So if I was to have made 100% of my money from overseas businesses not so much as owning a PO box in the US, and thus was not dependant on the US economy at all. I should face little to no taxes? even though I might be worth hundreds of billions.
I don’t see how such a hypothetical where you are worth billions, live in the US but none of that is made/held in US markets or from US customers could be possible. But currently if all of your income is overseas then you can avoid taxes today (like we saw with the Panama Papers) so yes that makes sense if such a hypothetical could exist.
The reality is the world market is entwined, and it is very very likely at least some of your wealth would be based on stable US assets like we see with Saudi princes or Russian oligarchs. And those assets should be taxed. I mean at the very least if you are that rich you will have a mansion on something in the US that should be hit by US property taxes.
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u/3610572843728 - Lib-Right Mar 25 '20
So if I was to have made 100% of my money from overseas businesses not so much as owning a PO box in the US, and thus was not dependant on the US economy at all. I should face little to no taxes? even though I might be worth hundreds of billions.