Income tax is not really what’s relevant to the rich. It’s pretty easy for them to basically have no taxable income at all. (E.g. that thing Musk did some years ago where he polled Twitter on if he should sell some stock to actually have to pay taxes for once.)
Also, as far as I know, the USA tax your worldwide income even if you live abroad, and there’s an exit tax on your net worth if you renounce citizenship. This is the reason most US billionaires don’t live in e.g. Switzerland.
True. I thought this is what was proposed for some reason. Well, a lot of taxes can still be avoided by leaving the country. I should say, I am in favour of property taxes to reduce real estate speculation, however, other forms of taxation also have problems associated with them that have to be considered.
Yes, US taxes are insane in that regard. I am not american, but I have heard of that. The american tax system is quite notorious.
US taxes are insane in that regard.
I actually think that’s one good decision they made to prevent tax evasion.
I’m sure Trump will eventually get rid of that though.
But they also tax poor people after they leave, as far as I know, which sucks.
