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“There comes a time when you don’t feel welcome anymore” Good riddance! Does anybody like the super rich, apart from the super rich?
by bix6 1y ago
“There comes a time when you don’t feel welcome anymore”
Good riddance! Does anybody like the super rich, apart from the super rich?
- andsoitis 1y ago> Good riddance! Does anybody like the super rich, apart from the super rich? Presumably, Ann is not NOT liked: Canadian Ann Kaplan Mulholland moved to the U.K. in 2022 after selling her medical-loan business and her youngest child started college. She bought a rundown 13th-century castle and spent £15 million, equivalent to $20 million, to make renovations and build restaurants and a wedding business on site. Mulholland hired a staff of roughly 100, joined her local church and started doing her grocery shopping at the retailer Marks & Spencer. But she is now on her way out. She and her husband, a plastic surgeon, applied to move to Italy, which charges a flat fee of about $230,000 a year for expats in lieu of tax on foreign income.
- bix6 1y agoSounds like a nice lady but with 500M net worth she can pay taxes?
- andsoitis 1y agoDoesn’t she?
- bix6 1y agoWell she’s moving so…?
- andsoitis 1y agoShe does pay on UK income (as does the businesses she started in the UK, not even mentioning the taxes from incremental sales from her suppliers or the income of the people who work for her). But this change to the law would mean she also has to pay taxes on income she earns in other countries. Your attitude isn’t invalid, but it does seem that it would lead to reduced economic activity and wealth creation, which is exactly what the article suggests the lawmakers are now worried about. What do you think?
- bix6 1y agoTaxing rich people who multi domicile is certainly very tricky and I don’t know enough about it to say what the exact solution is. But fundamentally I don’t really care about her having to move to another place to find more favorable tax treatment. She could’ve stayed in Canada but she gambled on the UK and now she’ll gamble on Italy and likely have to gamble on somewhere else in the future. We all know the rich aren’t paying their fair share so fundamentally I don’t really care about her “plight”. Rich people moving jurisdictions to avoid taxes is not something I sympathize with because they fundamentally crowd out locals. Look at all the 6 month and 1 dayers in the US. It causes issues that I don’t think their wealth creation makes up for because it raises prices and crowds out others with fewer resources who might otherwise be able to start local first businesses.
- andsoitis 1y agoIt isn’t about empathy for the rich. It is about selecting policies that yield a great economy and that create an environment where large swaths of people aren’t able to live (reasonably) well.
- bix6 1y agoYeah these policies clearly aren’t working since the rich continue to not pay proper effective rates. Trickle down economics doesn’t work.
- more_corn 1y agoEveryone wants the super Rich’s money. That passes for “like” for most of them.
- bix6 1y agoDo they? Or do they just want to be able to afford a decent life and support their family?