2 thoughts on “Are tax rates in excess of 100% making a comeback?”

  1. Posted 18/12/2019 at 05:30 | Permalink

    Are you sure US billionaires would leave the country? Remember, the US taxes its citizens globally. The only way for a US citizen to avoid US tax is the difficult process of renouncing citizenship.
    It’s different in the UK of course and higher tax, on income or indeed wealth, is a common driver behind high earners moving overseas at significant cost to the Exchequer. That is one reason why Land Value Tax is such a sound, if instinctively unpopular, idea.

  2. Posted 23/12/2019 at 08:38 | Permalink

    US expats will still be liable to any federal taxes if nonresident. They can however avoid state taxes. In order to avoid federal taxes the taxpayer would need to renounce their citizenship- a lengthy process that also involves a hefty exit tax. However billionaires are mobile and could easily source a secondary citizenship which means, over time, there would be a drift of the wealthy away from the USA.

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