Emeritus Prof Christopher MayJun 22

Lets be clear; changes to tax laws do not 'force' the wealthy to leave the country.

The wealthy are choosing not to increase their contribution to the country they are (currently at least) living in.

Sure that is a choice they are free to make, but its their choice; no-one is forcing them into anything.

They already have enough money, so refusing to pay higher taxes is a choice about what they wish to support in their (for now) home country!

They are not victims!

#taxes #politics

Show threadSeanJun 22
@ChrisMayLA6 aren't the wealthiest individuals able structure their finances so that regardless of where they actually live, their wealth will be where there's the least tax liability with the most access to it? If I fund my black AMEX with my overseas bank account I can pay for everything in whatever country I'm in and my money will continue to be growing with interests and dividends with nominal taxes.
Show threadEmeritus Prof Christopher MayJun 22

@Sean

yes, that's why many prefer a wealth tax based on material property

Show threadSean
@ChrisMayLA6 most wealth is financial securities and those securities can be owned by foreign entities the owner of that entity is living in a high tax nation, making the bulk of the wealth untaxed. My first home that I owned was a condo, when my family got bigger (in-laws needed to snowbird with us during summer) we moved to stand alone house but kept the condo. As an asset owned by my LLC my tax liability fell drastically, I received this tax benefit unintentionally, others will seek it out
Jun 26 at 12:38pmWeb