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You pay cap gains rate on total net worth. So yes, 23.8% exit tax exists today. (Which btw is cheap if facing a 6-8% wealth tax)
Having to pay a tax on assets you're moving out at the rate you'd always have had to pay if you'd sold them is well within reason. Having to forfeit an arbitrary % of your assets *that have already been taxed* at a rate set to dissuade you from leaving is not even the same game
Isn't any tax an arbitrary amount decided ahead of time? I don't see the distinction between an exit tax and a tax.
The citizen's ultimate recourse if they no longer agree to the terms of living in a country is to leave. If they've accrued a tax obligation up to that point, they must pay it. But penalizing them specifically for leaving weakens the single most vital check on government power.
I agree with your sentiment, although some people have mostly unrealized wealth. In that case, a low exit tax on all assets replacing the current law could be better. However, it’s harder to justify and a slippery slope to higher rates.
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