Would it be fair to think of prototypical citizens as asset underlying sovereign bonds? So US treasury= trust in value of typical "American"
in that case, the immigrant income would be attributed to the productive capital assets owned by citizens perhaps
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but if they aren't paying taxes on those capital assets, that doesn't affect the bond prices
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this is why tax avoidance (or whatever you want to call "tax minimization strategies") can be an issue for the bonds.
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