Quote:
Originally Posted by carisear
you do know, that the goods that kid buys with his $3mil gets taxed right?
Keep the flow of money coming in. it helps us all.
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Do the benefits outweigh the negative outcomes though ?
E.g. Lax foreign residential ownership and immigration rules
- you get more tax revenue
- housing affordability dwindles
What I hate about the tax revenue argument is that all levels of Government should be have tighter fiscal policies and not waste tax revenue. Thus, they don't go money hungry when there is a new potential source of tax revenue that could destroy the way of life of the future residences (e.g. Lax foreign residential ownership -> more residential tax revenue).
You want to attract talent and money ? Why not lower corporate taxes for multinationals and dwindle down the payroll tax the majority of the middle class have more money in their pockets (I would prioritize lowering the payroll tax first of course). With more money in the pockets of the middle class, they have a propensity to spend/consume.
This is the intention of having foreign money coming our way. As in, a trade surplus, not investing in our residential real estate. Only place where I can think of that could benefit foreign residential ownership is Detroit proper.