zlacker

>>fortra+(OP)
A lot of magical thinking in policy these days. Global rich people went to London BECAUSE of the tax treatment.

There was no magical property of London that attracts people DESPITE higher taxes.

Very difficult to have any policy discussion when a second order effect is involved.

>>graeme+C1
Why does it have to be assumed that having the ultra wealthy living in your country and not paying taxes is a net positive? It seems close minded to just ignore the possibility that those people are causing more harm than good.

>>foobar+c2
I’d presume they are spending a lot of money locally and probably employing a staff locally and driving other economic activity locally but I guess I could be wrong.

>>SoftTa+s3
A rich eats three meals a day, just like everyone else. They may eat nicer food, but they do t consume that much more than the average person. Indeed, the rich tend to hoard their wealth, removing it from the economy while the average person spends most of the money they earn.

Taxing the billionaires is a net plus for any economy.

>>sundae+e4
What do you mean by hoard their wealth? I assume like everyone else they have their wealth in banks/stocks etc and not matreses.