Jennifer TaubThem: But if we actually tax billionaires fairly, they will leave America.
Me: And your point is?
voodoo@jentaub eh, taxing billionaires still concedes a sort of legitimacy to their accumulation. It feels like the starting position should be that they have absolutely no right to exist or own things like the businesses others depend on to survive
Thomas A. Jones IIILet 'em go.
Let them take their imaginary money with them.
But their physical property stays here.
Roland Gerritsen van der Hoop@jentaub Those billionaires prefer living in a decent country with the rule of law rather than at the mercy of a dictator.
ThePdog@jentaub Funny that when marginal tax rates were at 90% that the Rockefellers, Vanderbilts, et al stayed in the USA. I don't think many would leave.
Seanannigans@jentaub And go where? UAE? Somalia? Bahrain? No way they all get into Bermuda or the Caymans.
Thomas Larsen
Phil Groom
Mike@jentaub They have to also renounce their citizenship to avoid taxes.
Tom_Huth@jentaub we need to stop believing in Santa Claus.
The fairytale they will give back is false.
The fairytale they will give back is false.
Nico Orrù@jentaub And go where?
Dr Dan Marshall@jentaub will they, though?
Anne Rooney@jentaub And they say over here if we tax them fairly they will leave the UK. So where are all the homeless billionaires going? And do we care?
Badger AF (he/him) DEMOCRACY@jentaub If billionaires leave America is there any way to keep them from seeping into our politics? What legislation could we pass to go after this dark money?
Micheline@Badger_AF @jentaub how about tightening up our campaign finance laws to overturn Citizens United?
stux⚡️@jentaub They won't! 😉
We had a similar issue here in the Netherlands where big corps got tax breaks in the fear they where gonna leave if we taxed them full (like me) but in a reply they all said they won't leave lol..
It''s an excuse, nothing more
Peter Koopman 🦣@stux Well you have to admit that quite a few rich Dutch folks life just cross the border in Belgium. So a few will leave, but most won't.
Diederick Raven@pkoopmanpk @stux sure they leave but it kills their social network. Plus that get asked a Q that hurts: are you so poor you have the live in Belgium to feel rich.
@stux plus in the U.S. unlike other nations, our income tax obligation is linked to our citizenship. And denouncing U.S. citizenship requires payment of an exit fee based on worldwide assets.
Michele 
ej 🇨🇦 
David Lewis$122,000 now
Matt Hias@capemaydave @jentaub @Michele @stux The real issue is not your regular income, but other sources of financial gains, that are exempt in the country of your residence, e.g. special accounts to save for retirement (like our Roth IRA). #expats don't have access to Roth IRAs and are taxed by the IRS on the foreign equivalent. Many more examples. The US is the only country that taxes based on citizenship instead of residency. This must change #RBT #CBT #FATCA #IRS #accidentalamericans
@samre @jentaub @Michele @stux Back when I was an #expat I was quite happy to not pay on the first $70k of my regular income.
Almost all of my clearing banks for financial accounts were in the US and I had no issues paying for the privilege of the US banking system.
Obviously you feel differently.
Good luck in your quest to change the US tax code as it relates to foreign accounts.
@capemaydave @jentaub @Michele @stux
Thank you. I am glad it didn't affect you. It is getting quite unbearable for many long term expats, who see no way to lead a normal financial life other than renouncing US citizenship.
Thank you. I am glad it didn't affect you. It is getting quite unbearable for many long term expats, who see no way to lead a normal financial life other than renouncing US citizenship.
@capemaydave @jentaub @Michele @stux it’s about $108k now, I think. I’m an expat in the UAE right now.
Susan Colantuono
Lawrence@jentaub Ah, I see. Totally misunderstood the conversation. Apologies!
no need to apologize!
Hairy Pooper
Andrew C. White
yare yare@jentaub my first ever like on mastodon
Dr. Kat@jentaub They could move to any Treasure Isle where their money is hidden or Monaco right now . They don't do that because they can be more ostentatious here and still hide their assets.
Onceler@jentaub Same argument made about the millionaire tax in MA.
Moridin@jentaub me: "do you promise?! really?!"
Dylan@jentaub good riddance to them all!
Patricia Abraham@jentaub We passed a referendum in Massachusetts to tax millionaires. The vast majority of them won’t go anywhere. They didn’t even fight it.
Yes. I voted for it. It is a surcharge of 4% on income over $1 million. Income below that is 5%. Another words for every dollar above 1 million, the tax is 9%.
Erin Dickins 
Malacandra@jentaub Win/win
Nanya_DB@jentaub Oh, damn! Sucks for them.
erik eva@jentaub Send them to Europe. Half of them will die upon arrival.
VonGoethe Disciple@jentaub Two entities affected 1) GOP 2) MegaYacht manufacturers
Blippy the Wonder Slug (MOVED)@jentaub setting aside the fact that the fleeing parasites would still owe taxes, as you say, are they saying encouraging billionaires to leave is *bad*?
SallyBlack@jentaub
They buy property and live all over the world anyway, what does it matter if they are here? Oil refineries in TX are owned by the Saudis already. Tax appropriately and it doesn't matter where they live or what country the company is based in.
They buy property and live all over the world anyway, what does it matter if they are here? Oil refineries in TX are owned by the Saudis already. Tax appropriately and it doesn't matter where they live or what country the company is based in.
@jentaub no one is indispensable..life is come and go..
Mike Burdick@jentaub Billionaires want a piece of the wealthiest market on earth. Other western countries offer similar or higher tax rates. And the idea that they’ll just relocate to terrible, oppressive countries for the low tax rate is rubbish.
Me: Good idea
Politicians: wait.. Does that mean I can't ask for kick backs from rich lobby groups!?
Tammy Brantley@jentaub I’ve lived in the U.K. for 17 years and have had to file a tax return every year. I’m surprised by how many Americans don’t know that. The complicating thing though is that many U.K. and other country financial institutions won’t take on Americans as clients as they too have reporting obligations if they do. Makes me want to relinquish my citizenship sometimes, but I hang in to it.
@jentaub
is this the last crop of billionaires ever? if you change the tax laws that affect them (dont hold your breath) perhpaps we could get back a little roi from them...
is this the last crop of billionaires ever? if you change the tax laws that affect them (dont hold your breath) perhpaps we could get back a little roi from them...