zlacker

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+(OP)
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!

>>SoftTa+(OP)
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.

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

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

>>SoftTa+(OP)
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.

>>shivas+z1
Real estate inflation is a pretty obvious way it does that.

>>only-o+v
> putting money in the hands of the ultra wealthy

that’s a very sinister way to describe the reward for their extraordinary efforts. who’s putting money in their hands? where did this ‘who’ get the money from?

>>sundae+M
How is it a net plus though?

Is there's a serious hike in taxes the billionaires will just leave and open companies elsewhere

>>shivas+z1
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.

>>yawboa+M2
what are these 'extraordinary efforts'?

>>mattma+Y2
Also, more than once, the mega rich caused my meat to spoil. Terrible people!

>>yawboa+M2
> who’s putting money in their hands

If we're talking about foreign oligarchs living in London, I suspect a fair amount of the money is coming from Russian organized crime.

>>holler+53
I know you think you’re joking but I’d encourage you to consider the consequences of deregulating the food industry.

>>slater+43
if the wealth isn’t inherited then it obviously requires extraordinary effort to amass. i’m not a billionaire and it’s not from a lack of trying to be. the fact that my efforts over the years—which are non-trivial btw—haven’t made me one is a clear signal.

starting and running a successful business is extraordinary effort. my life is better thanks to founders of all the companies whose good and services i depend on. i’m full of gratitude for their extraordinary efforts because they’ve made life worth living.

>>Doesnt+V2
They already "open companies elsewhere". From the article, the non-dom status is a tax-exemption on a non-dom for profits and revenues from businesses outside the UK.

If these non-dom billionaires leave, and they aren't currently paying tax, will we even notice?

The housing market noticed; again from the article, the value of properties valued above £10m dropped by 37%. So these "just leavers" aren't just leaving, they are taking a near 40% hit on selling up.

>>Isofar+M81
So then leaving is giving the government less tax revenue and hence less money for other people