Cross-posted from: https://lemmy.dbzer0.com/post/34117495

[OC]

Original still created by @gedogfx (IG). Title source: “Inkl”

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  • @orrk
    1•1 month ago

    Under current economic conditions, economic wealth is necessary for the functioning of the economy

    is it required? to an extent, yes. but do we need 60% of everything to be owned by 10% of the population?

    As for the Capital flight, that is a myth, even the implementation of straight wealth taxes don’t see great multimillionaire migrations, because taxation isn’t a very strong factor, in fact a golf course or tow is a stronger pull, example Scotland vs Ireland when the UK was still part of the EU saw more ultra wealthy live in Scotland, a region with a higher tax rate, than Ireland, primarily for golf courses.

    • Dragon
      1•1 month ago

      As for the Capital flight, that is a myth

      I’m not sure it’s even negligible between countries, but I am specifically talking about capital flight between US states, where there is a very low barrier to exit. Do you have any reason to believe that isn’t a phenomenon?

      • @orrk
        1•1 month ago

        even less so,

        "According to Young, though, the ultra-wealthy traditionally haven’t migrated in droves following such tax hikes. Only %2.4 of U.S.-based millionaires move across state lines each year, roughly %15 of whom apparently do so for tax reasons. ‘So it’s like a small l fraction of a small fraction,’ Young said.

        https://sociology.cornell.edu/news/final-reading-flight-myth

        • Dragon
          1•30 days ago

          That’s interesting, thank you. I’m still not sure it would be the same for them level of tax increase public healthcare would require, but maybe you’re right.