[octaveguin]

A lot of people here are concerned that taxing the rich will just make them hide their money offshore.

It should be noted, then, that it's gotten a lot harder for Americans to go offshore with their money due to two recent things:

1. Expatriation tax - https://en.wikipedia.org/wiki/Expatriation_tax

2. Foreign tax compliance act - https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance...

When taken together, it means that Americans are basically unable to ever leave American taxation. No other nation has the ability to restrict their citizens like Americans do while their citizens are abroad.

This is bad news if you want to own a company while living abroad (you can't unless it's American or you'll be double taxed), live in a lower taxed country, or renounce your citizenship if you make more than something like 139k a year.

Any tax applied to America's rich would not result in money leaving the country - it's no longer really possible.

I wholeheartedly support strong inheritance tax. Dynasties are bad things and create bad systems. The US is uniquely positioned to enforce it even if it means that citizens are basically serfs to their country.

[sesuximo]

This is definitely what America is going for and definitely not the way things are right now. It’s very much possible to leave and or or move money legally.

[octaveguin]

Please explain because every bank in the world needs to report to the US about their American account holders.

If you own a holding company in another country, you need to declare that and be taxed on it in addition to that country's tax.

I know this because I own a business and wish to live abroad so I really would like to leave but I can't.

[sesuximo]

You could not make the money in your own name.

I agree once you’ve built up a bank account as a us citizen it’s quite hard to. But if you saw this coming, you could easily have an XYZ USA, an XYZ China, etc.

[noja]

What happens if you rent (instead of own) a holding company?