The intellectual mentors of #FATCA proponent @Ewarren explain why @citizenship tax is NECESSARY to underpin a #wealthtax in America: "Wealth taxes often failed in Europe. They wouldn’t here." https://t.co/jw40PQpYm9
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) December 20, 2019
Citizenship-based taxation, FATCA and how the interact can best be understood by Americans abroad.
The professors (who have clearly never lived under a citizenship taxation regime and have limited understanding of FATCA) explain the relationship between U.S. citizenship-based taxation and the success of a – “Made In The USA” wealth tax – in the article which includes:
The situation in the United States is different. You can’t shirk your tax responsibilities by moving, because U.S. citizens are responsible to the Internal Revenue Service no matter where they live. The only way to escape the IRS is to renounce citizenship, an extreme move that in both Warren’s and Sanders’s plans would trigger a large exit tax of 40 percent on net worth.
Some people tweet. Some people tweet for fun. Some people tweet to educate.
The purpose this post is to collect the series of tweets that Laura Snyder complied to provide a higher level of education to the professors.