And you can't give up your citizenship without paying 20% of your total net worth. So we have them by the balls. If we increase their income tax, they have no choice but to pay it.
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There is one loophole, and that's when they borrow money against their assets. That isn't counted as income, so they live off that, and then their assets appreciate faster than their debt since their assets can grow at 20% and their much smaller debt only grows at the interest rate the bank charged
aug 1, 2025, 2:37 am • 0 0 • view
So we need a way to make that debt taxable as income for individuals who's total net worth is over $100 million, they should be required to pay income tax on any debt that is backed by their assets.
aug 1, 2025, 2:38 am • 0 0 • view