This is less politics and more first principles really. If we can arrive at the thesis that super wealthy people are more lucky than skilled [1] [2] [3] [4], we should build systems around the idea that there should be limits around the shared delusion of what wealth is. This is a bit like copyright, where the incentives were well intentioned, but the system and outcome has come off the rails.
Failing that, a central bank can inflate away wealth, depending on the desired outcome, circumstances, etc. Wealthy equality printer go brrrr.
[1] https://www.theguardian.com/business/2024/apr/03/all-billion...
[2] https://www.theguardian.com/books/article/2024/may/04/scott-...
[3] https://ustrustaem.fs.ml.com/content/dam/ust/articles/pdf/20...
[4] https://blogs.scientificamerican.com/beautiful-minds/the-rol...
https://www.stlouisfed.org/institute-for-economic-equity/the... (obligatory St Louis Fed Wealth Inequality citation)
Unless you're only going to hold investment assets in Monaco while trying to relinquish US citizenship and not pay an exit tax? I suppose if you pull up stakes, don't pay US income tax, and don't step foot financially in the jurisdiction, you might be able to avoid this depending on your window of time between that decision and death.
It's not and its probably not intended to be; its staking an extreme position to spur and frame discussion.
I have a trust (several, actually), and I still know better that it is permitted to exist in its current incarnation, not a perpetual, immutable right or iron clad guarantee.
They will do the exact opposite - triple down, take this new enormous opportunity and develop hundreds of new ways to offer US people safe haven for their assets. Thousands upon thousands of new startup consultancies charging just few % fees will be founded and every wealthy person in the US will have to turn off their phones and stop checking the inbox because of all that cold calling and emailing these people will do.
Major corporations can’t withstand minor ransomware operators. What makes you think these jurisdictions can withstand superpower nation state efforts?
TLDR good luck, have fun.
BTW I was never talking about evasion. No need for that. The wealthy people in government/legislature will never make it bulletproof, there's always a legal way - you might not get to keep 100% but you certainly won't pay 90-100%.
I don't even think it can be made bulletproof - does this mean corporations and funds are limited to 1B in size? What if it's a partnership without exact equity stakes? What if there are multiple people? What if some of them die, and later some are born? What if I get a non-equity obligation from a bank - "transfer all your wealth to us and we will pay out whatever you need up to X/year"?
And now, after you have done this and there are no more superwealthy and no more big corporations and funds, the 10th richest Chinese billionaire comes and buys everything all around the US - job well done? Or does this mean total economic isolation too?