This comment is based on the interpretation of the proposal found in this post Proposed And Updated Version Of Billionaire Tax. I don’t have a week to read and digest the 100+ pages of the proposed law but based on the description in the proposal here are my comments:
The US currently has (in effect) separate tax systems for: Employees, small business people, those who live off investment income, Americans abroad, undocumented aliens, certain racial minorities (see the work of Dorothy Brown) and now a new tax system for billionaires is proposed. So, in America of today: Congress asks tell me who you are and we will tell you which tax system applies to you. (How can this be fair?) The proposed tax system for billionaires borrows from some of the most vicious aspects of the tax system for Americans abroad and would apply them to billionaires.
Prospectively – The billionaires tax once is is up and running:
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