Tax Flight Is a Myth

Tax Flight Is a Myth

Related:

Dispelling the Myth of Tax-Induced Capital Flight

A study by the American Sociological Association in 2016 found that while massive top rate tax hikes might cause some millionaires to move from their high-tax state to a low-tax state, the amount of them doing so for this reason was negligible. Millionaires moved for tax purposes around 2.2% of the time. Indeed, in any event the rate of inter-state migration generally was lower for millionaires, at 2.4%, than it was for the general population, at 2.9%.

Debunking the Myth of the Fleeing Millionaire

Winners, losers in Xinjiang cotton row

Winners, losers in Xinjiang cotton row

For politicians with wide-ranging commercial interest in China, it really hurts. One named person facing China’s sanctions saw his family fortune dwindle by US$1bil as businesses linked to him are hit, according to social media posts.

According to media reports, Germany’s Adidas saw its share price plunge by over 6% on March 25. Adidas and US-based Nike saw their combined market value dissipate by more than 70 billion yuan or US$10.7bil. The market value of H&M; slumped by about 4.8bil yuan.

US forces ‘Xinjiang forced labor’ narrative on enterprises, industry agencies

US forces ‘Xinjiang forced labor’ narrative on enterprises, industry agencies

The US Agency for International Development has also been found to be supporting and participating in BCI activities.

Influenced by the council team, the BCI head office set up a special team on April 1, 2020 to investigate “forced labor” in Xinjiang, which included 11 member retailers, consulting companies and civil organizations, such as Shelly Heald Han from the FLA, Komala Ramachandra from Human Rights Watch, and Allison Gill from International Labor Rights Forum.

“Currently, BCI’s activities in Xinjiang have been suspended, which means it has lost nearly 90 percent of its business in China – it is cutting off its own limbs,” an insider who requested anonymity told the Global Times.

Western Media Source:

China branch of cotton trade body finds no forced labour in Xinjiang