I’d presume they are spending a lot of money locally and probably employing a staff locally and driving other economic activity locally but I guess I could be wrong.
A rich eats three meals a day, just like everyone else. They may eat nicer food, but they do t consume that much more than the average person. Indeed, the rich tend to hoard their wealth, removing it from the economy while the average person spends most of the money they earn.
Taxing the billionaires is a net plus for any economy.
They already "open companies elsewhere". From the article, the non-dom status is a tax-exemption on a non-dom for profits and revenues from businesses outside the UK.
If these non-dom billionaires leave, and they aren't currently paying tax, will we even notice?
The housing market noticed; again from the article, the value of properties valued above £10m dropped by 37%. So these "just leavers" aren't just leaving, they are taking a near 40% hit on selling up.
If only there was some historical data, maybe even 30 years of it, that could tell us whether or not putting money in the hands of the ultra wealthy had a sort of “trickle down” effect that benefited everyone else too!
The GP is being sarcastic, we have 30 years of evidence.
It shows that trickle down economics doesn't happen.
The harm you're looking for is massively inflated asset prices, for example pushing housing out of the affordable range of normal residents and the actual tax payers.
So the mega rich turn out to be parasites in many ways.
that’s a very sinister way to describe the reward for their extraordinary efforts. who’s putting money in their hands? where did this ‘who’ get the money from?
if the wealth isn’t inherited then it obviously requires extraordinary effort to amass. i’m not a billionaire and it’s not from a lack of trying to be. the fact that my efforts over the years—which are non-trivial btw—haven’t made me one is a clear signal.
starting and running a successful business is extraordinary effort. my life is better thanks to founders of all the companies whose good and services i depend on. i’m full of gratitude for their extraordinary efforts because they’ve made life worth living.
