Comment on Gary Stevenson: 'Tax wealth or we'll return to the feudal age'

• GoatSynagogue@lemmy.world ⁨1⁩ ⁨day⁩ ago

  And what do you think happens to the countries that just lost 50% of their tax revenue because the 1% left?

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  • HexesofVexes@lemmy.world ⁨1⁩ ⁨day⁩ ago

    Hang on…

    So most assets are shares and structures. Shares you can sell, but someone still holds them, structures can be sold, but someone still owns them.

    If a billionaire left, a fortune in capital gains would be made, the wealth would remain to be taxed from other hands, and that precludes the destination not having a higher wealth tax.

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    • GoatSynagogue@lemmy.world ⁨1⁩ ⁨day⁩ ago

      Wealth taxes are never one off. They might get a big payday once, but then thousands of people have lost their jobs, 50% of the income tax is now gone from the books for the next year, along with all the other business related taxes.

      Most places would love billionaires to move in, because then they get enormous amounts of extra tax revenue and, typically, jobs.

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      • HexesofVexes@lemmy.world ⁨1⁩ ⁨day⁩ ago

        Hang on - so you’re saying that when a billionaire sells something it ceases to exist? Surly not!

        You might be suggesting that a billionaire creates jobs that vanish when they leave, however that’s not likely to be the case. Got any data to back that figure up?

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