I like the “they’ll just move somewhere else” arguments about these wealth taxes. First of all, no they won’t. They like their luxury penthouses in Paris and their mansions on the Riviera. Secondly, that’s just an argument for having this tax everywhere else too.
And you know, if Russia (or wherever) doesn’t want to have a wealth tax and all the billionaires move there, I’m not really seeing the downside.
You can implement exit taxes. I think some countries have that already. If you are a billionare, you will have to give up a fixed percentage of your wealth if you move.
The seller doesn’t pay sales tax (and sales tax doesn’t apply to real estate transactions, usually it’s a special real estate tax and it’s much lower).
I like the “they’ll just move somewhere else” arguments about these wealth taxes. First of all, no they won’t. They like their luxury penthouses in Paris and their mansions on the Riviera. Secondly, that’s just an argument for having this tax everywhere else too.
And you know, if Russia (or wherever) doesn’t want to have a wealth tax and all the billionaires move there, I’m not really seeing the downside.
We had a famous actor Gérard Depardieu move to Russia and renounce his French citizenship because of a 75% tax on earnings over 1 million P/A.
Unsurprisingly he also has been charged with rape and is a Putin lapdog. So getting rid of him was a net positive.
You can implement exit taxes. I think some countries have that already. If you are a billionare, you will have to give up a fixed percentage of your wealth if you move.
Hey, no one is saying they get to take their assets with them when they move to Russia to avoid those billionaire taxes.
They already don’t pay taxes anyways, so pay up or leave is perfectly ok but remember to pay you sales tax when you sell your mansions and cottages.
The seller doesn’t pay sales tax (and sales tax doesn’t apply to real estate transactions, usually it’s a special real estate tax and it’s much lower).