The Migration Of The Wealthy

in Threespeak29 days ago (edited)

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There is an ideological war taking place. We see the idea of "taxing the rich" being implemented by many states. At the top of this list are NY and California.

While this is a popular narrative, the era we live in has a lot to do to make this move backfire.

In this video I discuss the options that people have, especially the wealthy. Not only are they moving but they are relocating their entire companies.

Here is the article mentioned in the video:

https://www.marketwatch.com/story/theres-never-been-a-better-time-to-move-will-cuomos-millionaire-tax-persuade-the-superrich-to-flee-new-york-11617969997?mod=home-page


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Talk about death-spiral...

Increase taxes >> people leave >> need to increase taxes >> more ppl leave.
Crypto makes taxes antiquated.
We can print new money for all infrastructure/upkeep needs.
This was not the case before because states/cities couldn't be a central bank.

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If we could only be able to actually spend crypto all over the world. That's when fiat would not make any sense anymore.

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They can actually do that now if they wouldnt insist upon issuing debt with it all. Just have the Fed dummy bond it (which it is doing anyway with the government debt since it will never be paid back) and print the money as needed.

Do a percentage of GDP, say 10%, and that is what it can spend.

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But yes it is all a death spiral.

With state taxes, people have a choice. We cant really avoid the Fed stuff, yet.

But as more people are able to earn incomes remotely, countries will start to solicit people.

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i say tax the SHIT out of the billionaires and the corporations

i just read a headline that said the 55 richest companies paid no taxes last year (or something, i didn't click on it)

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And who do you think that will affect?

Do you really believe tax the rich works?

As for corporations, who do you think pays corporate taxes? You dont think they would simply pass the taxes on in the form of price increases?

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i get it, and i have seen first hand how prices go up when minimum wage increases etc.... although i am not necessarily sold on trickle down economics

just seems that our current legacy system is not doing much for the little people, keeping all the money for themselves and that it sure helps when you make the rules, own everything and can squeeze out any competition.

for that, i welcome all things decentralized and hope there is still a decent chance for us.

i think you make wonderful observations, at times prophet-like, and it will be nice to see how all these things unfold. it is definitely an interesting time to be alive, to say the least

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It's crazy how people have been dependent on the state and are so short cited. They support crazy politicians with crazy strategies and it only results in more people moving. It would be interesting to see what would happen after all the wall street firms leave.

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New York City will be financially ruined. The amount of money Wall Street pays in is enormous.

Mayor Suarez in Miami, who I really need to follow more, is on the ball. He is doing everything he can to attract businesses to South Florida. The guy seems like a very aggressive, sharp cookie who gets it.

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Yea I am wondering which of the cities will benefit the most from the exodus. It does seem to be Florida or Texas right now but I hope they don't bring their politics along.

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You're right, the people who are leftover are stuck, I think that much taxation in some states in the US is what I cannot understand, I mean these migrator will eventually find a better have but what gives the government thay confidence seeing this would somehow be detrimental economic wise?

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Now apply the migration of the wealthy to the legacy system. If the State decides to get draconian concerning taxation we may see the wealthy dump the legacy system itself. This will of course favor all blockchain systems. :)

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They might but they will more than likely start dumping the countries that are asinine.

We are seeing a lot more mobility. Oracle was moved to Texas, it could have just as easily been moved to another country that is a great deal more friendly to it.

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We see the idea of "taxing the rich" being implemented by many states.

That is true,it seems the US economy is becoming less attractive to so many wealthy people and they are beginning to look for alternatives to ensure their wealth is secure....

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They have always done that through tax havens and offshore accounts.

They are just being more overt about things now.

Capital flow is something politicians do not seem to understand.

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The rich didn't complain when there were tax cuts made especially for them but when the going gets tough the plebs are the ones who suffer

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It always happens this way.

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Nor did the employees who were hired in the manufacturing area as a result of the tax cuts.

People like to harp on the rich and overlook when they create a bunch of jobs.

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and I am sure the working people are the ones who profited the most from the tax cuts and they are also the ones who can afford to juts leave to a different state when they feel like it

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This is how they think and is the gold fish bowl scenario. I remember a company that lost a few clients and tried to maintain profits by increasing charges to the remaining clientele. They ended up going bust as it was plain stupid what they tried to pull off and this taxing the people is the same thought process by making up for losses by charging who remains more. I just find the whole thing idiotic and that is what politicians do best.

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Politicians and idiotic go hand in hand.

That has been proven a million times over.

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Yesterday I read his article here and wanted to share it with you and ask you about it
What if I want to exit?
If you want to convert a large portion of cryptocurrency to cash
You will be taxed here
here the crypto money was taxed and became like anything!

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Where is here? The tax laws are different in each country.

In the US, cashing out is a taxable event. All crypto currency according to the US, is subject to capital gains. If it is held less than a year, it is treated as earned income. If a year or longer, it is at the capital gains rate.

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I don't know how much tax is Apple paying. I remember reading something a few years ago that they found some ways in circumventing the need to pay 100% of the taxes they have to.

I also read a few days ago about futuristic projects such as remotely controlled forklifts. One can handle such a machinery from Romania and do the job for a company in Germany of the US.

That's what many people refuse to see about what's changed over the years and where this world's heading.

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I wouldnt be surprised if Apple paid nothing.

Yes that is all that is taking place. And those can be handled from some very tax friendly, low cost of living country.

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I'm certain that the Yellen's push for global minimum tax has something to do with this. The initiative is so far limited to corporations instead of individuals, but it could be implemented if certain countries (namely USA) suddenly start losing tax income. Especially now when MMT and UBI - project that can't work without raising taxes - are in play.

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The idea of corporations paying taxes is pretty foolish since they just pass the expense on to their customers.

So here we see people believing the government is more efficient with money than industry.

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