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Comment 12 by Mark Ribbands :

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Comment 8 by Cartomancer

… do it as a matter of policy, through taxing the wealthy more … [my emphasis] 'Tax the rich!'? Rubbish! And more suited to a pathetic 70's Student Union meeting than one of Cartomancer’s usually erudite and considered submissions.

Do you really think that would work? The rich, by definition, are not stupid. Tax them too much and they simply leave the country. The easy worldwide mobility of wealth and talent has never been greater than it is today.

Myth. They say they'll leave the country. They don't actually do it. Why would they need to? They have enough money even with a higher tax rate. The disadvantages of losing public services, citizenship, etc, outweigh the loss of money that they don't really have a practical requirement for, money that will be used for speculative schemes, fripperies and little else.

Oh, and "The rich, by definition, are not stupid"? Really? Why on earth not? Have you never heard of inheritance?

I hear there are many livers of life there too!

That's a flowery term for cirrhosis.

It's worth noting that it's not only politics (ideology) and religion that do that, but also business tradition and its mathematical poets, the economists.

Just to be clear, I agree with Cartomancer's point, though I think I have more enthusiasm for the news. This is a good action by a (presumably) good person, but like buying "The Big Issue" it shouldn't be necessary in the first place.

Wed, 18 Jul 2012 06:46:15 UTC | #949486