
France Tried Soaking the Rich. It Didn’t Go Well - mancerayder
https://www.bloomberg.com/opinion/articles/2019-11-14/france-s-wealth-tax-should-be-a-warning-for-warren-and-sanders
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blacksqr
>At least 10,000 wealthy people left the country to avoid paying the tax; most
moved to neighboring Belgium

Unlike many countries, US citizens can't escape US income tax by moving out of
the country, income tax must be paid regardless of the geographic source of
income.

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ch4s3
I don't have much to say about this issue either way, but it's not as ironclad
as you make it seem.

It's less trivial but people can and do renounce their US citizenship. It can
be expensive, but probably not 2%-6% of you net worth in perpetuity expensive.
Now, you will have to find a new flag of convenience, but you can do that from
probably somewhere b/t 500K and 1.5 million in a desirable locale.

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dialtone
renouncing citizenship comes with an exit tax of 23.8% of your assets.
[https://1040abroad.com/faq/renouncing-u-s-
citizenship/](https://1040abroad.com/faq/renouncing-u-s-citizenship/)

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tptacek
I'm ambivalent about wealth taxes but this article buries its lead; US
residents can't move out of the country and still be within a reasonable
commute of their job and family, and US citizens are taxed even as expats
abroad. France and the US don't really seem comparable.

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neves
A news site owned by a billionaire says that taxing the rich don't work. It's
really surprising.

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jbob2000
We need a new phrase, "OK billionaire". Every time they say stupid
disconnected garbage, OK billionaire.

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Jamwinner
I think the devolution of dilouge has gone far enough. It is time to find
things in common with other humans now.

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NeedMoreTea
So bring back capital controls. 10,000 wealthy can leave the country - just
without all their wealth. Plenty of Western countries had limits until the
seventies and eighties.

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dialtone
Already the case. People with assets beyond $2M will be taxed a capital gain
tax (23.8%) from all of their assets as if they were sold at fair market
value.

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pwinnski
Billionaire-owned magazine says that wealth taxes won't work here because they
didn't work in France.

I'm waiting for them to explain how that's consistent with their position on
universal health care, which seems to work everywhere but here.

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jerome-jh
The 75% supertax was in would-be president Hollande programme, but has _never_
been applied!

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mnm1
The difference between the US and France is that you can't leave the US and
stop paying taxes. You still have to pay taxes. So even if all the
billionaires leave, we'll still have their taxes. The only way they can
legally stop paying them is to renounce their citizenship which is illegal to
do for tax purposes and at that point that should be charged hundreds tens or
hundreds of millions to be allowed out.

The failure of this bullshit Bloomberg article to say anything about this
makes it clearly propaganda garbage clearly written in bad faith by
billionaires who don't want to be taxed. This shit "reporting" doesn't belong
here or anywhere.

