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.
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%:
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.
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
cancould get away with paying $0 taxes, surely the lesser known of the 1% can realize that too.wealthy exodus
I didn’t read the article or watch the videotape but I’m gonna guess that peace reigned throughout the land and everyone’s quality of life improved.
Aren’t the idiots from FRP trying to remove/reduce wealth tax? -_-
And instead do shit like increase tax on cabin rentals…fuck you for not owning a cabin i guess.
Can you summarize the contents of this 15’ YouTube video?
I did. It’s the tl;dw.
They tend to have other homes in different countries that they can go to very easily. They’ll just jaunt to their other home, to them it’s a hectic Tuesday.
Also, a lot of these companies they own and/or bank with are international, and can be layered with many shell companies on top of that. Some have been around since the 1800s, they’ve had their wealth seized before, they are aware of this, and believe me, they have taken this into account.
That’s the best case scenario, what of investors, all of those million and thousandaires? I think you will lose massive amounts of them from all over the world. Is that worth it?
Tax them competitively together, nations alone weak, together strong is what Macchiavelli said or maybe Planet of Apes one or the other.
what of investors
Wealth taxes do not interact with investments.
They tax personal wealth, not profits.
Foreign investors who are not subject to your domestic wealth tax will invest in your country as long as it’s profitable enough.
Domestic investors would be subject to a wealth tax regardless of where they invest and will also invest in your country as long as it’s profitable enough.