Not only that. If you renounce citizenship you are exit taxed on all your assets worth over 2 mil as a disincentive to high net worth individuals from jumping ship. Most aggressive tax regime in the world in many respects.
If you have over $2m, the argument that U.S. taxation is extortion is even less convincing. Such people have the means to hire lawyers and grease the wheels to emigrate to a wide swath of countries.
The most desirable places often have high tax rates, though. Funny how it works out like that.
The most desirable places often have high tax rates, though. Funny how it works out like that.