They have to worry that higher taxes will cause the economy to slow down. Some economists think this is bullshit, and it probably is. But the wealthy will definitely find tax havens and bring their money there, wherever it is in the world. Look at Switzerland.
The problem is that the economy slowing down is the consequence of their bad budgeting. We can’t get out of the deficit without consequences.
However, the American consumer ultimately is a market for things, so whether or not that market is expensive or cheap, it’s worth being in the market.
The USA also controls its currency and its border. We can tax in ways that no other country can. We can just say, no, you can’t take your USA currency to overseas banks as a us citizen. And if you sell it to buy gold or something, that’s capital gains.
They have to worry that higher taxes will cause the economy to slow down. Some economists think this is bullshit, and it probably is. But the wealthy will definitely find tax havens and bring their money there, wherever it is in the world. Look at Switzerland.
The problem is that the economy slowing down is the consequence of their bad budgeting. We can’t get out of the deficit without consequences.
However, the American consumer ultimately is a market for things, so whether or not that market is expensive or cheap, it’s worth being in the market.
The USA also controls its currency and its border. We can tax in ways that no other country can. We can just say, no, you can’t take your USA currency to overseas banks as a us citizen. And if you sell it to buy gold or something, that’s capital gains.
Let’s do it.