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Yachts and planes are physical objects and represent a tiny, tiny fraction of a billionaire's wealth. Wealth is actual ownership interest in valuable companies
by imgabe 4y ago
Yachts and planes are physical objects and represent a tiny, tiny fraction of a billionaire's wealth.
Wealth is actual ownership interest in valuable companies, which can be moved offshore or the person can renounce citizenship and relocate to a country with friendlier tax laws in the extreme case.
- hawaiianbrah 4y agoRenouncing citizenship has something like a 20%-of-net-worth tax
- imgabe 4y agoMight still be worth it if there were a significant wealth tax and you did it in advance of an IPO or other event that greatly increased your net worth. A wealth tax would also have the effect that people expecting to generate lots of wealth would just move somewhere else to do so, or not come to the US in the first place.