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It's there for a reason tho...
If it wasn't, the wealthy would take their wealth and fuck off to somewhere it was worth more.
They're fine to do that, but the US is still going to want it's cut, you're still paying federal taxes every year because you're a US Citizen.
Rich people hate paying taxes. So they just renounced citizenship on the way out and took all their wealth with them.
But like you said, it's based on how much wealth you own so for normal people, it's not a big deal.
It's weird seeing people against it.
Edit:
Also, you have to be pretty wealthy to even have to pay it. The vast majority of Americans would pay $0 to renounce.
https://www.irs.gov/individuals/international-taxpayers/expatriation-tax
Next day edit:
Edit:
I’ve lost count of how many rich overseas workers have made 5+ replies to my comments in less than 10 minutes screaching about how they shouldn’t pay taxes
And every single one claims to be right on the line for having to pay it… yet want it thrown out for billionaires as well…
Apparently I can’t turn off replies to comment like on reddit, so I’m just blocking every “temporary poor billionaire” who wants to spend energy online arguing billionaires should pay taxes because it would mean they do too
No one has time for the Scrouge McDuck defenders.
It's like the Inheritance tax. It's basically meaningless to the poor, but it sounds bad so the GOP uses it to scare their base. However the targets of the tax are primarily the handful of rich capitalist bastards who have a harder time ~~bribing~~ lobbying their way out of it.
The exit tax starts at $120k. That's "I can rent but not buy an apartment in San Francisco" class, not the "rich capitalist bastard lobbying Congress" class. And of course it's also an income tax so it does jack shit to tax actual wealthy people.
Actual rich people already worked around the tax issue by putting their assets in stocks and loans. They aren't paying this tax at all in the first place. They don't need to lobby anyone.
It's fucking ridiculous how some of you try to frame this income level. Doctors and lawyers are not the wealthy capitalists phoning up Congress and getting what they want from them. It's actually fucking crazy that you're acting like they do. People raising a family at that income level will never retire just like any other worker, but now they're rich capitalist bastards?
Totally agree. Income isn't wealth and people are clinging onto 1970s implications of "millionaire" when in 2023 having a million net worth doesn't even allow you to retire and might just mean you own a house and have little other savings. Similarly "six figures" income meant a lot 30-40 years ago, but inflation eroded that to middle class in the 21st century.