Capital flight is often blown up into a bigger issue then it is by conservatives to avoid taxing the wealthy, but it is not a myth. It is a real effect that governments need to take into account when making policy decisions.
I.e. If it was a myth, we wouldn’t have an exit tax.
Its a myth in the sense that it isnt significant except in extreme scenarios (e.g. violent regime change, economic collapse). A modest wealth tax will not make that happen.
I mean, it’s different because California is a state and not a country, but they are seeing some capital flight because of their wealth tax. I’m not saying that makes the wealth tax not worth it, I’m just saying that it is a real effect.
Free trade created the free movement of capital but not the free movement of labour, and capitalists can exploit that.
Capital flight is often blown up into a bigger issue then it is by conservatives to avoid taxing the wealthy, but it is not a myth. It is a real effect that governments need to take into account when making policy decisions.
I.e. If it was a myth, we wouldn’t have an exit tax.
Its a myth in the sense that it isnt significant except in extreme scenarios (e.g. violent regime change, economic collapse). A modest wealth tax will not make that happen.
I mean, it’s different because California is a state and not a country, but they are seeing some capital flight because of their wealth tax. I’m not saying that makes the wealth tax not worth it, I’m just saying that it is a real effect.
Free trade created the free movement of capital but not the free movement of labour, and capitalists can exploit that.