Capital flight only exists where it is allowed to exist. It is possible and, in fact, advisable to have laws allowing for the seizure of assets in such a scenario.
If they could get totally global coordination to work, sure. Every single nation signing up is a pipe dream though. If that’s how the proposal was actually written it was never intended to pass.
What this means in practice, is that someone will make a billion dollars in Brazil, and then move and spend it all elsewhere, so they can continue becoming richer. This is bad for Brazil, since developing is expensive.
2% isn’t enough. If that’s all you probably will just get capital flight.
Capital flight only exists where it is allowed to exist. It is possible and, in fact, advisable to have laws allowing for the seizure of assets in such a scenario.
At that point you’re not talking about 2% anymore, though, so it’s not really relevant here.
No, the 2% is for the ones who obey the law, and is enforced with something more like 100% for those who break the law.
The proposal is for a globally-levied tax. Where exactly is capital going to fly to?
DPRK, they dont have income tax
Confused libertarian noises
If they could get totally global coordination to work, sure. Every single nation signing up is a pipe dream though. If that’s how the proposal was actually written it was never intended to pass.
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What this means in practice, is that someone will make a billion dollars in Brazil, and then move and spend it all elsewhere, so they can continue becoming richer. This is bad for Brazil, since developing is expensive.
I think a hard cap would be better.
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You could secretly take 90% and I’m convinced they wouldn’t even notice in their day to day