Flying SquidBut how would they be able to live on that?
CypherSo how does this wealth tax work? Are stock holdings taxed? Stock quantity doesn’t magically go up unlike fiat currency which governments just print more of.
None of these numbers make any sense in terms of how capital actually works. Is the government meant to take the profit in stocks? Because these billionaires aren’t selling that much stock each year and aren’t earning that much from CEO paychecks.
Not to say CEO paychecks aren’t obscene…
And what do you do when they pack up and move themselves and their companies to tax havens?
The rich aren’t fleeing Massachusetts despite a wealth tax.
Turns out there are disadvantages to living in tax havens over living in Boston and Cape Cod.
$1.5 billion in estimated revenue: A look at the Mass. 'millionaire's tax' first year | WBUR News
Advocates promised the new tax would bring in over $1 billion a year in new revenue. And they quickly saw their predictions surpassed: the state Department of Revenue estimates it will generate over $1.5 billion this fiscal year.
But you can save so much tax money by moving to the middle of a desert in India!
Even a nicer place like the Cayman Islands.
Good luck shopping at a high-end fashion boutique or going to the opera there.
But John Galt did it…in the libertarians’ imagination.
We would be so screwed if all the billionaires went and lived in some secret mountain location. They should totally go do that.
Tap for spoiler~It will make tracking them down so much easier~