Comment on Saint Luigi

• Dragon@lemmy.ml ⁨2⁩ ⁨weeks⁩ ago

  Under current economic conditions, economic wealth is necessary for the functioning of the economy. Some (including me) would advocate for a redistribution/government seizure of capital, but I don’t know of any economist who doesn’t see it as a problem if the wealth is lost altogether. If taxes are imposed on a national level, it is less likely that the wealthy will flee to other countries than it is if they are imposed on a state level. Unless the government seizes all capital, there will always be a risk of losing that wealth to emigration.

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  • orrk@lemmy.world ⁨1⁩ ⁨week⁩ ago

    Under current economic conditions, economic wealth is necessary for the functioning of the economy

    is it required? to an extent, yes. but do we need 60% of everything to be owned by 10% of the population?

    As for the Capital flight, that is a myth, even the implementation of straight wealth taxes don’t see great multimillionaire migrations, because taxation isn’t a very strong factor, in fact a golf course or tow is a stronger pull, example Scotland vs Ireland when the UK was still part of the EU saw more ultra wealthy live in Scotland, a region with a higher tax rate, than Ireland, primarily for golf courses.

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    • Dragon@lemmy.ml ⁨1⁩ ⁨week⁩ ago

      As for the Capital flight, that is a myth I’m not sure it’s even negligible between countries, but I am specifically talking about capital flight between US states, where there is a very low barrier to exit. Do you have any reason to believe that isn’t a phenomenon?

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      • orrk@lemmy.world ⁨1⁩ ⁨week⁩ ago

        even less so,

        "According to Young, though, the ultra-wealthy traditionally haven’t migrated in droves following such tax hikes. Only %2.4 of U.S.-based millionaires move across state lines each year, roughly %15 of whom apparently do so for tax reasons. ‘So it’s like a small l fraction of a small fraction,’ Young said.

        …cornell.edu/…/final-reading-flight-myth

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