The wealthy these days are very aware that their wealth could be suddenly hit with new taxes in various jurisdictions, and they have contingency plans in place.
Keeping homes in several countries gives them real flexibility.
Hiding assets through layers of holding companies all over the world makes it even harder to track their ownership.
Electronic funds transfers can move their money around in a matter of seconds.
Defeating a wealth tax is so easy a rich monkey could do it.
Yep...and that capital portability scares the crap out of me. Biden’s driving wealth out of the country even faster than Trump’s policies brought it back into the country.