this post was submitted on 08 Apr 2025
88 points (98.9% liked)

World News

1040 readers
494 users here now

Rules:

  1. Be a decent person
  2. No spam
  3. Add the byline, or write a line or two in the body about the article.

Other communities of interest:

founded 6 months ago
MODERATORS
Deceptichum@quokk.au
Grainne@lemmy.dbzer0.com
PhilipTheBucket@ponder.cat
88
London falls out of top five wealthiest cities as millionaires leave (www.thetimes.com)
submitted 2 weeks ago by PhilipTheBucket@ponder.cat to c/world@quokk.au
7 comments fedilink hide all child comments
you are viewing a single comment's thread
view the rest of the comments
[–] Maeve@kbin.earth 44 points 2 weeks ago (2 children)

Tax advisers say non-doms are relocating to countries such as Portugal, St Kitts and Nevis, Spain, Greece, the United Arab Emirates and Italy, where taxes are either much lower or where they can pay a fixed annual fee to avoid them. Italy, for example, charges €200,000 a year to foreigners who wish to shelter their worldwide assets from local taxes.

I could have quoted every other paragraph, the article is worth reading. Citizens in ostensible democracies need to be pressuring their governments to close tax loopholes and to lean heavily on governments who allow physical relocation and account offshoring to evade taxes. There is no good reason billionaires and centmillionaires to exist.

[–] HubertManne@piefed.social 6 points 2 weeks ago (1 children)

I think countries should tax all businesses and companies in their country in any way based on their total earnings but they can deduct tax they pay elsewhere so if their country of taxation charges more tax than the particular country then no tax. would get rid of the race to the bottom.

[–] jonne@infosec.pub 5 points 2 weeks ago

Yeah, the money is coming from somewhere, so tax it at that point. If you're a landlord or own a factory, tax those assets, they can't take those out of the country.