Can someone tell me - what's to stop me fro taking my assets and buying land/assets in a foreign country? Will the US claim jurisdiction over all countries? How will they audit this?
BI sucks but even they said as much for why Europe has scrapped most of their wealth taxes:
The US is a country with a terribly funded IRS. They can barely audit those who obviously don't pay their taxes. If you are someone with 10 or 100M of assets it's easy and obvious to hide them in assets that can't be tracked.
The IRS is a strange beast - it might be the only government department that, when you give it an extra dollar, it generates more than a dollar in tax revenue.
I'm sure there's a theoretical tipping point where they become too bloated to do their job well, but their current levels of funding are far below that.
People who subscribe to the "wealthy people should pay their fair share" meme would probably be better off directing their efforts toward advocating for more IRS funding, than for changing laws and closing loopholes. The laws are already there - we just need to properly fund the folks that enforce them.
BI sucks but even they said as much for why Europe has scrapped most of their wealth taxes:
https://www.businessinsider.com/4-european-countries-wealth-...
The US is a country with a terribly funded IRS. They can barely audit those who obviously don't pay their taxes. If you are someone with 10 or 100M of assets it's easy and obvious to hide them in assets that can't be tracked.