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We need to change the nexus of taxation to make it harder for the rich to avoid being appropriate taxation in a more mobile world IMO. But that's a broad issue beyond just a wealth tax.
1/5 of Fortune 500 companies were founded by first-generation immigrants. If I'm a would-be entrepreneur watching founders in the US caught between a tax designed to actually lower their net worths & all-out confiscation at the border, am I going to step in the bear trap next?
Note: current exit tax is 23.8% *on capital gains*. If I had $1B in stock today that had doubled in value since I acquired it, I'd owe $119M. To keep the wealthy from fleeing, Warren is proposing a 40% tax on ALL wealth over $50M. Under that scheme, I'd owe $380M — more than 3x.
Is a tax that only kicks in above $50m a meaningful disincentive for "would-be entrepreneurs"?
No, you are not. A wealth tax would effectively REPEL capital away from the US. Since the US, unlike most countries, taxes all assets owned by an US citizen/resident WORLDWIDE, this would also actually repel the innovators themselves from coming to the US.
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