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some may decide to leave, according to wealth managers.
Oh noes, anyway
Believe it or not, having your highest taxpayers and also investors leave the country isn’t a good thing for everyone else.
Believe it or not but most of them don’t pay taxes like normal people who have an actual job of working for someone.
They don’t get income tax the same way as we do. And are you seriously telling me that those who own companies and industries will actually physically move them? No, industry doesn’t work like that. They can sell it off and someone else will take over. So no loss there.
What that article is trying to cry is that “trickle down economics works” which is clearly bullshit.
And yet they still do pay way more taxes than the average middle-class taxpayer. In France, the top 10% pay 2/3 of the income tax. Effective total tax+contribution rate for the very top 0.001% is still over 36% on taxable income or 26% on “economic income” (their company profits)
So yeah that’s a lot of taxes that go away when those taxpayers leave. The whole “please leave DGAF” spiel surely feels good to say but the reality is that this is shooting yourself in the foot.
This is without even talking about the loss of investment, jobs and consumption.
If they leave, it will open more work opportunities for others. So more taxes in the end.
Why would anyone take over with the same tax issue? Those jobs will move.
Because people just don’t sit around doing nothing all day long. Most people tends to want to do something meaningful with their life. If there are work opportunities, they will be taken if the work is meaningful.
If rich people leave the country, it will allow lots of smaller companies to take over the market and pay taxes. They will pay less taxes, but more companies will be able to survive due to the absence of a big company own by a rich person that by design kills small businesses.
You don’t replace an experienced neurosurgeon or a star footballer like that. And even if you find such person, they’ll look at the tax rate and see that they can sell their skill in another country just as well. As for companies, they’ll set up shop abroad and ship the final product across the border.
Unless you run a country with closed borders like North Korea, your economic base and talents will “leak”.
