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
If only there was some historical data, maybe even 30 years of it, that could tell us whether or not putting money in the hands of the ultra wealthy had a sort of “trickle down” effect that benefited everyone else too!

>>only-o+X3
Fine, but is there any data that having ultra wealthy residents in your country(like Sunak's wife) harms everyone else?

>>shivas+15
The GP is being sarcastic, we have 30 years of evidence.

It shows that trickle down economics doesn't happen.

The harm you're looking for is massively inflated asset prices, for example pushing housing out of the affordable range of normal residents and the actual tax payers.

So the mega rich turn out to be parasites in many ways.