it's beyond just new a visa, it's also changing tax code.
> Lutnick told the hosts of the All In show, was to allow people to purchase the right to live in the United States and pay taxes only on their income earned in the country.
That's a huge tax policy change. Currently, my understanding is that as a citizen, you pay taxes on all income, regardless of where it comes from. You get credits for taxes paid to other governments, but if they charge less then the US would, you pay the difference.
Being a Trump Card Holder may in the future become even better than being a citizen! How about even more, positive rights such as Judicial Express Review and deport override (at an extra fee, of course). The Platinum category gets permanent access to lawmakers offices.
One of my main complaints about the US is that basically corruption is less democratized, unlike a lot of places where it can be bought for a pittance. Trump bringing the bribery and corruption to the level of the common millionaire would be an invigorating breath of life into more equal opportunities usually reserved for billionares.
Paying $5 million to get a visa and then paying taxes on whatever assets and income they bring with them seems like a great deal for the US because the foreign income never would have been taxed by the US anyway if they hadn't got the visa. Why get greedy and demand taxation on all their income when this could lose us a the opportunity for a very profitable deal?
But is it fair that a foreigner can buy the state and profit of rules different than the country own citizens?
Let's push the concept further, if I'm a rich american citizen, that I leave the country and give up my nationality and then comes back with the trump gold card that I bought to profit of more interesting taxes conditions. Would it be fair?
Rich expats who hold visas and reside in a foreign country but don't pay taxes to that foreign country on their assets held back home is actually a very common thing around the world. This is encouraged because having rich people show up in your country and spend a lot of money is actually quite beneficial.
The outlier here is actually the US law that citizens pay taxes on income from outside the country. We are virtually the only country that does this. So in that sense I will agree with you that the unequal treatment is unfair, but it is the treatment of US citizens that is out of the ordinary, not the treatment of the Trump visa holders.
It's a mixed blessing. The deal is very similar to remittance basis taxation which we had in the UK until recently. It probably benefited the country in the way you say but was also kind of unfair in that foreign billionaires living here got a much better deal than British ones. It was just scrapped and a lot of millionaires are leaving for better or worse.
I'm skeptical that Trump will manage to get the tax changes through the house and senate and that they would remain through the next government which might put people off dropping $5m on the thing.
Also would Musk who has three citizenships be able to drop the US one and get a gold visa?
Like it or not this is basically how the US is run these days. Congress has ceded its power to the executive branch. Almost everything now is done by bureaucratic degree and executive order.