Comment on There are Minimum Wages, Why Not a Maximum Wage?
merc@sh.itjust.works 10 months agoThe US has exit taxes, as do many countries. If you try to renounce your US citizenship, you can be taxed based on the value of unsold assets.
I hate that the US is one of the few countries in the world that has citizenship-based taxation. It’s awful and stupid. But, in theory, it does mean that an American couldn’t just avoid taxes by moving to another country.
TheObviousSolution@lemm.ee 10 months ago
Those are meaningless, when their taxable income is meaningless.
merc@sh.itjust.works 10 months ago
But, if they tried to move to another country and renounce their US citizenship they’d have to pay an exit tax based on the entire value of their assets, including unrealized gains.
TheObviousSolution@lemm.ee 10 months ago
Also gameable.
merc@sh.itjust.works 10 months ago
Sure, everything is gameable if you’re a billionaire, but it would require clever lawyers and involve some risk.