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
That is the theory, but unlike taxes there is neither an obligation to spend nor a required threshold to spend.

So basically just hoping that billionaires spend and trickle down.