There are a variety of arguments one can make to demonstrate the problems with a wealth tax, and as such I’ve posted two sources below. Two thoughts that came to my mind was the inescapable subjectivity of “wealth” especially when it comes to material assets such as things like yachts, artwork, ones home, cars, etc. There is no way to give an absolute “value” on such things until they have been sold. One can claim that a home is worth 10 million dollars but what if there is no buyer for it at that price? The other thing that came to me was that many of the people that this would apply to have (I assume) most of their wealth tied up in the business that they created (Jeff Bezos, Mark Zuckerberg, Warren Buffett, Bill Gates, etc.), in other words shares of stock. One day their wealth could be 50 billion and then a few days later it could be 35 billion or less. In other words you could project one thing but if the economy is in a prolonged recession that projection would be way off.
Yes, a likely outcome would be an increase in the number of wealthy Americans renouncing US citizenship and locating assets overseas to avoid taxes.
No it is not a likely outcome. Where are they going to go?
Why would they leave the greatest country in the world over a few billion dollars?
Yup, Just like the exodus of high tax states or taking manufacturing overseas.
The evidence is clear but oh hey. Let’s see if higher taxes work. Double down on what doesn’t work.
How about lower taxes, attract more industry and in doing so increase the tax base?
Then they have to pay a tax on that as well. You’re aware right
Supply and demand sets price. Just means there wont be any 10 million dollar houses.
Taxes have nothing to do with jobs going overseas and everything to do with the benefits of modern day slavery. You just can’t compete with people working for two dollars a day.
High taxes have one hell of a lot to do with jobs going overseas.
But, I will agree with you on not being able to compete on wages, either.
Crazy how people want to support what causes high wages but don’t really want to pay for it, isn’t it?
Yeah trade policy has been a giant mess over the last 50 years. You have such a large wage discrepancies between countries that the high wage workers have to lower their wages to compete causing deflationary pressures but government policy is to continuously have inflation.
The only real winners over the last 50 years on a macro level have been the people who facilitate trade between the countries.
Let’s see if lower taxes work? Perhaps you recall Trump talking about how his tax cut would rocket-boost the economy. You know, the economy that is so great as a result, that Trump whines incessantly about the Fed not lowering rates.
No, it won’t pay for half of it.
Nobody with a lick of sense should believe it.
When asked about raising taxes on the middle class Warren turns into a world class tap dancer and doesn’t answer.
Just ask the people exiting the States with high tax rates. I guess they just found greener pastures
is taxing a billionaire 2% of their income over 1 million really that onerous that they’d pull up stakes and move to another country?
2 measly percent?
Any wealthy individual who whines about a 2% tax is just that - a whiner.
And now taxes and cost of living is skyrocketing in those places. Geniuses. Looking at you Texas.
When they run out of rich people ■■■■ to give away, they’ll start giving your ■■■■ away.
Why not? I’m fairly sure there are formulas that are used to figure these things out when it comes to insuring them.
Is there anyone who wouldn’t want to be ultra-wealthy anymore because of these taxes?
if a billionaire renounces his citizenship he is taxed as if he sold all his assets on the day he renounces. if for example jeff bezoz were to to it and his amazon stock had a paper profit of 100B he would be owe a 20B exit tax on it