[yellow sitting, at a presidential desk] I’ve been thinking… if we tax the rich more fairly, they might just leave the country!
[blue, angsty, sitting in a chair next to the desk] Mr. President… I’m afraid you’re right, we can’t take that risk, we need them
[a rich character smoking a cigar next to a “0% LOANS” luggage] I hate spending and my wealth is unrealized gains, I contribute nothing to the economy
[another rich character is lounging in a deck chair on a beach, cocktail in hand, luggage on the sand] I’ve already left the country a long time ago
[another rich character leans against a stack of cash with a smug grin] My money is all in holdings, I barely pay any taxes
It has never been demonstrated by anyone who holds this bullshit “the rich might leave” argument how any value to the working class average Joe would be lost.
Even if we pretended they would all leave, they aren’t gonna shut down their businesses in the US, they and their shareholders make too much money in the US market.
Ironically, the greatest threat to the US market collapsing and losing all value is these rich cunts getting their way.
Taxes are deflationary and the rich avoid that from happening. Price gouging and price hikes are inflationary… and the wealthy do that as much as possible.
So there’s a real case to say wealthy people cause inflation.
To be fair, those “holdings” are investment accounts, where the money gets to be used by a different rich person to exploit labor, because the billionaire can’t even be bothered to do that themselves.
Not really, though. Maybe that money does something the day the holding is bought, but then it just becomes dead weight or even debt since the company might be eyeing it for a buyback. If I buy a stock for $1k today and in 10 years it’s now worth $50k, that $50k isn’t being used by the company to produce. It doesn’t even exist at all until I decide to sell, at which point I keep the money for myself.
You’re missing the point.
If I buy a stock for $1000 today, some other rich person gets to use that $1000 to exploit labor on my behalf, and if they are ruthless enough, the stock value will go up.
Then I can sell it to someone else, take the proceeds to live off of and buy more exploitation certificates.
No, because then the gains become realized and you’d need to pay taxes. Better to take a low-interest loan out against the assets and pay no taxes, like the meme says.
Elon didn’t sell $50B of stock to buy Twitter. He took loans from foreign nationals using stock as collateral.
This. No need to realize any gains at all. The same trick also works for any other expenses.
Of course. I was simplifying.
These people still have to eat. They have to live somewhere. They still buy things. Often gaudy, awful things and other disgusting displays of wealth, but things nonetheless.
That’s where you get them.
Oh, what’s that? They moved out of the country? Well then, they’re not there to stop the country from nationalising their stake in whatever part of that company exists in that country, are they?
Anyone acting on their behalf to stop that should be taxed on their behalf. They won’t pay their human sock puppets? Don’t be a sock puppet then.
If they want their stake back, they need to live in the company’s host country (because there’s always a main HQ) for one full tax year.
They own multiple stakes in multiple companies in multiple countries? Sucks to be them, I guess. Shouldn’t have been so greedy.
