this post was submitted on 19 Mar 2025
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Even if they do mostly "lock capital away", as you said, this changes very little in my opinion. The market incentives are still present, and it is the expectation of the return on investment that keeps the economy running.
"We don’t need an economy based on pandering to rich assholes in the hopes they give us money." - but you do have to discriminate on who gets money. Rich people fulfil this regulatory function. What is the alternative?
I should say that rich people, especially those that find themselves in precarious positions, are motivated to minimise their tax obligations by our economic system. This behaviour is not surprising by any means, and the responsibility is on the government to manage taxation in a proper way, not on the rich.
But the problem is the rich have managed their own taxation for 50 years. They've decided through exercising power on the government that they will pay less and less. As they do so, working class conditions worsen. This has been accelerated through multiple bills and decisions implemented by the rich. The most destructive one recently was the citizens United decision.
Tell me, if it's so easy to just take all your money to Monaco, why would the wealthiest in our country spend so much money and effort to war against the working class for the past 50 years?
Why not just go to Monaco instead of cutting the taxes on rich and corporations again (to still be higher than Monaco)
The taxes are not high enough for a significant part of captialists to leave, but some people do. Of course it is not quite as easy to move, but it is done trivially.