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

[OC]

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

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  • 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·
          12 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.