Re:We are publishing the tax secrets of the .001%
by frockington1 on Tuesday June 08, 2021 @03:55PM
(#27439968)
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
[ Parent
| on HN ]
Re:We are publishing the tax secrets of the .001%
by jlmorton on Tuesday June 08, 2021 @04:07PM
(#27440084)
To 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.