> Take it where? Lots of Europe has wealth taxes already.
All European countries either don't have wealth taxes anymore, or they're fractions of a percent, not 2-3%. The German supreme court even ruled the wealth tax unconstitutional.
> Commonwealth countries like AUS and CAN are likely to follow suit with a wealth tax -- capital flight to the US would be a big factor for them implementing it now but an American wealth tax opens the door.
Of course not, they would prefer the inflow of capital over the meager revenue from a wealth tax.
> And never mind that you're also asking people to give up their US citizenship to dodge these taxes -- the risk of which is probably as lot higher than just paying.
If you have a lot of money to lose, it's probably riskier to entrust a lifetime of tax obligations to a bankrupt state than to give up its citizenship. Rich people tend to be welcome abroad everywhere.
All European countries either don't have wealth taxes anymore, or they're fractions of a percent, not 2-3%. The German supreme court even ruled the wealth tax unconstitutional.
> Commonwealth countries like AUS and CAN are likely to follow suit with a wealth tax -- capital flight to the US would be a big factor for them implementing it now but an American wealth tax opens the door.
Of course not, they would prefer the inflow of capital over the meager revenue from a wealth tax.
> And never mind that you're also asking people to give up their US citizenship to dodge these taxes -- the risk of which is probably as lot higher than just paying.
If you have a lot of money to lose, it's probably riskier to entrust a lifetime of tax obligations to a bankrupt state than to give up its citizenship. Rich people tend to be welcome abroad everywhere.