Bloomberg reports that Germany has now implemented an exit/wealth tax on unrealized capital gains of up to 45% on millionaires.
France recently adopted a similar 30% unrealized capital gains tax on those with incomes of $800,000 Euros or more who try to leave.
Norway has a 38% top cap gains rate and there is talk of applying that tax to exiles. Spain and Italy are debating these taxes on expatriates.
Why is it so hard for the greed and envy crowd to realize that, as Arthur Laffer puts it: taxes have consequences?
We wish to remind folks of the famous Rolling Stones hit album from the early 1970s called Exile on Main Street - an anthem about the band fleeing Britain for France.
“[I]n those days, in England, the high tax rate was 90 percent,” Jagger explained:
“You made 100 pounds, they took 90. So it was very difficult to pay any debts back. So when we left the country, we would get more than the 10 pounds out of 100. You know, we might get 50 or something."
One piece of good news: Trump has repealed Janet Yellen and the globalists' dream of a global minimum tax.
