The global movement to tax billionaires, much to the dismay of the 1%, is gaining steam. Sure, wealth taxes are not a panacea for the ruinous problems caused by capitalism, but the fact that the rich hate them is a good reason to pursue them further.
Taxing does work, but you have to do it across the board globally and don’t allow countries to offer evasion.
The Netherlands is already thinking about how to create new tax exemptions to avoid having to obey the 15% minimum corporate tax globally. Our neoliberal government is always scheming like that 🤬 They undermine corporate taxes in other EU countries by giving the multinationals a cheap cop-out.
Right now they are planning to cash the 15% but to give money back the following year (called tax credits). I mean this law was finally there for a reason and now they find new loopholes.
Actually, fleeing to tax havens tends to be less of an issue for some nations. For instance studies and polling have found that the US would have to raise the top income tax bracket to something around 90% before you would loose more in people renouncing their citizenship than the government gained in the increase.
Corporate tax rate on the other hand is a whole lot more competitive, especially in places like the EU where import restrictions and terrifs are low or non existent.