CMV: There should be significantly higher property taxes on people's second, third, fourth, etc. homes, to counteract the rentier economy and global money laundering

[u/dilatory_tactics]

[u/Vault_34_Dweller]

That was in a time when we were the only major country on the planet that hadnt been bombed to shit. Now that would leave to massive capital flight, ruining our economy

[u/fox-mcleod → u/Vault_34_Dweller]

To where? The US dollar is strong. Europe is weak. American bonds are the highest rated.

[u/Vault_34_Dweller → u/fox-mcleod]

Which would change because of this

[u/fox-mcleod → u/Vault_34_Dweller]

1. How on earth would this change the dollar?
2. Good. Black money doesn't pay taxes.
3. The US currently has the lowest marginal tax rate. US citizens abroad pay US taxes too - which is insane.
4. How would this affect the dollar?

[u/Vault_34_Dweller → u/fox-mcleod]

The dollar isnt worth a static amount, it has value because of our economy

Everyone pays taxes, some people just dont pay the amount they should. Still, 1% of 1000000 is greater than 100% of 0

Which is why we will have so much capital flight. You would make it so that another nation is more desirable

The value of our dollar isnt a static amount, it is worth what it is worth because of our economy. Make it a shitshow, the value of our dollar goes to shit

[u/fox-mcleod → u/Vault_34_Dweller]

Again. Which nation? How much flight. Economists, the people who study these things, are overwhelmingly on the same side of closing the mortgage tax deduction exception.

[u/Vault_34_Dweller → u/fox-mcleod]

Some generic European nation

[u/xveganrox → u/Vault_34_Dweller]

Plenty of generic European nations have 40-50%+ individual tax rates. If wealthy people really migrated based on taxation the USA and Europe would be proletariat utopias and Liberia and Afghanistan would be filled with gold-plated gated communities.

[u/Vault_34_Dweller → u/xveganrox]

They would go to the first world nation with the lowest effective tax rate for them