How Spain put up wealth taxes - without chasing away the billionaires
How Spain put up wealth taxes - without chasing away the billionaires
How Spain put up wealth taxes – without chasing away the billionaires
I wish there was serious discussion of a wealth tax here in Canada. It sounds like it can work:
Ortega is poised to receive a record dividend of €3.1bn (£2.7bn) this year from his shares in Zara’s parent group, Inditex. He is reportedly racing to spend the windfall, which would otherwise be subject to wealth taxes. Sources close to Pontegadea told the Guardian it was not investing to avoid tax, but following its mandate “to create wealth from the original assets, maintain it, make it grow, and consolidate it over generations”.
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What is clear is that, two years on, a predicted exodus of the rich, trumpeted in endless alarmist headlines, has not materialised. Forbes counted 26 Spanish billionaires in 2021. This year, it lists 34, with a combined net worth comfortably over $200bn.
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So far, there is no sign that it has affected growth. Spain was the world’s fastest-expanding major advanced economy last year, outpacing even the US, with GDP up 3.2%. By contrast, growth in the UK and France last year barely scraped above 1%. On the balconies of the Planeta building, and in the country at large, the green shoots are alive and well.
cross-posted from: https://lemmy.world/post/34535067
Because it's a threat. They can't flee the country where all their investments are.
Tax the bastards. Soak them. They can afford it. Even at 90% they'd still be obscenely rich.
The UK comm just posted an article proving the entire premise to be false
41,400 millionaires supposedly left since 2017 when summing up all the migration estimates New World Wealth has reported for the UK since 2017. But there are 435,000 more millionaires in the UK today according to the UBS Global Wealth 2025 report. The total number of millionaires that New World Wealth claims left the UK since 2017 sum up to just 2% of the UK’s millionaire population in 2017 (2.2 million). But the UK’s millionaire population today is 20% bigger than it was it 2017 according to UBS.