Cross-posted from: https://lemmy.dbzer0.com/post/34117495

[OC]

Original still created by @gedogfx (IG). Title source: “Inkl”

Edit: I’m not on any other social media platforms, so feel free to share this elsewhere if you want

  • orrk@lemmy.world
    2·
    3 days ago

    ok, why should I care about the well off not getting to be quite the leaches they are now?

    • Dragon@lemmy.ml
      1·
      3 days ago

      Under current economic conditions, economic wealth is necessary for the functioning of the economy. Some (including me) would advocate for a redistribution/government seizure of capital, but I don’t know of any economist who doesn’t see it as a problem if the wealth is lost altogether. If taxes are imposed on a national level, it is less likely that the wealthy will flee to other countries than it is if they are imposed on a state level. Unless the government seizes all capital, or bans capital flight, there will always be a risk of losing that wealth to emigration.

      • orrk@lemmy.world
        1·
        3 days ago

        Under current economic conditions, economic wealth is necessary for the functioning of the economy

        is it required? to an extent, yes. but do we need 60% of everything to be owned by 10% of the population?

        As for the Capital flight, that is a myth, even the implementation of straight wealth taxes don’t see great multimillionaire migrations, because taxation isn’t a very strong factor, in fact a golf course or tow is a stronger pull, example Scotland vs Ireland when the UK was still part of the EU saw more ultra wealthy live in Scotland, a region with a higher tax rate, than Ireland, primarily for golf courses.

        • Dragon@lemmy.ml
          1·
          3 days ago

          As for the Capital flight, that is a myth

          I’m not sure it’s even negligible between countries, but I am specifically talking about capital flight between US states, where there is a very low barrier to exit. Do you have any reason to believe that isn’t a phenomenon?

          • orrk@lemmy.world
            1·
            2 days ago

            even less so,

            "According to Young, though, the ultra-wealthy traditionally haven’t migrated in droves following such tax hikes. Only %2.4 of U.S.-based millionaires move across state lines each year, roughly %15 of whom apparently do so for tax reasons. ‘So it’s like a small l fraction of a small fraction,’ Young said.

            https://sociology.cornell.edu/news/final-reading-flight-myth

            • Dragon@lemmy.ml
              1·
              11 hours ago

              That’s interesting, thank you. I’m still not sure it would be the same for them level of tax increase public healthcare would require, but maybe you’re right.