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Be brave and impose minimum tax on world’s billionaires, urges Spanish minister
(www.theguardian.com)
this post was submitted on 18 Nov 2024
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Everytime we talk about taxing them, we hear "they'll leave if we tax them!"
But they fucking won't, and even if they do, it's as simple as a "tax dodger law" when the wealthy enter the country.
There's not many billionaires. If first world countries said if you have a billion in net worth, it now costs 100k/day in taxes to be in their country...
It's not like the billionaires will really live in isolation. Hell, they won't even really go thru with moving legal residence out of the country that made them a billionaire.
Either they move the permanent residence where they'll actually spend their time, or they can pay the 100k/day to be there and not pay the taxes they should be.
Edit:
For America specifically, we have the "exit tax" already...
https://1040abroad.com/blog/exit-tax-explained-a-us-expats-guide-to-expatriation-tax/
It's not the best, and it doesn't stop millionaires from leaving, but it's a big reason US Billionaires never renounce US citizenship, even tho we're like the only country who taxes income from foreign countries.
Also never understood the “they’ll leave if we tax them!” argument
If they stay and we keep tax laws minimal and unenforced or easily evaded ... then billionaires don't pay tax
If they leave ... then billionaires don't pay tax
All the incentive is there to just tax them because no matter what you do with them .. they won't pay tax ... so its better to just give them a good excuse to leave because they are just a drain on the economy
Competelly agree with your points' intention here, but if billionaires leave a country and take their wealth elsewhere, then it's not being invested in that country, which is detrimental. Also they're not spending money on luxury items or lots of whatever billionaire stuff, paying tax on that and circulating a portion of their wealth in that country etc.
So it's more like:
billionaires stay in the country, spend and invest in the country and don't pay tax vs billionaires leaves they dont spend invest, nor pay tax.
My 50pence is there shouldn't be billionaires in the first place, why does any one individual need that much wealth, it just accumulates more wealth and a lot gets hoarded away from anything productive.