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Who would wait long enough after that bill passed to keep their wealth in America? The second it went through congress the money would start pouring out
by frockington1 5y ago
Who would wait long enough after that bill passed to keep their wealth in America? The second it went through congress the money would start pouring out
- jlmorton 5y agoTo be clear, in Warren's wealth tax proposal, it doesn't matter where the wealth is located. If you're an American citizen, you would be required to pay the tax on all of your wealth above $50 million, no matter where it is. The alternative is to move your money overseas and renounce your American citizenship, at which point you would owe a 40% exit tax. One could certainly hide their assets overseas, but that would be tax fraud, and if discovered would result in prison time for both accountant and wealthy individual.