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Is the theoretical most efficient and foolproof wage-based merit immigration system just...auctioning off visas?

Fine with me, if so!

Only if visas can only be paid through earned income or returns on investments made with such. Otherwise you're mixing people who bring value by contributing labor with people who contribute capital. Both can be nice, but should we treat them the same or independently?

> paid through earned income

You’re describing a tax on visa holders. That’s an interesting idea; I can think of some benefits and some scary drawbacks/abuses/perverse incentives to doing this as well. Has that been tried anywhere?

I dunno, I'm not a policymaker. What drawbacks do you see?

Already rich people are fairly few in number, I don't really see the problem. If you want to scare them off, have some wealth taxes :D

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