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.
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.Investments are personal wealth
The point was that it does not affect investment decisions
Ah, okay, I see what you mean. I suppose they might affect someone’s decision to conduct their investments as a citizen of a country with wealth taxes, if they have the financial means to quickly become a citizen of another country.
To be clear, I do broadly support wealth taxes, I just think they need to be implemented quite carefully to be effective.
I suppose they might affect someone’s decision to conduct their investments as a citizen of a country with wealth taxes, if they have the financial means to quickly become a citizen of another country.
I honestly don’t understand what you mean by that.
You don’t have to a citizen or resident of a country to invest there. Citizenship or residency has no influence on investment decisions beyond perhaps some sense of patriotism.But people with the means to do so can change their citizenship and residency from a country with wealth taxes to a country without them
Yes, and I still don’t see how this is supposed to affect where they invest their money.