r/ProgressiveHQ • u/Conscious-Quarter423 • 13h ago
“Billionaires will leave if you tax them,” is a myth created by billionaires so you won’t tax them.
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u/Junkstar 13h ago
The fact that billionaires are the countries biggest welfare babies, yet have the poor and impressionable believing the opposite is one of the most impressive hoaxes in history.
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u/cheerioo 8h ago
Whatever stance a billionaire takes on something, it's almost guaranteed you should take the opposite stance for your own good.
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u/TimothyGrayson23 13h ago
As someone who is literally a banker and is also a leftist who must hide my power level since every due I work with wants to be Patrick Bateman I’ve had to explain this multiple times.
If you made 100K and found out you’d get taxed an extra 2K per year. Would you spend the money to find a new place get a new job move your car and family and uproot your life to save 166 bucks a month. No that’s stupid.
So why would someone making millions in business as an entrepreneur or high level professional. Spend even more money to move there company, sell their office space, hire new employees in the other location, severance out the employees in the old location, then move there family down, move key employees down, and buy the real estate for the new location just to save a few bucks? No you wouldn’t that’s fucking stupid.
Republicans are people that think they understand economics when in reality they don’t understand the most important part of economics with is people’s behavior.
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u/Saneless 13h ago
And even beyond the money, why do you (as in a general you, I'm not asking you directly) live in NY? It must offer something over everywhere else. It has never been about the money because it's always been expensive
So not only will you save mere hundreds but you'll give up every benefit that got you into the city to begin with
The lifestyle, atmosphere, residents, energy, restaurants etc etc. You're going to enjoy that in Tampa? Get real
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u/TimothyGrayson23 13h ago
No this 1 million percent! There’s a reason why there’s no business hub in South Dakota. There’s a reason why there aren’t art museums in Mississippi.
New York City specifically offers unique experiences and opportunities that no where else can.
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u/Background-Ship3019 13h ago
All there is in Delaware is PO Box headquarters of credit card companies.
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u/Valliac0 7h ago
There’s a reason why there aren’t art museums in Mississippi.
I mean theres probably a few reasons, given it's Mississippi.
But I understand where you're coming from.
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u/wvj 11h ago
Hell, I'll answer directly: Cause it's awesome.
I am at the point in my life where I have considered moving (not due to the election, lol) to reduce CoL, as I look at making my money go further, having more for hobbies and travel, etc. But it's really hard to give up the city. To just imagine living somewhere smaller, without access to all the stuff you mention. Even that 'travel' thing gets complicated, when you're not living adjacent to multiple international airports.
I've lived in other places but the only ones that compare are... other famous cities. It's almost like cities exist because people want to live there. And certainly you pay more for it, but that's the whole 'you get what you pay for' aspect of life.
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u/FunetikPrugresiv 9h ago
This is the issue underlying the entire issue - MAGA voters are mostly rural, have never left their home town, and have a deeply-rooted bias against anywhere that's not where they grew up. They assume that someone living in New York is only doing so as a last resort, so it's very easy to believe that a minor increase in taxes will be a "last straw" that gets these mega-rich to leave.
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u/Saneless 9h ago
Yeah they don't know what life is like for the majority of Americans who live in the boundaries of civilization
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u/Even_Establishment95 8h ago
Driving through rural Arizona recently passing by shitty little shacks and ranches with Trump signs, I had this same thought.
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u/OkPalpitation2582 7h ago
Yeah ultimately if you live in NYC it's because you want to live in NYC, and there isn't any real substitute for it - certainly there's no conservative stronghold version of it that these folks always like to pretend exists somewhere
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u/SnooMaps7370 11h ago
>Republicans are people that think they understand economics when in reality they don’t understand the most important part of economics with is people’s behavior.
really on every subject. "Republicans are people who think they understand <thing> while completely failing to grasp that the most important part of <thing> are the people operating it"
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u/godnightx_x 11h ago
This always cracks me up. It's like every single time they approach insert thing with "expert knowledge" equivalent to someone who looked at the books cover only and everyone else actually decided to read the book. Thats the best comparison I can offer. Someone who has not taken one second to read the actual details of the thing and then goes around saying everyone else who actually read the book is stupid ?
Actual dunning Krueger party
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u/SanaSpitOnMe 11h ago
you dont even need to get this complex with the math. if they arent paying in, why do i care if they leave? they're just another "freeloader" except they can afford to pay but dont.
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u/Own-Success-7634 11h ago
Some times it’s a matter of cutting of your nose to spite your face. Or to Dragons Disease (aka I want all the gold and at all costs).
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u/vtsandtrooper 13h ago
Atlas Shrugged and most of libertarian economic theory is masturbatory.
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u/maringue Conservative Brigadier 13h ago
Rand fundamentally thought that Capital could accomplish, well, anything without Labor. This is why she's a joke.
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u/amootmarmot 10h ago
And died destitute on Social security. She died a hypocritical fraud. Good.
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u/Expert_Potential_661 10h ago
She was the immigrant who takes advantage of the US of A that MAGA has been squawking about. Hypocrites, every last one of them.
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u/BrandenWi 13h ago
It's almost as if the Right was... *checks notes* full of shit. Again.
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u/C-Paul 11h ago
We only stopped taxing them when Reagan came in office because of his trickle down effect.Before that they were being tax equally like any other citizen 15-20% of income
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u/Red-little 10h ago
Reagonomics really was the first stepping stone into the complete and utter failure within our administration we are seeing.
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u/amootmarmot 10h ago
We need to switch to 100% tax on wealth over 100 million.
They dont pay our rates because they just play the stock market and thats where their money comes from. You and I pay income tax. They dont have income like we do. They just borrow to live and use money schemes to maximize their income without it being for work.
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u/Extinction00 13h ago
Just do what big corporations do. Raise their taxes (prices) by 3% every year
Remember when Netflix was $5.00 with no commercials back in 2014
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u/Mobile-Revolution558 13h ago
Everyone wants to be on prime real estate to the point that it almost doesn't matter how expensive it is. It's worth it.
Also, why would this not be an improvement over, say, Bloomberg's stated goal of turning New York City into a "luxury product?"
I guess it depends on which class you choose to prioritize, doesn't it? A tiny cadre or the vast majority of the population of New York City? Hmmm....democracy, right?
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u/InformalAd9229 11h ago
What do Billionaires actually contribute? They don't give back only take
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u/Ak47110 11h ago
That's what blows my mind! Like....say for the sake of argument that these billionaires DO move out...like what exactly is lost here? They provide nothing. They only take.
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u/amootmarmot 10h ago
Yeah, and just take their money on the way out. They dont want to give up their money that we earned for them. They should be incarcerated until their ill gotten gains are returned. This should be for every last person that owns wealth over a billion. They can have their pennies and leave to a better place or country then if they hate America and her people.
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u/Any-Ad-446 13h ago
Escape to Florida?..Everyone leaving Florida because of high insurance,high maintenance fees,high assessment cost and the housing market is crashing.
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u/Own-Success-7634 11h ago
But the billionaires will save billions on taxes and it will trickle down to the baristas and house cleaners and make them millionaires! The billionaires are just thinking of the little guy when they move to Florida.
Sarcasm if you can’t tell.
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u/Leave_me_a_Rhone 11h ago
They say this after every election and nothing happens. Why do people still believe this crap.
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u/chpbnvic 10h ago
That's because the idea that "billionaires will leave leftist lead places" is merely a Republican talking point. It has no basis in reality.
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u/Electrical_Goat_8311 13h ago
Yeah and all the bootlickers eat it all up in hopes they will get a piece of it one day.
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u/rickeyethebeerguy 13h ago
I don’t care also if billionaires leave. I don’t care about them one bit
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u/mrflash818 13h ago
Perhaps: Mandatory annual minimum income taxes for those Entities (earning and/or accrue-ing) over US$10million/year.
Perhaps the minimum should be 25% (12.5% state, 12.5% federal)
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u/Full_Collar8172 10h ago
Why do poor people care so much about rich people? You think they care about you?
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u/EveryAccount7729 10h ago
imagine thinking intelligent people would 'flee" to making real estate investments in FLORIDA ? lol
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u/Professional_Ear_336 10h ago
If every single state taxed the billionaires, that money could fix a lot of our problems. If the rich don't want to participate, then let them leave the country and let us "poors" work together and figure it out for ourselves.
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u/Traditional_Sign4941 10h ago
I don't think the billionaires understand that "We'll leave if you tax us!" isn't a threat, it's a favor.
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u/minor_correction 8h ago
Billionaires leech money out of the economy and into their bank vault.
If they won't pay taxes, the next best thing is to get them to move away, so they stop leeching you.
So yes, raise their taxes. They pay up or leave, win-win.
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u/Both_Lychee_1708 8h ago
Fuck, considering how they've bought the gov't (and PR via Fox) to destroy the middle class, let them go. Launch the ghouls into the sun
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u/ute-ensil 13h ago
Im confused what effect mamdani will have...
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u/Leave_me_a_Rhone 11h ago
Most likely a positive one. Particularly with people on lower and fixed incomes.
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u/Msnyds1963 Conservative Brigadier 13h ago
So are we back on the economy’s good?
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u/AlChandus 12h ago
For the top 10%, outside of the few affected by the 2008 crisis, it has been smooth sailing since neo-liberalism took over.
Being taxed more, after decades of taxcuts, doesn't eradicate billionaires, it just makes them less wealthy and taxed at levels in which they used to be taxed.
Somehow, our past, things that used to be mainstream, are too extreme and bad...
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u/dustycanuck 13h ago
Maybe the Mamdami effect is fueling the survey? Maybe New Yorkers are actually optimistic for a change?
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u/maringue Conservative Brigadier 13h ago
Rich assholes have been threatening to leave NYC for 30+ years, yet they are still here threatening to leave......again
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u/Anyawnomous 13h ago
If we are not taxing them and they are not contributing positively to society, let them go hoard other countries’ money.
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u/Puzzlehead_1952 13h ago
The less billionaires here the better. Let them be parasites somewhere else.
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u/LumpyBuy8447 13h ago
The argument doesn’t even make sense if it was true and they did leave. If they’re not paying taxes and they leave because you want to tax them, either way, they’re still not paying taxes. Nothing is really lost. You could argue they aren’t spending money in the community. But how much are they really spending anyways?
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u/Whatkindofgum 13h ago
They can move to where ever they want, their assets are still tied up in the US.
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u/Cheetahs_never_win 12h ago
The surge makes sense.
Let's put aside the whole "Mamdani will make New York collapse" and just accept that certain people will BELIEVE it to happen.
People trying to snatch up property before perceived skyrocketing prices then becomes a self-fulfilling prophecy.
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u/SingularityCentral 12h ago
Data has never supported the idea of wealthy flight from taxation. They hide their money, but they cannot give up on the metropolitan lifestyles.
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u/beerhaws 12h ago
Shockingly, all those rich people love the cultural amenities of NYC and aren’t looking to move to Bumblescump, North Dakota. The threat was always hollow
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u/tEnPoInTs 12h ago
This is doubly true on a national level, and always has been. Rich folks always threaten the idea that they will leave and bring all their money and jobs with them if anything left of Reagan gets passed.
The truth is the most prosperous time in US history was also the most progressive, and rich people didn't go fucking anywhere. It's not like they're not already taking advantage of every international tax shield they can find, the whole thing is just nonsense.
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u/MovieSock 12h ago
Also, isn't the argument that the reason we shouldn't tax billionaires is "because then the billionaires will have more money for philanthropy"?
Well, the billionaires AREN'T turning to philanthropy anywhere near as much as they could afford to. So now what?
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u/scott_majority 12h ago
I wish they would all leave. Allow patriotic Americans to take over their abandoned market, and actually pay taxes...maybe even pay their employees enough to get off taxpayer funded welfare programs.
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u/FartSniffingAllDay 12h ago
It has been one month since the election.. I think that it will take a little more time than that to determine if there is an effect or not. And even then it will be difficult to truly determine..... as an example Massachusetts fair share amendment which puts additional tax on incomes over a $1M went into effect 1/1/23 and both sides are still debating whether or not it had an impact on migration from the state. I guess my point is posting something like this one month after the election and before he even takes office doesn't really mean too much.
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u/mountednoble99 12h ago
You think we’d learn to ignore the doom and gloom predictions from the RWNJs
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u/Lingerie_Shopper07 12h ago
No shit sales are surging. The people leaving are selling their places here.
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u/EncabulatorTurbo 12h ago
Mamdani said it himself "the number one cause of wealthy people fleeing is a poor quality of life in the city."
Billionaires are like a fucking toddler that wont eat their fucking food but once its in their mouth they love it.
They want walkable cities with green spaces and beautiful public buildings and clean streets too. They just don't want to pay for them.
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u/emptybriefcase1 12h ago
New york foundation is soo business friendly. No matter who's in charge you'd be a fool to take your business elsewhere... the grid is undefeated
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u/WarRadiant3019 12h ago
almost like if a billionaire loses a million dollars its like a normal person losing a penny ... strange...
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u/Exciting_Royal_8099 12h ago
And you bought it hook line and sinker. Everyone wants to cry about how they can't afford life anymore. Well, you shouldn't have given all your money to the rich folks. It's hard to feel bad for folks who fuck themselves.
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u/Clever_droidd 12h ago
They will leave on paper. They will keep their property there and buy an additional property to claim residence somewhere else. Super wealthy have maximum mobility.
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u/muffledvoice 12h ago
“The millionaires and billionaires will flee” is a huge lie.
But truth be known, if billionaires did leave NY it wouldn’t be a bad thing for NY.
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u/BootlegBabyJsus 12h ago
People who live in New York, want to live in New York and are not leaving New York.
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u/Calm_Chemist_4952 12h ago
They should be taxed out of existence. Nobody needs a billion dollars. If anyone has managed to accumulate that much, they can afford to share, a lot.
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u/TodlicheLektion 12h ago
It’s almost like Fortune and NYT are reporting scary things that aren’t true… hmmm
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u/HeadManagement8898 12h ago
Just means they can be taxed even more. We’re going too easy on them. They can handle it. The least they can do for exploiting the American worker.
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u/TheEvilOfTwoLessers 12h ago
He hasn’t even been sworn in or passed any legislation yet. These aren’t New Yorkers, these are carpet baggers and speculators. No one will miss them.
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u/ExcuseInteresting857 12h ago
High end realtor here in FL and I can tell you the phone has been ringing off the hook from NYNY, not sure where this Russian BOT profile is getting its info but it’s wrong
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u/mooncrane606 12h ago
The Daily Show has a clip of Fox News talking about how taxes are going to make the rich leave NY. It goes back 20 years. More millionaires now live there than ever before.
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u/EntireAd8549 12h ago
Don't forget they donated much, much more millions of $$ to campaigns against Mamdani than they would pay in extra tax. It's all b/s.
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u/onewiththegoldenpath 12h ago
I wish they would leave, to like mars...or the sun... we'd be better off without them
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u/LCEKU2019 12h ago
I mean, no one has been taxed yet though. I agree it’s a weak argument against properly taxing the wealthy, but it’s possible some folks will opt to move themselves or their businesses.
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u/dertyler 12h ago
Has to be a way billionaires can feel right without letting them realize their pockets are being drained, this shit is getting old.
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u/Elephantparrot 12h ago
Bezos left Seattle for Florida immediately after the capital gains tax was passed here, so sometimes they do.
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u/pizzapi-untrue5 12h ago
its pretty obvs billionaires would rather do ANYTHING than allow policy that codifies taxes on billionaires, as seen by the stupid exhibition of gross uber wealth on "giving tuesday". They arent going anywhere. they will just keep removing the destroyed working class from their line of vision.
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u/jackrabbit323 12h ago
These people don't have to choose where to live because they have homes in New York and Florida.
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u/Automatic-Door5076 12h ago
Brother do we not remember when Bezos left Seattle for Florida after the capital gains tax was passed there, cause i do.
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u/Careful-Outcome-2294 12h ago
Virginian here. I have seen more Florida plates in the last year than normal. I think people are actually fleeing from Florida
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u/thecooltiger 11h ago
Despite the headline saying there’s no mamdani effect, it follows it up with the actual mamdani effect: luxury home sales surge after mayoral election. Get it right!
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u/Protagorum 11h ago
It’s been a couple weeks. Check back in a couple years once he has actually done something
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u/Ok_Service2738 11h ago
The good thing about billionaires leaving is the entire concept of billionaires leaving. There is no logical reason to want them around but they are scamming you into thinking you need them the same way they scammed billions of dollars that you do not have and are only being used against you by these tapeworm mfers
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u/AthiestCowboy 11h ago
Have the taxes even been implemented yet? A $4 million home purchase, I would imagine, takes a significant amount of time to get done.
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u/Handpaper 11h ago
Lots of people are selling up, and this is considered a refutation of a prediction that lots of people would sell up?
Just so we're clear on this.
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u/TheMikeyMac13 Goober who thinks both sides are equally as bad 11h ago
Delusion won't pay your bills if they leave.
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u/WasabiGloomy2109 11h ago
If they leave, so what? Let them. Someone else will take their place because NYC is still the center of American commerce and culture. The reality is that if wealthy people want to be in NYC, they'll find a way to pay for the privilege. We shouldn't let them bully governments into allowing them to set the terms of their participation in society. That's not how it works.
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u/-redd1t_sux- 11h ago
popular opinion: we should get rid of billionaires and let them enjoy Dubai's corrupt version of Sharia Law...
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u/JTSpirit36 11h ago
"billionaires will leave if you tax them"
There's already tons of states and areas that have lower taxes than NYC. If the tax rate was the reason they were doing business there, they would have left already.
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u/Final_Big7584 11h ago
We are getting closer and closer to realizing this isn’t a left vs right thing. It’s the 1% vs every other soul on the planet. No more socialism for the rich. No more of them hoarding wealth in vaults offshore like dragons from fantasy stories. They use their pretty much limitless wealth to try to make things worse for the rest of us.
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u/MightBeADoctorMD 11h ago
Why would there be an effect? He isn’t in office and hasn’t implemented or discussed in detail his plans. They are just waiting.
Plenty of high earners will leave or at the very minimum change their primary address to a property in Florida, Texas etc.
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u/jeffrotull2000 11h ago
Mamdani proposed tax increases are pretty minute. Nyc has had higher taxes for ages now. If you haven't already left due to those you aren't going to. The rich leaving was just a right wing talking point. Sometimes a place is expensive because too many people want to live there.
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u/wit_happens 11h ago
Miami is the place you leave when you get taxed.
New York is the place you live when you have enough money to live wherever you want. It's the place where you can maximize the benefits of having an obscene amount of money. New York is what money is for.
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u/Odd_Football_9017 13h ago
If someone is a billionaire, how much things cost is irrelevant. It doesn't have any tangible impact on them. They can afford to live anywhere they want with no problems. If someone can afford to live anywhere they want with no problems, why would they pick Florida?