this post was submitted on 15 Jan 2024
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Two counterpoints:
Norway implemented a wealth tax and millionaires didn't move. It still has one of the highest rates of millionaires in Europe.
France implemented a wealth tax and millionaires moved causing them to make less than if they hadn't implemented it. They repealed said tax after 2 years.
Wealth taxes can work if done right. Done wrong and they do leave.
For Canada specifically I could see the situation being like France because we have NAFTA -- I'm assuming France can't simply do this because a millionaire could move to Luxembourg or the Netherlands and still be in the EU.
Not sure about France wealth tax specifically, but the EU has always had a huge problem with taxes being uneven, especially stuff like corporate tax, with smaller countries "stealing" companies from the bigger ones.
This year a minimum of 15% eu-wide was introduced to stop the tax race to the bottom, something similar could and should be applied to a wealth tax.
There were 12 countries with wealth tax in 1990, there are only 3 countries with it today. Wealth tax does not work, we know that since ancient Rome times.