r/NoStupidQuestions • u/Discontitulated • 1d ago

Governments say they can't tax the super wealthy more because they'll just leave the country but has any first world country tried it in the last 50 years?

It would be interesting to see how raising taxes on the super wealthy actually affected a first world country's tax revenue and economy.

Are our first world economies really so fragile the rely on the super wealthy and their meager tax revenue?

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u/SugarSweetSonny 1d ago

They wouldn't say his name but thats the belief.

Interestingly, I think he moved BACK to NJ eventually.

His move had nothing to do with taxes but highlighted a problem with being to "top heavy" with tax revenues.

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u/Minimus-Maximus-69 20h ago

Man I say this shit about my state (California) all the time. We do tax high earners, and we have a lot of high earners, but our tax base is so freakin volatile.

States (US states) are not sovereign and can't treat debt and incomes like a sovereign nation. States should have healthy savings accounts and reasonable budgets. The more volatile the income, the bigger the savings.