Opinion | There's an easy way to tax billionaires that would actually work. By EmilSkandul.
that mobility and expatriation taxes are different in the US than in Europe — so the same scenario would be unlikely. But in a highly globalized and mobile world, there would undoubtedly be some attrition. The loss of even a fraction of the US's most ambitious and entrepreneurial minds along with their capital would be bad for the US economy and isn't worth the downsides of a tax experiment that has been tried before.
. Likewise, for other illiquid assets, such as real estate and art, how do you collect on the appreciation in value?The equation for wealth preservation may be best summed up as:"buy, borrow, die." In spite of this, tax policy has placed"borrowing" in a blind spot — a loan is viewed as a debt, not an asset.
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