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There was approximately 1800 people who relinquished citizenship this year. If each of these people has a net worth over $1m this could very quickly add up to a
by cluda01 14y ago
There was approximately 1800 people who relinquished citizenship this year. If each of these people has a net worth over $1m this could very quickly add up to a significant amount of lost tax revenue.
- mikeash 14y agoAnd if each of those people has a perpetual motion machine, the world's energy problems would be solved forever. Do you have any sort of basis in your "net worth over $1m" idea, or is that just pure speculation? Because in the absence of actual numbers, I can't see why you'd even make that statement.
- gyardley 14y agoLet's assume they have an average net worth of not $1M but $10M each, and that the US government is able to confiscate 100% of it, leaving them utterly penniless but netting $18B. The federal deficit for 2012 was ~$1.3 trillion, so that $18B is about 1.5% of the shortfall. I'm not saying $18B isn't significant - but focusing on 'the rich' or 'expatriates' or any other high-net-worth group just isn't going to solve America's problems.