For the “the rich will flee / divert money” argument against higher taxes, why not tax THAT?

[Blue3]

Often in the debate on higher income taxes, there argument is made that the rich will leave the country or put most of their funds in foreign tax havens.

Why don’t we simply put an enormous tax on anyone who attempts to do so, that’s higher than continuing to stay here (with their money)?

For example, if Elon Musk decides to move to the Cayman Islands and quit his US citizenship, he can… if he first pays a 75% wealth tax.

If Mark Zuckerberg decides to put all his funds in a foreign account that he generates based off US-based business, each transaction is subject to 75% in taxes.

[○∙◄☻¥tπ[╪AV┼cVê└]

Some Facebook co-founder renounced his citizenship before Facebook went public so that he could undervalue the shares for the exit tax.

And to be fair to the US, I think Eritrea is the only other country to tax expats. Boris Johnson renounced his American citizenship because of it.

[Starry Eyed Jagaloon]

TIL the United States has jurisdiction over the entire planet. That's fun!

[Del Tachi]

Because you can't tax money in another country?  lol

[Blue3]

Um, you can certainly tax money before it's transferred out of the country, and an expatriatiation tax wouldn't be that different from an estate tax.

[AGA]

Because you can't tax money in another country?  lol

The US does tax its citizens even if they earn income abroad, and there is a fee you have to pay for renouncing your citizenship, so OP's idea is already being practiced to an extent. Although you could get away with not paying taxes depending on the country you move to.

Anyway, it is of my opinion that making it impossible to avoid paying some sort of money to the federal government is theft, so I don't think there should be a fee to renounce citizenship.

[○∙◄☻¥tπ[╪AV┼cVê└]

Because you can't tax money in another country?  lol

The US does tax its citizens even if they earn income abroad, and there is a fee you have to pay for renouncing your citizenship, so OP's idea is already being practiced to an extent. Although you could get away with not paying taxes depending on the country you move to.

Anyway, it is of my opinion that making it impossible to avoid paying some sort of money to the federal government is theft, so I don't think there should be a fee to renounce citizenship.

Supposedly Edward Snowden is still paying taxes even though that would obviously not change his situation with the US authorities very much.

[Blue3]

Because you can't tax money in another country?  lol

The US does tax its citizens even if they earn income abroad, and there is a fee you have to pay for renouncing your citizenship, so OP's idea is already being practiced to an extent. Although you could get away with not paying taxes depending on the country you move to.

Anyway, it is of my opinion that making it impossible to avoid paying some sort of money to the federal government is theft, so I don't think there should be a fee to renounce citizenship.

How is that theft??

[Geoffrey Howe]

I think the argument against this is that it would discourage some forms foreign investment if they are "trapped" like this. It would be less of an issue for a big, powerful country like America though.

Because you can't tax money in another country?  lol

The US does tax its citizens even if they earn income abroad, and there is a fee you have to pay for renouncing your citizenship, so OP's idea is already being practiced to an extent. Although you could get away with not paying taxes depending on the country you move to.

Anyway, it is of my opinion that making it impossible to avoid paying some sort of money to the federal government is theft, so I don't think there should be a fee to renounce citizenship.

How is that theft??

If you think taxes are theft...

[AGA]

Because you can't tax money in another country?  lol

The US does tax its citizens even if they earn income abroad, and there is a fee you have to pay for renouncing your citizenship, so OP's idea is already being practiced to an extent. Although you could get away with not paying taxes depending on the country you move to.

Anyway, it is of my opinion that making it impossible to avoid paying some sort of money to the federal government is theft, so I don't think there should be a fee to renounce citizenship.

How is that theft??

Then taxes would be completely unavoidable unless you have no income.

[Blue3]

Because you can't tax money in another country?  lol

The US does tax its citizens even if they earn income abroad, and there is a fee you have to pay for renouncing your citizenship, so OP's idea is already being practiced to an extent. Although you could get away with not paying taxes depending on the country you move to.

Anyway, it is of my opinion that making it impossible to avoid paying some sort of money to the federal government is theft, so I don't think there should be a fee to renounce citizenship.

How is that theft??

Then taxes would be completely unavoidable unless you have no income.

As it should be, and as is the right of a government. Which by definition is not theft.

[AGA]

Because you can't tax money in another country?  lol

The US does tax its citizens even if they earn income abroad, and there is a fee you have to pay for renouncing your citizenship, so OP's idea is already being practiced to an extent. Although you could get away with not paying taxes depending on the country you move to.

Anyway, it is of my opinion that making it impossible to avoid paying some sort of money to the federal government is theft, so I don't think there should be a fee to renounce citizenship.

How is that theft??

Then taxes would be completely unavoidable unless you have no income.

As it should be, and as is the right of a government. Which by definition is not theft.

If a government does not have the consent of its people, they should be free to leave and go to a different country, especially if people are born into citizenship.

[Kahane's Grave Is A Gender-Neutral Bathroom]

Because you can't tax money in another country?  lol

America would never sanction or invade another country for its own benefit!

laughs in oil

[CEO Mindset]

my response would be shrugging and ignoring the question tbh

so what if the rich flee? let them become another brahmin caste in india or something. america would be better off if it's wealthy and professional class/upper middle class left for india