4 ms·
There's this idea floating around in this thread that people get rich, then get richer in and then leave to evade taxes. If optimizing for money really was peo
by alephnan 5y ago
There's this idea floating around in this thread that people get rich, then get richer in and then leave to evade taxes.
If optimizing for money really was people's intention, it's much more optimal to leave before you become mega rich.
You can move to Singapore once you have $6 million to buy a visa-by-investment. There's no cap gains taxes there, so your money can compound unencumbered.
Then again, not every ex-pat who renounces their citizenship does that, maybe because they don't want to live in Singapore. Some of us ex-patriate to countries with even higher taxes than the states.
Look at the number of people ex-patriating with a grain of salt. It's like the Drake Equation, there are many factors that would allow you to narrow the 'search space', and after all is said and done, there will just be a small amount of people who have outsized influence in the states and also evading taxes.
- ttyprintk 5y agoThis —- they have the wealth to initiate the process. Citizenship by investment (CBI) is even cheaper in the Caribbean. Interestingly people from mainland China and the Middle East hit the Caribbean first for this. I don’t think it’s a stretch to say that the reasons haven’t changed.
- MuirsGhost 5y ago>it's much more optimal to leave before you become mega rich. It is almost as if the US provides some kind of useful, taxpayer funded, environment for becoming mega rich....
- 1270018080 5y agoBuying political parties?
- someguydave 5y agoThe interesting thought experiment is what would happen if the US dropped its worldwide claim to taxes. I suspect there will be a pretty big exit migration of wealthy US citizens to capitol gains tax havens like Singapore.