That tax is irrelevant. That just muddies the waters to bring up property tax because every real estate property is subject to local property tax. It’s a wash. When you buy a house, you implicitly agree to property tax wherever that house is located.
For example, two people each own identical houses. One lives in the US and one lives outside. Both decide to keep it until they die. They both owe property taxes. If the person living outside of the US renounces their citizenship, they owe an exit tax even though they did not sell the property. The value of the house didn’t change. It’s location, owner, property tax obligation… Nothing changed.
There is nothing wrong with this. It should just be applied equally. If there is going to be a wealth tax, I want it applied to wealthy Americans even if they don’t renounce their citizenship.
Removed by mod
That tax is irrelevant. That just muddies the waters to bring up property tax because every real estate property is subject to local property tax. It’s a wash. When you buy a house, you implicitly agree to property tax wherever that house is located.
This is not the same thing as an exit tax.
For example, two people each own identical houses. One lives in the US and one lives outside. Both decide to keep it until they die. They both owe property taxes. If the person living outside of the US renounces their citizenship, they owe an exit tax even though they did not sell the property. The value of the house didn’t change. It’s location, owner, property tax obligation… Nothing changed.
There is nothing wrong with this. It should just be applied equally. If there is going to be a wealth tax, I want it applied to wealthy Americans even if they don’t renounce their citizenship.
Removed by mod