Every country would need to adopt a universal taxation of wealthy individual for increased taxes to work. What I am saying is if US has a 75% for those earning over certain amount. Then other countries have to do the same. If not then Billionaires will run/relocate to the cheapest taxes. Which would be easy since the country they move to will be happy to get Billionaires tax money.
I mean. If the industry of our nation is being siphoned to oversea’s facilities. It’s in our best interest to protect and nationalize the facilities being sent abroad.
That’s why more countries should adopt the usa’s stance on external taxation. As much as people bitch about it, it’s a great anti tax haven policy, even if we don’t follow through on everything else necessary to do so
I’m not saying it doesn’t ever happen, but we really need to stop talking about it like it’s such a serious threat to the country’s financial stability that we should chicken out and stop taxing the rich.
The billionaires in all those other tax haven countries also repeatedly make the same threats to their own governments too. They’re playing us for chumps.
it’s such a serious threat to the country’s financial stability that we should chicken out and stop taxing the rich.
No one’s saying this, this is a straw man.
It’s just a simple fact that there is a ‘sweet spot’ when it comes to maximizing tax revenue. It’s the same as if you’re selling a product for $10, then 100 people buy it, and you assume that you’ll double your $1000 profit if you sell it for $20 instead, but then the number of buyers went down to 10, and now your bottom line is $800 less, instead.
“Just tax them more” is not the simple/obvious solution it appears to be on the surface. Also, people don’t just not react when stuff like this changes, to protect themselves; just compare tax revenue presently to what it was when it capped out at (iirc) 91%.
And even IF ‘turning that dial’ simply increased tax revenue, it needs to be combined with that revenue being spent productively, for it to make any difference at all. Hell, I think the US already brings in more than enough tax revenue to do everything we want it to do, if it was doing it as efficiently as it could be.
…you do understand that “stop taxing the rich” in that sentence doesn’t literally mean set it to 0%, yeah? The only strawmanning here is you taking things way too literally. You still argued exact the thing I was talking about, i.e. that taxing them might make us lose revenue therefore we shouldn’t do it.
Every country would need to adopt a universal taxation of wealthy individual for increased taxes to work. What I am saying is if US has a 75% for those earning over certain amount. Then other countries have to do the same. If not then Billionaires will run/relocate to the cheapest taxes. Which would be easy since the country they move to will be happy to get Billionaires tax money.
Or. If billionaires leave the USA. We seize their properties and industry in the name of national defense.
That is a slippery slope. If a millionaire is approaching that certain number. They would just leave before it hits their bank account.
What you are describing is straight up Nazi type tactics.
https://www.smithsonianmag.com/history/1938-nazi-law-forced-jews-register-their-wealthmaking-it-easier-steal-180968894/
I mean. If the industry of our nation is being siphoned to oversea’s facilities. It’s in our best interest to protect and nationalize the facilities being sent abroad.
Relocation is a bogus threat. Billionaires will not leave first world countries.
They will, on paper.
That’s why more countries should adopt the usa’s stance on external taxation. As much as people bitch about it, it’s a great anti tax haven policy, even if we don’t follow through on everything else necessary to do so
Can you elaborate?
Get their passport and problem solved
Someone needs to read up on “capital flight”, this is a known phenomenon we’re talking about, not speculation.
I’m not saying it doesn’t ever happen, but we really need to stop talking about it like it’s such a serious threat to the country’s financial stability that we should chicken out and stop taxing the rich.
The billionaires in all those other tax haven countries also repeatedly make the same threats to their own governments too. They’re playing us for chumps.
No one’s saying this, this is a straw man.
It’s just a simple fact that there is a ‘sweet spot’ when it comes to maximizing tax revenue. It’s the same as if you’re selling a product for $10, then 100 people buy it, and you assume that you’ll double your $1000 profit if you sell it for $20 instead, but then the number of buyers went down to 10, and now your bottom line is $800 less, instead.
“Just tax them more” is not the simple/obvious solution it appears to be on the surface. Also, people don’t just not react when stuff like this changes, to protect themselves; just compare tax revenue presently to what it was when it capped out at (iirc) 91%.
And even IF ‘turning that dial’ simply increased tax revenue, it needs to be combined with that revenue being spent productively, for it to make any difference at all. Hell, I think the US already brings in more than enough tax revenue to do everything we want it to do, if it was doing it as efficiently as it could be.
…and then you go on to spew exactly that talking point at length.
Fuck off, liar. This is what I identified as a straw man:
Now quote me “spew[ing] exactly that talking point” that we should stop taxing the rich. You won’t, because you can’t, because I didn’t.
Shameless, pathetic liar.
…you do understand that “stop taxing the rich” in that sentence doesn’t literally mean set it to 0%, yeah? The only strawmanning here is you taking things way too literally. You still argued exact the thing I was talking about, i.e. that taxing them might make us lose revenue therefore we shouldn’t do it.
Also, ad hominems get you blocked, so bye bye
Fuck all the way off, pathetic liar.