My issue isn’t so much with the tax itself as it is selectively enforced. If those assets remained in the US and the person never renounced, they would never be taxed. Or at least not taxed at the same rate.
So it’s important enough to make sure rich people don’t run away but, as long as you don’t try to run, you don’t owe us anything… So the rich in America can continue getting richer…
Also, the income threshold is pretty average for any senior level software engineer. You don’t need to be astoundingly rich to be on the hook.
They’re still paying it even if they don’t set foot in America
I’m sorry, everytime you reply you say a new wrong thing I have to type alot to explain. I thought there was a few things you didn’t know, but I’m not going to take the time to explain how American taxes work from ground up.
Also, the income threshold is pretty average for any senior level software engineer. You don’t need to be astoundingly rich to be on the hook.
Over $100,000/year is wealthy in America. The median income is 3/4 of that…
For example, two people each own identical houses. One lives in the US and one lives outside. Both decide to keep it until they die. They both owe property taxes. If the person living outside of the US renounces their citizenship, they owe an exit tax even though they did not sell the property. The value of the house didn’t change. It’s location, owner, property tax obligation… Nothing changed.
There is nothing wrong with this. It should just be applied equally. If there is going to be a wealth tax, I want it applied to wealthy Americans even if they don’t renounce their citizenship.
That tax is irrelevant. That just muddies the waters to bring up property tax because every real estate property is subject to local property tax. It’s a wash. When you buy a house, you implicitly agree to property tax wherever that house is located.
My issue isn’t so much with the tax itself as it is selectively enforced. If those assets remained in the US and the person never renounced, they would never be taxed. Or at least not taxed at the same rate.
So it’s important enough to make sure rich people don’t run away but, as long as you don’t try to run, you don’t owe us anything… So the rich in America can continue getting richer…
Also, the income threshold is pretty average for any senior level software engineer. You don’t need to be astoundingly rich to be on the hook.
What?
You think Americans do t pay property tax?
They’re still paying it even if they don’t set foot in America
I’m sorry, everytime you reply you say a new wrong thing I have to type alot to explain. I thought there was a few things you didn’t know, but I’m not going to take the time to explain how American taxes work from ground up.
Over $100,000/year is wealthy in America. The median income is 3/4 of that…
This is not the same thing as an exit tax.
For example, two people each own identical houses. One lives in the US and one lives outside. Both decide to keep it until they die. They both owe property taxes. If the person living outside of the US renounces their citizenship, they owe an exit tax even though they did not sell the property. The value of the house didn’t change. It’s location, owner, property tax obligation… Nothing changed.
There is nothing wrong with this. It should just be applied equally. If there is going to be a wealth tax, I want it applied to wealthy Americans even if they don’t renounce their citizenship.
That tax is irrelevant. That just muddies the waters to bring up property tax because every real estate property is subject to local property tax. It’s a wash. When you buy a house, you implicitly agree to property tax wherever that house is located.