Anonymous #1 3w

High earners have little to no mobility, most of their wealth is tied up in businesses, real estate, financial networks and the US Stock exchange, the idea that this can all be packed into a bag and moved to the “Cayman Islands” is laughable. Besides, we can look at Europe (specifically the Nordic countries) and see that there is no mass elite exodus is higher taxation is paired with infrastructure and market access. Simply put, we’re taking away their ability to have their cake and eat it too.

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Anonymous OP 3w

*If higher taxation is paired with infrastructure…

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Anonymous OP 3w

Ah shit you’re right, I didn’t realize that basically ended in 2020-2021. I assumed they formed a trust, moved their assets to Cayman, BVI, the Bahamas, or Switzerland, and the US couldn’t touch them anymore. I didn’t realize those countries all stopped allowing that

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Anonymous #1 3w

You just didn’t grasp anything I said, have a good one

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Anonymous OP 3w

Then are you discussing state tax or federal? The only remaining way for US citizens to get around some federal taxes is Puerto Rico afaik, and I think that loophole should be closed or further limited

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Anonymous OP 3w

I mean I feel like I did. You said it’s laughable. It is. I didn’t realize all of those ways it was done before were totally shut down

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Anonymous #1 3w

Oh apologies for being rude, I thought your previous message was sarcastic by its tone, and I agree there are some loopholes still but the Biden admin actually did a pretty good job at closing some major ones

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Anonymous OP 3w

No worries, sorry if it came across that way. I guess I didn’t believe that all of the loopholes were shut (because why would the wealthy ever let that happen?) but after looking into it, it seems like quite a few of them were

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Anonymous #1 3w

This is the most productive conversation I’ve ever seen on yikyak

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