Stefan MolyneuxVerified account

How do you think America should pay off its debts and unfunded liabilities? If you don’t have an answer, you’re not close enough to reality to be relevant to the discussion.https://twitter.com/alphanumerals/status/1123788987427110918 …

The USA is actually in a unique position to force the rich overseas to pay what they owe. (We can charge income taxes on expats, have a dominant seat at the IMF, etc) We alone have the international muscle to deal with offshoring, if we chose to.

They will just pick up and leave, set up shop in a business friendly country. The gov can't make wealthy people & businesses stay.

Most rich people live where they want to live. Meanwhile, the recent slash to corporate taxes didn't actually make countries reinvest their hoarded offshore cash. If you turn the global economy into a race to the bottom, the US is going to have a bad time no matter what.

Well, the US will, other countries will seize the opportunity & lure businesses to their country with lower taxes. Which means, their citizens will benefit from having jobs, while our citizens lose theirs.

The US has already outsourced about as much as is feasible, because US labor is more expensive than in other countries, taxes or no. (And if we try to match other countries for low labor costs, we'll have a bad time of it)

Exactly! Expensive labor pool + high taxes means companies do business elsewhere. The companies that can't move, will stop producing because there's no incentive.