I'm actually OK with billionaires paying more.
this is the 1st time and last time i'll say this: thank God i'm not a billionaire
source: CNBC
I'm actually OK with billionaires paying more.
Don't be afraid to see what you see
They won't. They'll just change how they do things or move where they don't have to pay.
anatta (08-08-2020), Callinectes (08-07-2020)
Trumpet (08-08-2020)
Well, they left France when the government there tried it.
https://nomoretax.eu/france-wants-ba...endly%20places.For a long time, France has been known for its extremely high tax rate policies that forced well-known millionaires, such as Gérard Depardieu (actor) and Bernard Arnault (the director of the luxury company LVMH) to leave the country and look for tax shelters in tax-friendly places. It is estimated that, only in 2015, around 10.000 millionaires left France for tax purposes. Also, the French income tax of up to 45%, which is one of the highest in the world, has triggered an exodus of high earning financiers and caused serious harm to the investment image of the country.
And New York just figured out the same thing... Governor Cuomo is begging them to come back because the state is hemorrhaging tax revenue.
https://nypost.com/2020/08/05/andrew...eing-new-york/“I literally talk to people all day long who are in their Hamptons house who also lived here . . . or in their Connecticut weekend house, and I say, ‘You gotta come back,’ ” he related. He even offered to cook dinner.
No luck; they’re not returning. Instead, they’re thinking: “If I stay there, I pay a lower income tax, because they don’t pay the New York City surcharge,” he added.
So, there's every reason from history to believe you try and soak the rich they'll either avoid paying or simply leave for more tax friendly shores.
anatta (08-08-2020), Callinectes (08-07-2020), cancel2 2022 (08-07-2020)
France has probably the highest tax rate in the world for the 1%. America never went that high and probably never will.
Don't get me wrong, if we started taxing the rich at like 99%, some of them might leave. But with the amount Bernie wants to tax them, it wouldn't be enough to make them leave.
Yeah, billionaires will leave the state, but they never leave the country. They just threaten to.And New York just figured out the same thing... Governor Cuomo is begging them to come back because the state is hemorrhaging tax revenue.
UBI should be done at the federal level, anyway.
Bezos reportedly made a killing just from COVID. Billions an billions of dollars and yet it's a drop in the bucket. You could probably feed every child in America for months on end and still have enough to upgrade plenty of our electrical grids with that drop in a bucket.
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