Every country would have to do it. A party here in Switzerland wanted to drastically increase inheritance tax for certain large inheritances, and the rich people threatened so hard to leave the country that everyone believed them and now nobody supports it anymore. (They said their children would not be able to pay the tax because most of their wealth is supposedly in company shares, so if they died their children would have to sell off the companies to Cineese companies which nobody in Switzerland liked to hear)
this post was submitted on 14 Nov 2024
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No such thing. Ask away!
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In my limited understanding, yes, it's possible. But it would require significant international effort to get the super rich, the ones that can pay fabulous amounts of money to ~~money launderers~~ legal tax experts that know just the right loophole to ensure that mr. billionaire will pay only 500k in taxes rather than 10 million, because tax havens only exist thanks to certain countries' very lax rules on banking.
There are already large numbers of treaties in place for countries to cooperate in tracking down tax evasion. It might not be as expensive as you think. If you think of it from a practical standpoint, we have lists of the richest people in the world. That's an excellent starting point, isn't it?
If some billionaire is claiming that they actually aren't a billionaire, and that the lists are wrong, when some government is trying to tax them at an exorbitant rate, it's likely that they will give all of their banking details to said government to prove it. Or they will hide those banking details, and they'll be forced to pay the taxes.
I doubt it, at least in the US. The rich have a lot of influence over how laws are made, and I don't really see any appetite to pay a greater share.
The rich don't earn money from an income. They earn it from investments. We tax investments at the same rate as the top bracket (37%). If we raised the top income bracket to 38%, it would push more rich to receive their income via investment. However, raise the investment tax (capital gains), and we drive foreign investment away. A lot of foreign money is in America because we have a long history of stability and a low possibility of the people rising up and nationalizing ownership of foreign property. Drive that money away and everyone suffers, but that also makes it impossible to raise taxes on the rich.
I should of said "makes it impossible to raise taxes on the rich" ... without them passing on the hurt to the poor. Sort of like how Trump thinks a tariff on foreign goods will only be paid by foreigners.
I say we tax them 9x19 times.
No. If someone's rich they can lobby if they can lobby they will act within theyre best interest.