This is an important point about the ABCs of taxes. I would add that anyone who didn’t know this ought to retract every opinion they ever expressed on taxes and refrain from expressing any new opinion for the next 10 years (less if their ignorance is due to youth).https://twitter.com/diannaeanderson/status/1081358765041958912 …
The trouble with taxing the rich until they squeak, which I can totally get behind, is that the very rich just aren't going to pay those marginal rates. They're going to avoid it.
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We economists call it “leakage” in policy evaluations. Some labor income becomes capital income, and some capital income is either never realized or finds its way out of the country.
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Yeah. The very rich also become non-doms. (At least, that's true in the UK.)
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The US at least taxes its citizens regardless of residency. You actually have to renounce US citizenship to escape US tax liability. (Though, unfortunately, US citizenship isn’t as valuable as it used to be.)
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