Evidence that wealth tax doesn't work

OECD press release:

https://www.oecd.org/tax/tax-policy/better-design-of-taxes-on-personal-savings-and-wealth-is-needed-to-support-inclusive-growth.htm

The Role and Design of Net Wealth Taxes examines the use of net wealth taxes – both currently and historically – across the OECD. It assesses the case for and against the use of net wealth taxes to raise revenue and reduce inequality, but does not call for their introduction. The report suggests that there is little need for net wealth taxes in countries with broad-based personal capital income taxes, including capital gains taxes, and well-designed inheritance and gift taxes. It finds there may be scope for such taxes in countries where the taxation of capital income is low or where inheritance taxes are not levied.

The OECD's 2018 study of wealth taxes shows that the number of states which levied such taxes fell from 12 to just four/five between 1990 and 2017.

Sounds like all the conditions ripe for another housing capitalist to sweep in who can provide a service the other billionaire wasnt. Someone new can make their fortunes now.

This doesn’t prove wealth taxes don’t work it just proves more developed nations need them. Nowhere to abscond to when everyone taxes the same thing.

Well let the wealthy Irish go if that's their wont - if they don't want to live in their nation state, be taxed here and contribute to it's development, they're not wanted here.

If they enter the state for anymore than a couple of weeks per annum, then tax them to the hilt.

No time for people who say they are Irish but who pay their taxes abroad.

You'd want to be extremely greedy and morally bereft to be a billionaire and desert the country that provided all the essentials for you to become a billionaire. Like clean water, air, food, education, health, policing, roads, ... for you and your family.

I could understand leaving a corrupt country. But Norway ???? To go to Switzerland.

Really, it highlights what some/many ??? rich people think of nations and the people who provide them with their wealth and power.

I'm always a bit skeptical about poor billionaire story's, 5 minutes on google and my skepticism is only sky high

• The paper owned by a Norwegian Billionaire

Why is this agenda is so close to the heart of the current Olsen you might ask? https://en.wikipedia.org/wiki/Anette_S._Olsen

• Like many owners of energy companies in the last two years (the majority owners of this newspaper, DN Media Group https://en.wikipedia.org/wiki/DN_Media_Group is owned by https://en.wikipedia.org/wiki/Bonheur_(company) ) hiked the costs of its wind energy to profit from the suffering of it customers, one of many examples of greedflation profiteering in the energy sector, resulting in the Norwegian government deciding to put steps into place to take back some of the money these energy companies have taken from its citizens.

Page 6.

Its all about context,

The most wealthy in Norway have been hiding their assets offshore for years

Depends on what industry you made your billions in and the net positive benefit to society.

In a democracy everyone gets 2 votes, one at the ballot and one with your feet. I have to laugh at Brid Smith there recently complaining that wealthy individuals are threatening to leave or move assets abroad if a more left wing government comes in. It seems to be a thing with the left that they think if the rules are changed, everyone just continues on behaving as before, which is not the case. Plenty on the left would cut their nose off to spite their face and you can see that with some of the comments on here saying the wealthy can leave if they want. The thing is, they will care if some high earners don't want to live here anymore, particularly doctors.

Doctors have much better options elsewhere. They are paid reasonably well, there are places that pay better who are calling out for doctors. The conditions they work in here are an absolute shambles. Increasing tax will just be another push factor.

Most doctors are not consultants. The working conditions include things like ridiculous shifts. The health service is hanging together by threads at the moment. A lot of nurses (not particularly well paid) are moving out of hospitals and into private GP practices. You are absolutely deluded if you think things are going well in the health service.

Of course not everyone is going to leave, it will be harder to fill positions though. People who can work remotely from other EU countries will start to do that in greater numbers. The issue in Ireland isn't that the tax take is hugely out of whack with other EU countries, it is that our state sector does a miserable job in providing services. So basically we get very little for what we pay.

You become a consultant or a GP or whatever when you have finished your medical training. Otherwise you're still a junior or registrar. Consultants and GPs do not work ridiculous shifts. For consultants it's the odd weekend and maybe once a week on call.

I don't think nurses will be leaving because of a wealth tax.

yeah that's juniors, they have it tough but they're not going to be leaving because of a wealth tax, is all i'm saying. conditions are good for consultants and the money is ridiculous, at least the ones i know.

and regardless of conditions anyway, all doctors go abroad eventually, but the vast majority are coming back. i'll dig it out later but it's 80.something % come back i think.

and yet we have difficulty filling consultant positions in our hospitals. A further left government would not only be looking at wealth taxes, they would be looking at increasing income taxes, which are already at a marginal rate of 52%. I am just making the point that Ireland is already rinsing higher earners tax wise (in return for the services provided in particular, small 1 size fits all state pension, need to pay for GP, dentist, medication etc).

They would be pull factors, there are also push factors like the working conditions in Irish hospitals and level of taxation.

They aren't paid silly amount for the amount of skill and experience they have. We might see anyway in a couple of years, although I expect SF will change very little as it is all about speaking out of both sides of their mouths, they say whatever is "popular" but will realise they can't just start loading on more taxes in my opinion. Anyway, doctors are just one example, another would tech workers who are quiet mobile.

it's basically a 0.01% tax hike on the super rich.

that's what they're complaining about....the absolute leeches that they are

they just want to hoard more and more

I wouldn't rely on the "green jersey" effect too much. People were out protesting about paying minimal water charges and that was driven by the left. It isn't about contributing to something better in Ireland, that should be clear by now.