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It would also make it pointless for a private individual or trust to invest. This is a terrible idea.

• jdavis703 8y ago
  Why would it be pointless? I’m not an economist but it seems like it would make investments generally less profitable, but I don’t see it eliminating profits. Further where would billionaires put their money instead? Is the idea that they are just going to buy art and yachts instead?
  • microcolonel 8y ago
    They'll put their money in New Zealand or Canada or Taiwan, maybe. I know I wouldn't stand for this personally.
    • jdavis703 8y ago
      In the U.S. you’re required to pay taxes on income made both domestically and internationally. Failure to declare those earnings outside the U.S. would probably be tax fraud.
      • microcolonel 8y ago
        > In the U.S. you’re required to pay taxes on income made both domestically and internationally. As a dual filer, I know this is not true. As a U.S. citizen, you are required to file taxes on all income, foreign source or U.S. source, but you are not required to pay taxes on all of it. And why remain a U.S. citizen anyway if you can't afford it?