What’s the downside? If they move away, you haven’t lost anything because they weren’t paying taxes anyway. If they stay, you have just gained tax revenue. And it isn’t like you are going to lose a lot of sales tax money or real estate tax money, since they are not going to stop visiting Paris and buying luxury goods and are not going to sell their properties (that’s why they are so wealthy in the first place).
Also, if they move away then you have fewer billionaires fucking up politics.
It’s doesn’t even matter if they move away. The things we want to tax them on simply can’t just move away. Gary puts it best, as always.
But billionaires are the only source of jobs and if nobody is there to buy yachts how will the trickle-down economics work?
I like the “they’ll just move somewhere else” arguments about these wealth taxes. First of all, no they won’t. They like their luxury penthouses in Paris and their mansions on the Riviera. Secondly, that’s just an argument for having this tax everywhere else too.
And you know, if Russia (or wherever) doesn’t want to have a wealth tax and all the billionaires move there, I’m not really seeing the downside.
You can implement exit taxes. I think some countries have that already. If you are a billionare, you will have to give up a fixed percentage of your wealth if you move.
They already don’t pay taxes anyways, so pay up or leave is perfectly ok but remember to pay you sales tax when you sell your mansions and cottages.
French lawmakers on Friday voted in favour of a new levy that would tax assets above the €1 billion threshold at 2%.
2%? 🤣🤣🤣
Oh well, it’s something…
I know 2% is fairly laughable when we’re talking normal people money, but this is 20 million per 1 billion.
when simply considering the 10 biggest fortunes in France, the tax would bring in no less than €13bn for the state.
A country can do a decent bit of good for people with 13 billion.
That would be amazing! No need for 2% to be the end goal instead of just a good start. A good government serves all its citizens, not just the ones with big bank accounts.
For a wealth tax that is quite substantial.
Every year paying 2% on the wealth above the threshold means you have to make at least 2% ROI on these assets to stay neutral with the money. That also means there is more of an interest to actually invest the money in economic activity, rather than buy assets that just appreciate price, while being tucked away in some warehouses.
Every year paying 2% on the wealth above the threshold means you have to make at least 2% ROI on these assets to stay neutral with the money
2% is nothing mate. Nothing. The wealth of the rich grew by 30% during COVID IIRC. Housing prices dropped in some places but only marginally and went right back up. It wouldn’t surprise me if financial assets / instruments were not included in this bill either. The rich have been getting richer at rates way past inflation and I think by now it’s common knowledge that it doesn’t happen with income and nearly everything but.
Again, 2% is a starter, but still a joke. Most of their assets can still sit there and accumulate value at rates that easily surpass inflation.
Le Coq suggested that when simply considering the 10 biggest fortunes in France, the tax would bring in no less than €13bn for the state.
A 2% tax on billionaires. Give me a break.
The point isn’t to bring in money, the point is to eliminate these blights on society by any means necessary. How bad will the world have to get before something that looks like this happens? When the world was more civilized - the world conservatives constantly pine for - the ultra-wealthy were taxed over 90%, because we knew that too much power in the hands of a single person was immensely dangerous. We knew this intrinsically from generations of being ruled by kings, but we got firsthand experience with it from them constantly fucking up the economy.
There was shame in being wealthy. Hell, there was shame in being rich when I was growing up - it was understood that you couldn’t get mega-rich without stepping on the necks of the working class and being horrible people. It’s nearly Christmas - go rewatch It’s a Wonderful Life for crying out loud. 1946!
Which doesn’t really change the point does it. These people are de-facto kings ruling us; their wealth subverts the entire idea of democracy. You can’t tax them out of existence without taxing their wealth because none of them have any actual income. Banks fall all over themselves to fund anything they care to do.
In any case, 2% isn’t going to do fuck-all even if it gets passed which is hardly a certainty.
would apply to anyone who is a tax resident in France or who has assets in France.
Awesome!
