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How do you stop the ultra rich from renouncing citizenship while their companies generate free profit in the US? Or even easier just keep all their cash shelter

How do you stop the ultra rich from renouncing citizenship while their companies generate free profit in the US? Or even easier just keep all their cash sheltered in corporations?

dylan604 6y ago
Make the tax penalty for the renouncing much more severe than it is now?
- bluecalm 6y ago
  Tax consumption, land, pollution. If those sneaky mega rich start founding companies in US that are clean, don't sell in US and thus don't pay taxes it's just a huge win for everyone. Once you sell to the area with consumption taxes you pay those. Couple that with some Ubi/reverse income tax to offset consumption taxes hitting the poor/middle class more and it's a simple and fair tax system. It's not a new idea either. You just need to get the idea of "evil corps need to pay" mindset.
- AdrianB1 6y ago
  They are usually just people that give up to a citizenship they did not chose, not slaves. You are supporting slavery in a modern form, the government is the new master.
  - thebean11 6y ago
    I don't think comparing exit taxes for billionaires to slavery is very reasonable
    - dylan604 6y ago
      Such an odd comment you replied to. I'm not touching the slavery part, but I do lean toward the 'I did not choose my country'. I'm not one for blind allegiance, and personally get creeped out by watching all of the school children that have no true idea what a 'pledge of allegience' really means. I also do not believe a child should be able to enter into that type of agreement.
      - thebean11 6y ago
        These billionaires weren't complaining about their citizenship while they were earning their billions. Saying they didn't choose it in hindsight is pretty convenient. I don't buy it.
    - AdrianB1 6y ago
      No, I compared taxing and citizenship with slavery and this is very reasonable because it is very similar. The billionaires are just a distraction from the real problem.
game_the0ry 6y ago
Likely won't happen to any meaningful effect. Think about the options in the first world - Europe, Canada, Australia, New Zealand. Some of those countries have less friendly tax regimes and less stability. The US is still the friendliest to the rich. The rich threatening to live is just that - a threat.
- AdrianB1 6y ago
  France said the same until a few famous people left. Playing a dare game is risky and these days there are a lot of nice places where American ex-citizens moved, there is an entire business around helping them finding the best places. It is lot like you have a cow to milk and it's safe because you put a fence so it cannot leave, when you treat people like cattle they can show they can be falcons and fly away.

How do you stop the ultra rich from renouncing citizenship while their companies generate free profit in the US? Or even easier just keep all their cash sheltered in corporations?

dylan604 6y ago

Make the tax penalty for the renouncing much more severe than it is now?

bluecalm 6y ago
Tax consumption, land, pollution. If those sneaky mega rich start founding companies in US that are clean, don't sell in US and thus don't pay taxes it's just a huge win for everyone. Once you sell to the area with consumption taxes you pay those. Couple that with some Ubi/reverse income tax to offset consumption taxes hitting the poor/middle class more and it's a simple and fair tax system. It's not a new idea either. You just need to get the idea of "evil corps need to pay" mindset.
AdrianB1 6y ago
They are usually just people that give up to a citizenship they did not chose, not slaves. You are supporting slavery in a modern form, the government is the new master.
- thebean11 6y ago
  I don't think comparing exit taxes for billionaires to slavery is very reasonable
  - dylan604 6y ago
    Such an odd comment you replied to. I'm not touching the slavery part, but I do lean toward the 'I did not choose my country'. I'm not one for blind allegiance, and personally get creeped out by watching all of the school children that have no true idea what a 'pledge of allegience' really means. I also do not believe a child should be able to enter into that type of agreement.
    - thebean11 6y ago
      These billionaires weren't complaining about their citizenship while they were earning their billions. Saying they didn't choose it in hindsight is pretty convenient. I don't buy it.
  - AdrianB1 6y ago
    No, I compared taxing and citizenship with slavery and this is very reasonable because it is very similar. The billionaires are just a distraction from the real problem.

game_the0ry 6y ago

Likely won't happen to any meaningful effect. Think about the options in the first world - Europe, Canada, Australia, New Zealand. Some of those countries have less friendly tax regimes and less stability. The US is still the friendliest to the rich. The rich threatening to live is just that - a threat.

AdrianB1 6y ago
France said the same until a few famous people left. Playing a dare game is risky and these days there are a lot of nice places where American ex-citizens moved, there is an entire business around helping them finding the best places. It is lot like you have a cow to milk and it's safe because you put a fence so it cannot leave, when you treat people like cattle they can show they can be falcons and fly away.