Do you support AOC's tax plan, which would require the ultra rich to pay up to a 70% income tax on income over $10 million dollars a year?
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Seems like an effective way to drive the ultra-rich overseas, and to take their money with them.
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Federal income is taxed worldwide.
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Yep. Which would incentivize giving up US citizenship and moving to a tax haven.
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They already have. That's what capitalism,globalism and free trade are all about ,the movement of capital
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If they raise taxes that high they know they’ll have to riddle the tax code with loopholes.
End of conversation
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Right, and it's not like rich people are taking that income and buying solid gold toilets or stuffing a mattress with cash. By and large they sell one investment which increased in value and they immediately invest the same money in something else...hopefully domestically.
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or purchase a loophole from the legislatures that the so-called watchdogs don't report. I mean, that's how it works now and it works pretty good for them
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Not sure if the data shakes out or not. Most western nations have comparable rates. It wouldn’t be an outlier.
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Everyone says this will happen, some may, but actually quality of life around friends and family matters most to most people. So they won’t move, they will just bribe politicians until they reduce it again.
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