Re:California plan for wealth tax on anyone who spends 60 da...
by csomar on Saturday December 19, 2020 @02:06PM
(#25480152)
> 1930's-1970's
The difference, however, is that today's rich people can easily move their residence, and with remote-work; maybe their companies.
In the old times, it was not quite easy to move to another country. I can imagine the difficulties (selling your assets, taking your fortune, figuring out the new kingdom, wars and instability, etc...). This is no longer an issue with city-states like Dubai or Panama; and the fact that your wealth is floating online on some stocks, banks, bitcoin, derivatives, or real-estate scattered around the world.
This doesn't concern the average joe, however. Which is why he continues to carry most of the tax bill and is cash-strapped.
California issue, however, is not the rich are greedy; but that its government is corrupt and inefficient. Raising taxes doesn't help but only grow the corrupt bureaucracy.
The difference, however, is that today's rich people can easily move their residence, and with remote-work; maybe their companies.
In the old times, it was not quite easy to move to another country. I can imagine the difficulties (selling your assets, taking your fortune, figuring out the new kingdom, wars and instability, etc...). This is no longer an issue with city-states like Dubai or Panama; and the fact that your wealth is floating online on some stocks, banks, bitcoin, derivatives, or real-estate scattered around the world.
This doesn't concern the average joe, however. Which is why he continues to carry most of the tax bill and is cash-strapped.
California issue, however, is not the rich are greedy; but that its government is corrupt and inefficient. Raising taxes doesn't help but only grow the corrupt bureaucracy.