Or. If billionaires leave the USA. We seize their properties and industry in the name of national defense.
salty_chief@lemmy.world 2 days ago
Every country would need to adopt a universal taxation of wealthy individual for increased taxes to work. What I am saying is if US has a 75% for those earning over certain amount. Then other countries have to do the same. If not then Billionaires will run/relocate to the cheapest taxes. Which would be easy since the country they move to will be happy to get Billionaires tax money.
Cocopanda@lemmy.world 2 days ago
salty_chief@lemmy.world 2 days ago
That is a slippery slope. If a millionaire is approaching that certain number. They would just leave before it hits their bank account.
What you are describing is straight up Nazi type tactics.
Cocopanda@lemmy.world 2 days ago
I mean. If the industry of our nation is being siphoned to oversea’s facilities. It’s in our best interest to protect and nationalize the facilities being sent abroad.
ILoveUnions@lemmy.world 2 days ago
Relocation is a bogus threat. Billionaires will not leave first world countries.
JakenVeina@midwest.social 2 days ago
They will, on paper.
ILoveUnions@lemmy.world 2 days ago
That’s why more countries should adopt the usa’s stance on external taxation. As much as people bitch about it, it’s a great anti tax haven policy, even if we don’t follow through on everything else necessary to do so
InternetCitizen2@lemmy.world 1 day ago
Can you elaborate?
trolololol@lemmy.world 2 days ago
Get their passport and problem solved
damnedfurry@lemmy.world 2 days ago
Someone needs to read up on “capital flight”, this is a known phenomenon we’re talking about, not speculation.
skisnow@lemmy.ca 2 days ago
I’m not saying it doesn’t ever happen, but we really need to stop talking about it like it’s such a serious threat to the country’s financial stability that we should chicken out and stop taxing the rich.
The billionaires in all those other tax haven countries also repeatedly make the same threats to their own governments too. They’re playing us for chumps.
damnedfurry@lemmy.world 1 day ago
No one’s saying this, this is a straw man.
It’s just a simple fact that there is a ‘sweet spot’ when it comes to maximizing tax revenue. It’s the same as if you’re selling a product for $10, then 100 people buy it, and you assume that you’ll double your $1000 profit if you sell it for $20 instead, but then the number of buyers went down to 10, and now your bottom line is $800 less, instead.
“Just tax them more” is not the simple/obvious solution it appears to be on the surface. Also, people don’t just not react when stuff like this changes, to protect themselves; just compare tax revenue presently to what it was when it capped out at (iirc) 91%.
And even IF ‘turning that dial’ simply increased tax revenue, it needs to be combined with that revenue being spent productively, for it to make any difference at all. Hell, I think the US already brings in more than enough tax revenue to do everything we want it to do, if it was doing it as efficiently as it could be.