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A comment on EU-funded report calls for wealth of super-rich to be taxed, not income. Parent comment

Re:EU-funded report calls for wealth of super-rich to be tax... by rand846633 on Monday October 23, 2023 @04:44AM (#37983095)
Would you trust some random island state with your multi billion wealth? Seems risky. Also how do you maintain access to all the relevant markets that you need to multiply your wealth?
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Re:EU-funded report calls for wealth of super-rich to be tax... by robertlagrant on Monday October 23, 2023 @04:52AM (#37983159)
That level of wealth often implies a lot of risk-taking. That's why higher rates of tax are a problem: people won't take the risk, and far fewer new things will be created.
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Re:EU-funded report calls for wealth of super-rich to be tax... by michaelt on Monday October 23, 2023 @05:44AM (#37983474)
> Would you trust some random island state with your multi billion wealth? Seems risky.

Well, you don't have to actually store your wealth where the island state can get to it. Just because you're resident in the Cayman Islands for tax purposes, doesn't mean you need to hold your wealth as Cayman Islands Dollars, or store it in a Cayman Islands bank.

Banks in Switzerland and London are more than happy to look after your money for you, denominated in whatever currency you choose.

[ Parent | on HN ]