Xi just sent a tough message to China’s super-rich during a top-level finance committee of the CCP, on income equity:- Excessively high income to be reasonably adjusted - Regulation for high-income group to be strengthened- Illegal income to be resolutely banned pic.twitter.com/DhrmRIgdZO— Stuart Lau (@StuartKLau) August 17, 2021
The framing around that should always be that it’s a good thing the rich who won’t pay taxes are leaving. If there is a profitable niche then it will be filled by somebody else who’s willing to pay their fair share, it’s really that simple. So, the rich leaving should be seen akin to shaking off parasites who are a drain on the economy. Furthermore, it’s not like they can take their assets like factories with them, so those will be left in the country and can either be nationalized or turned into worker owned cooperatives. The country literally loses nothing in the process.
Furthermore, it’s not like they can take their assets like factories with them
This is one of the most important points. Capital flight is a problem only in governments that are naive enough to allow it, like the eastern bloc and the russian federation after 1991.
The framing around that should always be that it’s a good thing the rich who won’t pay taxes are leaving. If there is a profitable niche then it will be filled by somebody else who’s willing to pay their fair share, it’s really that simple. So, the rich leaving should be seen akin to shaking off parasites who are a drain on the economy. Furthermore, it’s not like they can take their assets like factories with them, so those will be left in the country and can either be nationalized or turned into worker owned cooperatives. The country literally loses nothing in the process.
This is one of the most important points. Capital flight is a problem only in governments that are naive enough to allow it, like the eastern bloc and the russian federation after 1991.
TFW you have actual means of production rather than a financialised circus of an economy backed by a fascist military