Oh you know, do you? Do share please.

It hasn’t happened in the US and it isn’t going to happen in the US because above all else, rich people favor the quality of life they’re able to achieve in rich countries. Where are they gonna flee, the EU? Where taxes are already higher? Ireland you said? A tiny country with little in the way of American-style luxury amenities that has zero interest in allowing them to immigrate there?

The rich will stay just like they did back in the 50s when the highest marginal tax rate was 90%. It’s time to make them pay their share for the benefits they gain from this country.

That’s exactly how it works. You want to retain your US citizenship while living abroad, you pay US taxes. Ask anyone. This is common knowledge. The only way out of it is to renounce US citizenship and it turns out that very few rich people actually want to do that because it has giant ripple effects on everything they own and often their extended family and how they can manage their wealth and even where they can give money to support causes they believe in.

The only way around this is through off-shore tax havens that can be taken advantage of through loopholes in the tax code which in turn are exactly what people are talking about addressing here.

Sorry you didn’t get the memo.

You already have to do this in the US. The first $120,000 of income is exempt from federal taxes when you live abroad, but everything above that is subject to US federal income tax.

And you don’t have to MOVE there to shelter tax. You just create a shell corporation that is housed there virtually that owns your yacht, your third house, your businesses. That’s why there are 800,000 corporations with an address in the British Virgin Islands even though the main island is only 22km long and the entire country only has around 30,000 people in it.

You clearly have no idea how any of this really works and you’re just parroting things you heard or read somewhere. Let me suggest you stop talking and try to learn something here instead.

Rich people are not going to flee the United States because of taxes for two reasons: We have good infrastructure (relatively speaking anyway) and we have a reliable, predictable business court system.

Do you know why Cayman, Bahamas, and British Virgin Islands are actually preferred for creation of shell corporations? Because their court systems appeal all the way to the United Kingdom supreme court. Stable business court system is the reason those countries were able to take advantage of loopholes in our tax code.

Give it a rest.

Again, no. I want people who live in the U.S. to pay taxes. I don’t know how I can be more clear on this. If billionaires don’t want to pay taxes in the U.S., they don’t have to live in the U.S.

Let them go. They provide no value. They’re hoarders, not job creators.