4 ms·

Do you think anyone will expatriate rather than pay a wealth tax?

toomuchtodo 6y ago
Even with a well designed wealth tax, people will make the choice to leave, hence negotiations for a global wealth tax. A wealth tax is simply a more broad version of a real estate property tax.
eximius 6y ago
Few. And those that do are individually expendable. The businesses will stay.
- readthenotes1 6y ago
  Or not. https://en.m.wikipedia.org/wiki/Tax_inversion#:~:text=The%20largest%20completed%20corporate%20tax,plc%20in%20Ireland%20in%202016 https://en.m.wikipedia.org/wiki/Tax_inversion#:~:text=The%20....
  - eximius 6y ago
    "100 material inversions" It's rare and also not relevant to businesses because I don't think wealth taxes targets corporations?
dghlsakjg 6y ago
There is an expatriation tax for people leaving the US. It is one of the more clear cut wealth taxes that we have in the US.
- anonymoushn 6y ago
  Currently people owe capital gains tax on all their assets as if they were sold when they expatriate, which is pretty modest compared to any annual wealth tax. In my case, since being an arbitrageur or market maker means you pay income tax rates on all your gains, the expatriation tax is roughly 0.
  - dghlsakjg 6y ago
    The marginal cost is 0. But don't you lose out on a lot of benefits of citizenship as well (visa free travel, etc.)? If you want to trade in US markets you are still liable for US taxes regardless. As a US citizen permanently living abroad, I'm really annoyed at having to file, but I'm not even contemplating renouncing my citizenship. Quite honestly, I pay slightly higher income taxes in the country I live in, and I'm happy to do it. If I were ever eligible for a wealth tax (besides the property tax almost all middle class people pay, which is very much a wealth tax), I would be fine paying it.
    - deleted 6y ago
      [deleted]
    - thiago_fm 6y ago
      But are you extremely rich?
jaksmit 6y ago
yes. look at France

Even with a well designed wealth tax, people will make the choice to leave, hence negotiations for a global wealth tax. A wealth tax is simply a more broad version of a real estate property tax.

eximius 6y ago

Few. And those that do are individually expendable. The businesses will stay.

readthenotes1 6y ago
Or not. https://en.m.wikipedia.org/wiki/Tax_inversion#:~:text=The%20largest%20completed%20corporate%20tax,plc%20in%20Ireland%20in%202016 https://en.m.wikipedia.org/wiki/Tax_inversion#:~:text=The%20....
- eximius 6y ago
  "100 material inversions" It's rare and also not relevant to businesses because I don't think wealth taxes targets corporations?

dghlsakjg 6y ago

There is an expatriation tax for people leaving the US. It is one of the more clear cut wealth taxes that we have in the US.

anonymoushn 6y ago
Currently people owe capital gains tax on all their assets as if they were sold when they expatriate, which is pretty modest compared to any annual wealth tax. In my case, since being an arbitrageur or market maker means you pay income tax rates on all your gains, the expatriation tax is roughly 0.
- dghlsakjg 6y ago
  The marginal cost is 0. But don't you lose out on a lot of benefits of citizenship as well (visa free travel, etc.)? If you want to trade in US markets you are still liable for US taxes regardless. As a US citizen permanently living abroad, I'm really annoyed at having to file, but I'm not even contemplating renouncing my citizenship. Quite honestly, I pay slightly higher income taxes in the country I live in, and I'm happy to do it. If I were ever eligible for a wealth tax (besides the property tax almost all middle class people pay, which is very much a wealth tax), I would be fine paying it.
  - deleted 6y ago
    [deleted]
  - thiago_fm 6y ago
    But are you extremely rich?

jaksmit 6y ago

yes. look at France