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> If you have that kind of money, why would you not just take it elsewhere? Take it where? Lots of Europe has wealth taxes already. Commonwealth countries li
by streb-lo 6y ago
> If you have that kind of money, why would you not just take it elsewhere?
Take it where? Lots of Europe has wealth taxes already. Commonwealth countries like AUS and CAN are likely to follow suit with a wealth tax -- capital flight to the US would be a big factor for them implementing it now but an American wealth tax opens the door.
And never mind that you're also asking people to give up their US citizenship to dodge these taxes -- the risk of which is probably as lot higher than just paying.
- gridlockd 6y ago> Take it where? Lots of Europe has wealth taxes already. All European countries either don't have wealth taxes anymore, or they're fractions of a percent, not 2-3%. The German supreme court even ruled the wealth tax unconstitutional. > Commonwealth countries like AUS and CAN are likely to follow suit with a wealth tax -- capital flight to the US would be a big factor for them implementing it now but an American wealth tax opens the door. Of course not, they would prefer the inflow of capital over the meager revenue from a wealth tax. > And never mind that you're also asking people to give up their US citizenship to dodge these taxes -- the risk of which is probably as lot higher than just paying. If you have a lot of money to lose, it's probably riskier to entrust a lifetime of tax obligations to a bankrupt state than to give up its citizenship. Rich people tend to be welcome abroad everywhere.