[throwaway11460]

Reporting is nice but doesn't change anything about the problem. OK so the US knows you are a beneficiary of a trust fund in Switzerland - what can they do about it? It's not you, so they can't tax the wealth. They can tax the income you get from that, but that means the wealth tax mission has failed.

[toomuchtodo]

You just want to argue, so I’m going to pass. I’m not here to change your mind, it doesn’t matter if I do unless you’re a legislator or decision maker in government.

[throwaway11460]

No, I don't want to argue, I would like to understand how can anyone think this kind of idea can be implemented in the real world. I just don't see a way.

BTW I was never talking about evasion. No need for that. The wealthy people in government/legislature will never make it bulletproof, there's always a legal way - you might not get to keep 100% but you certainly won't pay 90-100%.

I don't even think it can be made bulletproof - does this mean corporations and funds are limited to 1B in size? What if it's a partnership without exact equity stakes? What if there are multiple people? What if some of them die, and later some are born? What if I get a non-equity obligation from a bank - "transfer all your wealth to us and we will pay out whatever you need up to X/year"?

And now, after you have done this and there are no more superwealthy and no more big corporations and funds, the 10th richest Chinese billionaire comes and buys everything all around the US - job well done? Or does this mean total economic isolation too?