SleepyHobo t1_jdy87ey wrote
Reply to comment by mowotlarx in New Yorkers overwhelmingly support bail changes ahead of state budget deadline: Poll by Grass8989
The millionaires will just move their residency to another state. Same thing happened with France except they moved to a different country. All that money affords them hyper-mobility.
mowotlarx t1_jdy8xdr wrote
France is #6 in the list of countries with the most millionaires.
But, sure, they're a third world country now because all the millionaires are gone because they're asked to pay their fair share.
SleepyHobo t1_jdybwen wrote
Before you start spouting hyperboles and crap you have no idea of what you're talking about. Try educating yourself.
https://en.wikipedia.org/wiki/Solidarity_tax_on_wealth
Europe tried a wealth tax. It didn't work and that's why only 3 European countries still have one. They share the same problem we have. Millionaires can just move to another state (or country in Europe).
France lost billions of dollars in potential tax revenue and the average family impacted by the tax paid a paltry sum of around 2,000 euros.
mdervin t1_jdyqa1l wrote
>France lost billions of dollars in potential tax revenue and the average family impacted by the tax paid a paltry sum of around 2,000 euros.
Does that make sense to you? You really think that a Billionaire is going to uproot his and his family's life for a 2K tax increase? I mean you can't even get a used Toyota corolla for 2k.
[deleted] t1_je03ksy wrote
You misunderstand their point. Assuming everything they said is accurate, the fact that the average tax is 2K is because those who would have been taxed higher already moved and were thus excluded from the tax.
With that being said I'm skeptical the average tax was 2K, because even a handful of ultrawealthy who stay would really distort the average. My guess is that they meant "most families would paid the tax paid only 2K"
SleepyHobo t1_jdyror7 wrote
> average
psychothumbs t1_jdzvoed wrote
The wealth tax worked fine, it was just abolished when a right wing government came to power.
Type_suspect t1_je6bt64 wrote
France is a country so like you’d have to gain citizenship somewhere else… where in this example they just move states.
Rottimer t1_jdyto2i wrote
NY and NYC is one of the highest taxed places to live in the U.S.. Billionaires and Millionaires can choose to move right now if they wanted to and yet, NYC has the highest number of billionaires, not just in the country, but in the world. Something tells me we have some leeway to tax them more.
TheAJx t1_jdylary wrote
Despite ever increasing taxes on the wealthy in California (now up to 12% on the top tax brackets), California has seen an influx of millionaires moving in . . despite population loss in general.
Millionaire tax probably won't be a good policy, but ultimately what matters most in NY and NYC is cost of living (housing prices, utility prices, and transportation prices). That determines everything and is far more important than the tax structure.
Neoliberalism2024 t1_jdymicl wrote
They dont have new millionaires moving in. They HAD new millionaires being MADE, because silicon valley had a shit ton of IPOs before the bubble crashed, and lots of people become millionaires thru their options. A large portion of those newly minted milionaires left. And silicon valley isnt going to minting many millionaires the next few years.
AnacharsisIV t1_je55jrj wrote
Not to mention the fact that housing prices in California are insane (much like NY) that over the last decade or so plenty of middle class homeowners who were able to get in when houses were affordable became millionaires simply because their house shot up hundreds of thousands of dollars in value.
Farrell-Mars t1_jdyazwt wrote
Those rich people are too smart to pay more just to stay home in the city they love! It’s gonna be a ghost town, I tell ya!
SleepyHobo t1_jdyc0lt wrote
Tax people enough and they'll leave.
Farrell-Mars t1_jdyhnls wrote
Suddenly it will no longer be the most interesting city. I get it!
Pool_Shark t1_je0frpf wrote
Good. Don’t let the door hit them on the way out.
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