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- Title
The Toughest Job Today's Richest Ever Face?
- Authors
PIZZIGATI, SAM
- Abstract
According to a report by Henley & Partners, New York City is home to the most centi-millionaires (individuals worth at least $100 million) in the world, with 744 residents falling into this category. The San Francisco Bay Area and Los Angeles follow closely behind. This challenges the argument that high taxes on the wealthy will cause them to relocate, as these cities have higher state and local taxes for the rich compared to other major metropolitan areas. Norway is currently considering expanding its "exit tax" on the rich who choose to emigrate, which has sparked debate about the impact on attracting talent and capital. However, Mark Thomas, a British business consultant, argues that the fear of an exodus of the rich is unfounded and that high taxes can actually benefit the economy by allowing the government to invest in essential services. The article concludes by highlighting the perspective of billionaire James Simons, who attributed his success to luck rather than his own brilliance.
- Subjects
BUSINESS consultants; QUALITY of life; TAX rates; TAX cuts; FORTUNE; STATE taxation
- Publication
CounterPunch, 2024, p1
- ISSN
1086-2323
- Publication type
Article