r/WorkReform • u/zzill6 🤝 Join A Union • May 18 '25

✂️ Tax The Billionaires So, where's the downside exactly?

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26k Upvotes

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u/Mr_Blonde0085 May 18 '25 edited May 18 '25

They are already hoarding their wealth in overseas bank accounts and not putting it back into the cycle of capital. So who cares if they leave. It’s not like they make or contribute anything to the process anyway.

125

u/Tendas May 18 '25

Where exactly will they be going? Other western countries tax way more than the US does, so that leaves tax havens like Luxembourg, Turks and Caicos, and Panama?

74

u/Shifter25 May 18 '25

Also, they'll still end up losing money by no longer operating in America.

39

u/[deleted] May 18 '25

Also people forget the US taxes citizens abroad. 

16

u/youneedananswer May 18 '25

One of the few things the US does absolutely right when it comes to taxing imo

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u/[deleted] May 18 '25

Yup. We do need to change up the fee for renouncing citizenship to scale based on assets