Comment on Gary Stevenson: 'Tax wealth or we'll return to the feudal age'
HexesofVexes@lemmy.world 2 days agoHang 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.
GoatSynagogue@lemmy.world 2 days 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.
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?
GoatSynagogue@lemmy.world 1 day ago
They don’t sell, they move. All those jobs and taxes move somewhere else.
HexesofVexes@lemmy.world 1 day ago
Still waiting on the source of your 50%.