If you want to raise taxes on the rich and not hurt the economy, lift the long term capital gains tax to the level of income tax, and have a very high estate tax without loopholes.
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The US has a hefty expatriation tax. Moreover, it is much easier to move from France to another EU country than it is to move from the US to any other country. Most successful people I know in the US wouldn't be able to do the exciting things they do anywhere, but here.
Most succcessful people in the US need to be in the US because other successful people and the capital that sustains them are here. There’s nothing magic in American dirt. Give people at every level of the entrepreneurial chain an incentive to leave and watch what happens
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Entrepreneurs have had incentives to leave California for a decade. High taxes, insane real estate prices, poor living conditions, high wages, etc. Few have left.
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But again, as mentioned above, I don't support the wealth tax. I support a higher capital gains tax and a very high estate tax.
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