They can move out of the country but they cannot move out of the world. An international wealth tax CAN be done, the only obstacle is mere political will.
And it must be said, the ability for the rich to take their assets and leave has been greatly over-stated, since much of it is in the form of land.
Extreme wealth must be taxxed, or we will all live in desperate poverty.
Exactly. Humanity will not survive like this. I have no problem with somebody building a successful business and making a few millions, but excessive wealth hording needs to stop. These people are holding essential resources of our planet hostage, while billions suffer.
An international wealth tax CAN be done, the only obstacle is mere political will.
There is real issues that need to be tackled, such as Ireland’s tax desert. There’s a couple of them around the world (around 20 countries do this iirc). I guess forcing them to close their tax deserts is difficult, because you’d either have to pressure them militarily or economically. Pressuring them militarily is a no-go in today’s time, and pressuring them economically might be challenging as these tax deserts could make a huge profit by offering lower taxes, and then taxing all the world’s rich, as they all move there.
I think the best course of action would be to exclude billionaires who do not pay a minimum amount of taxes in any country entrance to the domestic market, as they do not see themselves as a part of society, as they deny paying their fair share towards society, it’s fair to not let them participate in other parts of the society as well, such as doing business in your country. Business opportunity is a huge deal and very attractive for billionaires, who want to make even more money, so using that as leverage is very effective, i guess.
In other words, markets must be obstructed for investors who don’t pay their fair share in taxes.
Can you explain the significance of your xx in taxxed?
That’s very good news.
As described in an announcement by the Spanish government, the initiative aims to create coordination between governments on the taxation of high-net-worth individuals to ensure they are not shuffling money abroad to avoid proper taxation.
I would like to point out that billionaires have to have an incentive to stay in one country, if their wealth is going to be taxed in that country. I.e., billionaires can only do business in a country that they pay their fair share of taxes in.
