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TL;DW: Had to do more about exit tax than wealth tax.
I think the whole „wealthy exodus“ is completely overblown anyway. Good luck moving your entire business, real estate and other fixed assets abroad very quickly. Have fun paying all those exit taxes. Because those already exist in a lot of places.
And that all is implying you want to leave over a wealth tax in the first place because something tells me you won‘t.
Because this place made you rich in the first place. You are a huge winner in this system. This still works out for you. Leave to some place you know very little about and see where it gets you. More likely than not, you won‘t even seriously try to leave because by all means you are still a huge benefactor of this system.
Leave to some place you know very little about and see where it gets you.
It’s not an either/or situation, you can stay and just move (a part of) your liquid assets to avoid taxes. A wealthy person cannot be divided over multiple body parts, but their wealth can easily and with barely any effort be spread over multiple places.
Considering most western countries allow you to deduct your losses, you don’t even need to move your physical assets to avoid paying taxes. Just leave some bad investments in your country of origin and move your profitable investments abroad. If even a well known figure like Steve Jobs can could get away with paying $0 taxes, surely the lesser known of the 1% can realize that too.
I think the whole „wealthy exodus“ is completely overblown anyway. Good luck moving your entire business, real estate and other fixed assets abroad very quickly. Have fun paying all those exit taxes. Because those already exist in a lot of places.
And that all is implying you want to leave over a wealth tax in the first place because something tells me you won‘t.
Because this place made you rich in the first place. You are a huge winner in this system. This still works out for you. Leave to some place you know very little about and see where it gets you. More likely than not, you won‘t even seriously try to leave because by all means you are still a huge benefactor of this system.
Switzerland has a wealth tax which tells you all you need to know about this argument
Soooo, good, right? Is that what I should be seeing?
Yes. And famously lots of rich people like to move to / live in Switzerland.
Because the quality of life is actually important, which the wealth tax funds.
Some places do. But a lot of Kantons does not. That’s where they moved.
Nope, no Kanton has 0%:
https://www.taxolution.ch/swiss-tax-guide/wealth-tax/
They have less though. Or people wouldn’t move
It’s more like where do future investments flow to.
Which is why this is one area where the EU needs to provide some framework/structure. To avoid Ireland situations as well.
I’ve previously about precedent that wealth exodus is not a thing. People stayed, for the most part - certainly to the point of meet gain.
It’s not an either/or situation, you can stay and just move (a part of) your liquid assets to avoid taxes. A wealthy person cannot be divided over multiple body parts, but their wealth can easily and with barely any effort be spread over multiple places.
Considering most western countries allow you to deduct your losses, you don’t even need to move your physical assets to avoid paying taxes. Just leave some bad investments in your country of origin and move your profitable investments abroad. If even a well known figure like Steve Jobs
cancould get away with paying $0 taxes, surely the lesser known of the 1% can realize that too.