's called fiscal dumping.
- throwaway7ahgb 2y agoIt's kind of amazing when people talk about a tax failing as a bad thing. This leads me to believe that most people want taxes on wealth for punishment and no other reason.
- carlob 2y agoI want wealth taxes for redistribution mostly. So yeah.