(03-02-2020 03:57 PM)mrbig Wrote:  

(03-02-2020 11:50 AM)Owl 69/70/75 Wrote:  More importantly, if I'm an entrepreneur starting out, and I hope to build a company worth $50 million or more, then that tax is going to cause me to think twice about starting it here in the US. I personally am probably going to go elsewhere.

Not to be nit-picky, but this seems silly. If you are an entrepreneur starting out, you likely don't have enough capital to literally move yourself and any family to another country. Did OO's dad have the ability to move his family to another country in case he eventually crossed the $50 million mark? Only using OO because he discussed his dad's entrepreneurial spirit and endeavors, no one in my immediate family ever started a business.

The idea that a US Citizen of modest means would flee the country to start a business in fear that they might some day be taxed when their personal wealth exceeded $50 million is mind boggling. The idea that someone already worth $49 million might flee the country to avoid such a wealth tax sounds more likely.

The idea is palatable to the personal wealth = 4 million seeking to crack 20 million, or even to the 2 million looking to pop to 10 million.

And, to be blunt, the ability to 'park wealth' elsewhere is not as hard as it is made out to be. I knew a bunch of people in the semiconductors space who made a bucketload of money 'over there' --- and there are a lot of ways to use that wealth that is resident 'over there' here.