this post was submitted on 08 Jul 2026
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[โ€“] HexesofVexes@lemmy.world 3 points 5 hours ago (1 children)

Hang on...

So most assets are shares and structures. Shares you can sell, but someone still holds them, structures can be sold, but someone still owns them.

If a billionaire left, a fortune in capital gains would be made, the wealth would remain to be taxed from other hands, and that precludes the destination not having a higher wealth tax.

[โ€“] GoatSynagogue@lemmy.world -2 points 4 hours ago

Wealth taxes are never one off. They might get a big payday once, but then thousands of people have lost their jobs, 50% of the income tax is now gone from the books for the next year, along with all the other business related taxes.

Most places would love billionaires to move in, because then they get enormous amounts of extra tax revenue and, typically, jobs.