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A comment on EU-funded report calls for wealth of super-rich to be taxed, not income. Parent comment

Re:EU-funded report calls for wealth of super-rich to be tax... by jwestbury on Monday October 23, 2023 @06:31AM (#37983764)
True -- but the ultrawealthy are largely concentrated in the USA. There are substantial impacts from renouncing for tax purposes, as well -- for instance, the Reed Amendment means that people who renounce their citizenship to avoid paying taxes are barred from entering the USA in perpetuity.

Additionally, there is an exit tax which captures unrealized gains upon renunciation.

So, yes, American citizens are a small percentage, but if the USA adopted wealth taxes, it would have an outsized global impact.

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Re:EU-funded report calls for wealth of super-rich to be tax... by okokwhatever on Monday October 23, 2023 @08:21AM (#37984633)
Yes, but my point was global. Everybody knows where the wealth is located but taxes and confiscation affects every country around the world event the poorer ones.
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