Comment on There are Minimum Wages, Why Not a Maximum Wage?
merc@sh.itjust.works 9 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 9 months ago
Those are meaningless, when their taxable income is meaningless.
merc@sh.itjust.works 9 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 9 months ago
Also gameable.
merc@sh.itjust.works 9 months ago
Sure, everything is gameable if you’re a billionaire, but it would require clever lawyers and involve some risk.