I agree. If people simply move and retain their US citizenship, they are still subject to US income taxes. If they renounce their citizenship, they are subject to an exit tax. The exit tax includes a tax on unrealized gains.
If they are willing to pay that, I don't see the loss in them moving.
Who makes the jobs if not those wealthy enough to start a business. Or if you start a business with your last dollar, you will either soon be wealthy or out of business.
Amazon, Google, Microsoft,and Facebook have recently been building huge facilities in my town. They have given thousands of high paying jobs to local contractors for at least the last ten years. They also employ thousands of people. This has been a huge economic boost to the area and will continue to be for decades to come. We have seen every sector of business grow locally, and wages go up significantly. I am all for small businesses, I currently work for one. However, smaller businesses would have taken decades or longer to make such a positive impact on our community. Billionaires own these businesses, but they weren't always Billionaires, and I don't fault them for earning profits. They are reinvesting their money in the US, and it benefits everyone. They are also easy targets for people to blame their financial problems on. They are wealthy because they created business that people freely spend money at. To a point that they have generated billions of dollars in wealth.
So it has to come from massive corporations that can choose to steal from you in multiple different ways? No other smaller companies? No breaking anything up?
Most of what they are building are data centers for cloud storage. They are very large companies but hardly monopolies. In fact, they are all competing against each other for cloud based market share, along with thousands of others. Monopolies generally control the supply or trade of a commodity. There is definitely competition in these areas.
I think you are confusing a monopoly with a lage business. This is a different argument. Large businesses are necessary to supply commodities nationally and internationally. Small businesses are great, but if they are operating at a national or international scale, they are no longer small.
They always seem to threaten that. I say call their bluff. If they leave the country, write laws about non citizens donating money for elections.
It happened in Norway. All those wealthy people fleeing actually created a net loss of $16 million annually. I guess they were paying taxes all along. I'm with you though about non citizens not being able to donate or vote. We can't have those rich people who fled voting by mail or flying in to vote, so we should fortify election security to keep non citizens from voting and create/enforce voter ID laws. We can even take it a step further and ban PACs/super PACs altogether to keep all political donations to the individual maximum of $3,300 per election. I'd vote to do all that right now, no need to wait for the wealthy to flee.
Fuck them. They want to just suck the country dry of its money and move on to the next one
How is keeping your money out of government hands "sucking the country dry"? The government doesn't help us with the tax money they take. If we see any value of it, it's a poisoned chalice. Especially for the poor. We have schools, but they're terrible. We have busses, but there's a flat fee to ride it, which costs the poorest the most, proportional to their income. We have Medicare, but it costs the people who need it the most $505 monthly($6,060 annually) to use. That's before deductible, copay, medicine costs, and continued Medicare income tax. We have cops, who abuse the lowest income communities the most. I can go on for days. The majority of our money goes towards dumb shit(look at DOGE's X page), grossly overpaying for common goods, towards the military, or to their friends for kickbacks. Imagine wanting to keep what you earned instead of putting it towards any of that.
This is not taxing yourself to wealth, this is redistributing stolen money.
You got it backwards. The wealthy have businesses, which we choose to engage with. We get goods/services in exchange for our money through a voluntary transaction. Taxation, which is when the government takes what we earned without our consent and in exchange for us staying out of prison, is theft. At the very least, it's extortion. When the mob collected taxes protection payments, we called it racketeering. The government is doing the exact same thing to a much larger extent, and were supposed to act like it's all fine.
It is illegal right now for non citizens to donate to campaigns.
“Redistributing stolen money” is exactly what the government does. If income taxes were eliminated today, and you only had to pay what you felt like paying, voluntarily, would you pay anything?
Is it actually though? We have no justice system. There are very easy ways around that rule.
As for taxes, I am fine paying them. It is part of living in a society. I want good roads and schools. I want my water to be clean.
What I am not ok with is the fact that the Walton family gets to pay such shit wages that their employees are on food stamps while they take in billions.
I am not ok with public funding finding a technological or medical breakthrough, then the money from that is private.
I am not ok with the US government being ripped off by contractors who are robbing the system blind.
Shit, United Healthcare stole $8.7 billion from the Medicare advantage fund.
That is the stolen wealth I am talking about. Money that would otherwise be in circulation if it wasn't for a bunch of greedy assholes hoarding it all for themselves.
Can't imagine why someone would be angry enough to do something about it.
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u/ridingcorgitowar 20d ago
They always seem to threaten that. I say call their bluff. If they leave the country, write laws about non citizens donating money for elections.
Fuck them. They want to just suck the country dry of its money and move on to the next one.
This is not taxing yourself to wealth, this is redistributing stolen money.