undefined | Better HN

0 pointsdlp2116y ago0 comments

America subjects you to tax as long as you remain a US citizen, and we have an exit tax. Simply moving to another country does not absolve one of their burden unlike in the EU.

I don't know what economic freedom means, but the last time I checked, the US is doing just fine in the Capital department.

And a VAT is highly unpopular.

0 comments

rayiner6y ago

Giving up US citizenship is pretty easy. “Economic freedom” means a legal and regulatory environment that encourages relatively unfettered economic development. It generally means low taxes on corporations and capital, strong enforcement of property rights, and streamlined regulations. While the US is doing well on that front relative to say Bangladesh, it’s falling behind the other Anglosphere countries (U.K., Canada, New Zealand, Australia).

As to VAT being “unpopular”—that’s a very odd statement. The US is the only OECD country without a VAT. (By contrast, a dozen OECD countries have no taxes at all on long term capital gains.)

dlp211OP6y ago

> Giving up US citizenship is pretty easy.

Easy yes, cheap no.

Considering that Hong Kong is at the top of that list, it tells me that maybe "economic freedom" is not necessarily the thing to optimize for.

Or to put it in other terms, I don't believe that any singular -ism is the solution.

> As to VAT being “unpopular”—that’s a very odd statement.

How is that odd? We have an economy driven heavily by consumption, a VAT would make everything more expensive and would be seen as a tax on the poor and middle class.

rayiner6y ago

> Considering that Hong Kong is at the top of that list, it tells me that maybe "economic freedom" is not necessarily the thing to optimize for.

It certainly seems like one of the dimensions to optimize for, considering that also ahead of the U.S. on that list are pretty great places like Canada, Australia, Ireland, and New Zealand. Also Singapore and Taiwan, places that went from poverty to prosperity in a couple of generations thanks to economic freedom.

> How is that odd? We have an economy driven heavily by consumption, a VAT would make everything more expensive and would be seen as a tax on the poor and middle class.

It's odd to say that something that has been universally adopted by the liberal democracies of every other OECD country is "unpopular."

j / k navigate · click thread line to collapse

0 comments

rayiner6y ago

As to VAT being “unpopular”—that’s a very odd statement. The US is the only OECD country without a VAT. (By contrast, a dozen OECD countries have no taxes at all on long term capital gains.)

dlp211OP6y ago

> Giving up US citizenship is pretty easy.

Easy yes, cheap no.

Considering that Hong Kong is at the top of that list, it tells me that maybe "economic freedom" is not necessarily the thing to optimize for.

Or to put it in other terms, I don't believe that any singular -ism is the solution.

> As to VAT being “unpopular”—that’s a very odd statement.

How is that odd? We have an economy driven heavily by consumption, a VAT would make everything more expensive and would be seen as a tax on the poor and middle class.

rayiner6y ago

> Considering that Hong Kong is at the top of that list, it tells me that maybe "economic freedom" is not necessarily the thing to optimize for.

> How is that odd? We have an economy driven heavily by consumption, a VAT would make everything more expensive and would be seen as a tax on the poor and middle class.

It's odd to say that something that has been universally adopted by the liberal democracies of every other OECD country is "unpopular."

j / k navigate · click thread line to collapse