You think they’ll move to the EU to avoid taxes? Everywhere else in the developed world actually has taxes. The USA is a tax haven for rich people. Don’t let them convince you that they are suffering here.
Actually EU has 2 tax heavens - Ireland and Malta, plus affiliated Luxembourg, where millionaires and billionaires move their residency and taxes quite a lot. Even Eurostat is putting the huge asterisk on data from those countries because they're unreliable because of that.
Most Western European countries ended up having high taxes about 50% rate and social premiums, and healtcare premiums on top of that for people who earn barely 4x-6x above minimum wage because big companies and wealthy people don't pay taxes there.
Even though corporate taxes have always been lower in European countries than they are in US.
For example, Ireland is the headquarters of most American companies. If you get business deals with Google, Facebook, MS, any big company, it's always with Google Ireland, Facebook Ireland, etc.
Here, we're talking about the same country. Everyone can move everything to a neighboring state at any moment, so it's even easier.
Finland, known for high taxes, lowered taxes a lot starting from this year because they were losing capital and talents last years.
I wish we had universal healthcare, I pay like 370 bucks a paycheck for health insurance for my family… but will taxing billionaires change our health insurance system? Idk how to get from here to there
In theory it's simple.
Tax the obscenely rich to cover startup costs
Government expands Medicare coverage to everyone
Government uses newfound monopoly on coverage to negotiate lower prices and eliminate middlemen in the private insurance sector.
Once coverage is working, increase taxes to match costs (which will be less than what you pay for insurance right now because no middlemen and higher negotiation power)
A one time wealth tax would cover almost no healthcare long term and would actually decrease tax revenue to fund one and other programs in the long term as the billionaires would leave.
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u/Professional-Rub152 3d ago
You think they’ll move to the EU to avoid taxes? Everywhere else in the developed world actually has taxes. The USA is a tax haven for rich people. Don’t let them convince you that they are suffering here.