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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.
by 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 agoThe 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 agoBut are you extremely rich?