From Other Words
The prospect of a 2 percent tax on wealth over $50 million has rich Americans considering expatriating.
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This is a make or break year for many migrants seeking to improve their families' financial conditions. They say they're being persecuted in their homeland, yet they fear being vilified for crossing the border. What to do?
These are not impoverished families south of the border, but a few thousand super rich Americans who are trembling in their U.S. mansions, contemplating expatriation -- do they stay in the USA, or abandon the homeland for some friendlier haven for the super rich?
What's got these fainthearted patriots on the brink of renouncing their citizenship is nothing but a craven fear of a modest tax increase.
"We have people who are totally spooked about the prospect of a Warren presidency and a wealth tax," explains a New York lawyer who helps rich clients expatriate.