No matter what I said prior, did not matter. It was Joes Treasury Secretary's statement about taxing unrealized capital gains. Only crazy people actually say things like this, whether or not it happens. He got that. Then I showed him a picture of the health secretary, and he just looked and said.... maybe I should have listened to you (fake chuckle).
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Probably nothing will come of this, but you DON'T publicly say shit like this. Ever. This is insane. And the hubris it takes to just ramble that off is scary. What a lot of us who have good jobs and investments on here don't realize is that the poor Starbucks barristas love this shit. They hate people who are smart with their money. Period.
A lot of people who live solely off investment capital have so many loopholes they never end up being hit by shit like this. Trust funds, offshore accounts, shelters, a team of top notch CPAs and Attorneys ready to handle IRS. Its the people who invest income they earn working that are always the ones duped.
I work in this kind of area but trust me, the US is making it more and more difficult to avoid tax via international regimes.
All you would have to do is transfer wealth to a corporation based out of another country to manage your capital, and poof, you have no investments that can realize gains. Hell, in the worst case you can just denounce citizenship and more somewhere more tax friendly, while still maintaining any businesses you own in the US. They can't tax you if you're not subject to their jurisdiction.
You can renounce citizenship and be subject to exit tax if you’re a covered expatriate... but if you transfer wealth to a non-US corporation to avoid tax and don’t comply properly you’re going to be subject to punitive and expensive tax reporting at best and if you don't comply fraudulent penalties at worst (jail time).
the US is making it more and more EXPENSIVE to avoid tax via international regimes.