> The big flaw in his argument is that a mere 1% which is actually 20% of annual return is still less than the average income tax rate on workers
replyThis is untrue btw
50% of people in the US pay effectively no net taxes
> 50% of people in the US pay effectively no net taxes
replyBillionaires included, defence contracts and corporate subsidies count just as much as food stamps.
Or put another way, are subsidized by others.
reply> There are arguments about wealth taxes inducing capital flight and investment disincentives
replyIf the US and the EU introduced a wealth tax then it would be relatively difficult for the capital flight fears to materialise. But yeah, the trouble with wealth taxes is that wealth (i.e. capital) is mobile.
Which is why land and property taxes are probably the most effective way of taxing wealth.
Switzerland has cantonal wealth taxes, as does Norway and afair Spain. Italy, Belgium, Netherlands have a somewhat equivalent one on money held in securities or savings accounts. It's not that big of a deal if the rate is low enough.
replyMost of us would not prefer to follow the EU into irrelevancy. If they were the model for how we should be running things how come they are not the ones running the show on innovation?
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