What would happen to a country's economy if the government imposed special tax for super riches? That is, for example...

What would happen to a country's economy if the government imposed special tax for super riches? That is, for example, 70% or higher heavy tax on any form of property, stock, and cash thats worth beyond $1 billion threshold. Would it solve the problem with the unequal distribution of wealth?

the rich would flee the country and the poor would eat each other as production collapsed

there is no unequal distribution of wealth, you fukken normie. inequality brings balance. the unwashed masses don't deserve those billions that the select few has. slaves and masters.

Right. But i also don't think the super riches deserve more than a billion. Anything more than that should go back to the society.

Google the "tax reform act" of 1986
It wasn't that long ago taxes were over 70%
>stagflation

Bubble-up economic growth, greater economic stability. Veeky Forums just likes to bitch and whine

this is a myth rich people want you to believe

no, it's a real thing that happens whenever socialists get too much power. see USSR and every other failed commie state

ya because taxes are for commies now. gtfo faggot

It does go back to society you damn commie.
What do you think the 1% just put their 'money' into a pool and bath in it like scrooge mac duck?
No, they invest it either in business, or in pleasure or in cultural marxist pet projects or government control like for example Soros and Bloomberg.
And no matter how mad I am about those two, even they create jobs by doing what they do, tho they also destroy a lot.

Anyway, the money is not just removed from your precious society.

Not much. The biggest complaint of most people today is that the private sector and public sectors are in bed, it doesn't matter how they collect money when it all ends up in the same place.

If that happens and the rich does not want to respond, then the government can put legal sanctions against them with possibly extradition, and then take back all the money/assets they have stolen.

>70% on any form of property
Who the fuck would buy property with a 70% tax

> if the government imposed special tax for super riches?

You're talking about decreasing income inequality. Joseph Stiglitz wrote a book on this called: Inequality. He's a nobel prize winning economist and claims that decreasing income inequality (up to a point ofc) from current levels will increase equality (by definition) and generate growth far beyond what we have now.

This. Veeky Forums is either /pol/ cross-over or wanna-be investors, so either answers results in: "This aint the USSR, land of the free, land of opportunity despite our inequality directly contributing to low EOO." such as: Or the more common, yet still incorrect assessment: Decreasing II leads to low growth, everyone knows that! People are only gonna work efficiently (mainly CEOs) if they're getting paid 150x the average income which is a nonsensical argument.

Against my argument: If other countries, with similar economies and public resources (think, the US increasing taxes, whilst UK doesn't) then capital will leave the country, if not entrenched.

That's why income inequality is the largest and hardest solved political issue of our time. Solve it on your own, you can only take tentative small steps, or other countries will lower theirs to your detriment but raise it with other developed countries then the people as a whole (minus the 1% or maybe the top 5%) benefit hugely.

This is usually bullshit.

If the rich were taxed outrageously then yes they would leave the country, but ONLY if they could find a desirable 1st world country to live in that has more favorable tax standards AND the move and life transition would not be too much of a PITA.

Republitards constantly threaten this shit and it never happens.

The rich bitch and moan about the 50% tax rate constantly, but even then after many deductions and loopholes the rich usually get it down to 35%, which is still much lower than many of the other 1st world countries.

Checkmate rich Republicans. Feel free to move!

>muh communist revolution

There are hundreds of countries with lower taxes.

Worst case scenario you move to somolia and pay 8 guys 4 grand a year to guard your estate

the rich can live like kings anywhere, they don't give a fuck. the danger is that they move their businesses away. pretty sure even google and apple operate out of Ireland for tax purposes these days.

> moving to a 3rd world country

but then they have to live in fear, and in a country where they have nothing in common with the people surrounding them.

My point is that the rich always threaten this shit, but the reality is that moving would suck dick.

They would ONLY do it if the tax rate just became fucking outrageous. And currently it is not outrageous.

Im fine with the current tax plan, its just wages for the labor class that need to rise.

You're thinking about it all wrong.

Firstly, at least to my humble knowledge, most taxes are on the assets, meaning that making money, not living in, the u.s. is taxed.

There are exceptions to this, with some states having things like inheritance taxes, which are basically theft.

Secondly, youre thinking of the upper middle class, which is mostly normie retards. Actual upper class cotizens, who have international assets, can afford flights, and can pay peasants for security, dont give a shit. Theres more to being rich than having a mansion to steal shit from lol.

Thirdly and sadly, 15$ minimum wage is just 100% retarded on every level. It wont protect the lower clasd because supply/demand on housing (gentrification) and it anally rapes our countries exports, making the coutry poorer. Small businesses crashing doesnt even need to be mentioned.

Although im okay with occassionally raising min wage (it vould be 9.30 atm), we are jyst gonna have to sacrifice our lower class.

no because capital flight would occur and the country will find itself without professionals, bank managers or administrators

This OP has no grip on the facts. Everything here is progressive talking points and cliches. Hate the rich. Where's my share?
>This is usually bullshit.
>If the rich were taxed outrageously then yes they would leave the country, but ONLY if they could find a desirable 1st world country to live in that has more favorable tax standards AND the move and life transition would not be too much of a PITA.
>Republitards constantly threaten this shit and it never happens.
>The rich bitch and moan about the 50% tax rate constantly, but even then after many deductions and loopholes the rich usually get it down to 35%, which is still much lower than many of the other 1st world countries.
>Checkmate rich Republicans. Feel free to move!

>pay themselves in min wage and collect stock options
>form loan out company and only have to pay corporate tax
>donate all their money to their trust and have the trust 'loan' you money

they'll do exact what they do now
>poor people ever being anything but poor

Congratulations, that's the most retarded thing I've read today.
They'd be too afraid to leave American. At 30% they'd still make more and have more stability than any 3rd tier country. They left the USSR because it was fucking garbage.
They put 95% of it in banks, youve obviously never been rich. Whose more likely to spend, 1,000 people living pay check to paycheck or the one rich guy who already has 2 yachts? It's called the velocity of money, dumb shit.
Then lose everything when their economy tanks, good plan. Better 30% than 0%.

Taxation is theft

No such thing as your "fair share" of someone else's property, socialist rat.

I always laugh when I see this question asked. It reminds me how many fucking peasants there are in this world that just don't get it. You live in a time where you can literally do anything you want. Right now, you can go find a way to get rich as fuck and reap the benefits. Why should these people have to give up their reward? Short of breaking the law, if everyone is free to do whatever they want and they do so without preventing others, then that's fair game. Why don't you retards find a way to increase your own incomes instead of just constantly asking for more. Aren't you embarrassed?

And yes, I'm an ex-liberal neet that saw the light

>t-they're economy will surely collapse
>the baron will only invest their assets into the countries economy surely
lol

>the super rich invest back into the economy that benefits everyone
>trickle down is not effective and does not reach the bottom

Which is it?

You think foreign banks don't fail every single God damn day? Good luck getting your money back then

>you can literally do anything you want
>short of breaking the law

lmao stupid cuck

None of these discussions ever define what 'rich' means so it's a useless argument

just look what happened in france when they tried it recently

o i am laffer

>eurocuck socialist countries and the united states are the only places with banks that don't defualt all the time
>you can only use money in your nations currency and stored in their banks
Aren't you missing your sons little league baseball match?

>He's a nobel prize winning economist
He won the bullshit prize that bank came up with in the 60's and attached Nobel's name to?
Stop pretending that's a real Nobel Prize.
There are only 6, econ is not one of them.

Some rich people are rich because of their merit, some are lucky. Some are poor because of lack of merit, some are unlucky. You will never have a truly equal society, and I'd rather live in this world with it's problems as a poor man than whatever hell hole comes out of your attempts

t. Former Venezuelan

>nobel prize winning
>meaning anything

We did this briefly post ww2 to pay off the war debt. We lived

Cant get that to stick in a society full of temporarily embarrased millionaires though