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Dragon@lemmy.ml ⁨1⁩ ⁨week⁩ 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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    Dragon@lemmy.ml ⁨1⁩ ⁨week⁩ ago
    That’s interesting, thank you. I’m still not sure it would be the same for them level of tax increase public healthcare would require, but maybe you’re right.
    
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