this post was submitted on 09 Nov 2023
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If they did tax the wealthy heavily, they'd probably leave the country, and pull their money and resources with them.
I'm sure another nation would be more than willing to house billionaires/ultra millionaires and their assets, and your country would lose a lot of money/cash flow/jobs
It's a hard challenge to solve in a world wide setting.
They didn't leave when the top tax rate was something like 90% back in FDRs day so why would they leave if it's 40, 50, even 60%? I seriously doubt we'd EVER go that high as the ones that would be affected control our government, but still.
But didn't they leave? I think most 70s British rock bands have a chapter where they leave to France or Switzerland directly because of the taxes.
Ah yes the ultra wealthy British rock bands in the 70s.