Re:Wealthy people are renouncing American citizenship
by dathinab on Thursday August 05, 2021 @11:13AM
(#28074877)
> [..] this taxation is in place effectively due to rich people in the first place hiding money in accounts overseas.[..]
I think that was the original intent but:
1. It affects everyone including many people not paying taxes in a amount where it matters.
2. I'm not sure if it works, the really rich people (i.e. the ones you would want to be "captured" by this law the most) have way to many ways to avoid paying taxes and reduce the
amount they "in person" have to pay.
It might be reasonable to have a cut blow which you you don't have to bother with this.
I also have frequently considered if it would make sense for the country I live in to have such a law.
But in the end I realized that this is probably not what I would want.
In the end the problem is much more countries which intentionally create tax gaps to benefit from it but directly hurting other countries with that and even potentially undermining their governments independence.
Through without question even if that is solved there is still the fact that even wrt. countries which do not do so their can be huge differences in taxation, but "somehow" "disabling" tax havens would be a much bigger step in the right direction then this regulation IMHO.
I think that was the original intent but:
1. It affects everyone including many people not paying taxes in a amount where it matters.
2. I'm not sure if it works, the really rich people (i.e. the ones you would want to be "captured" by this law the most) have way to many ways to avoid paying taxes and reduce the amount they "in person" have to pay.
It might be reasonable to have a cut blow which you you don't have to bother with this.
I also have frequently considered if it would make sense for the country I live in to have such a law.
But in the end I realized that this is probably not what I would want.
In the end the problem is much more countries which intentionally create tax gaps to benefit from it but directly hurting other countries with that and even potentially undermining their governments independence.
Through without question even if that is solved there is still the fact that even wrt. countries which do not do so their can be huge differences in taxation, but "somehow" "disabling" tax havens would be a much bigger step in the right direction then this regulation IMHO.