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Top-level
 Strangely enough, Switzerland has a wealth tax (which contributes quite a lot to public finances), but there's no sign of rich people abandoning the country. I do agree that we need to put a price on externalities, but this is an entirely different subject. Hoarded wealth has no benefit at all for society. 2 comments
I agree that capital is needed for investment, but I still wonder, why so many people assume that rich people's investments will have more social and environmental benefit than those made by well funded and managed public institutions. Tax regimes are indeed a very tricky subject, especially when some jurisdictions (this includes especially certain Swiss cantons) are engaging into a race to the bottom, thus cannibalising total global revenue. |
Gregory's Server
Switzerland is an interesting proposition.
On the other hand, many rich people from Finland have retired to Portugal due to tax optimization.
Often, the masses of middle-class contribute on a bigger scale in taxes compared to only a small number of rich people.
Hoarded wealth will be invested where the profit/risk & ESG meet their preferences; some capital also benefits and is even crucial for the society like renewable energy. Efficiency of trickle down is a good question though.
@mina