Because of @Sen_JoeManchin opposition, the Dem leadership and White House sources tell us that the billionaire tax is all but dead.— Jake Sherman (@JakeSherman) October 27, 2021
They're claiming that every time a wealth tax has been tried the billionaires just end up fleeing the country and causing a long-term drop in tax revenue, and that every country that has tried it has eventually had to repeal it due to this.
Even if it's true though, I'm not sure how "you better let the billionaires do whatever they want or they'll cripple the country by leaving" is a good defense of the current system by letting individuals have such an enormous amount of power to be able to do that.
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They're claiming that every time a wealth tax has been tried the billionaires just end up fleeing the country and causing a long-term drop in tax revenue, and that every country that has tried it has eventually had to repeal it due to this.
Even if it's true though, I'm not sure how "you better let the billionaires do whatever they want or they'll cripple the country by leaving" is a good defense of the current system by letting individuals have such an enormous amount of power to be able to do that.
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call their bluff
Also am I off base or couldn't you just make the penalties for leaving harsher?
how does it matter if they leave if they dont pay any taxes anyways?