What? No, I want people to pay taxes in the country they live in. What on Earth are you talking about?
So you want to close the borders and not allow someone to migrate? Like, you move to another country but you still have to pay taxes to your native country + your new one?
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.
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.
