They’ve been allowed for decades to avoid paying for the infrastructure and management of the country while simultaneously holding most of the influence. “Renouncing citizenship” means they’ll give up none of the influence, lose the taxes, live how and wherever they want. The best thing to do is forbid them re-entry into the country nor to hold controlling interest in any company in the US. Faced with actual conseque…
There are 20 million millionaires in the states. This is not even 10,000 people year over year with assets, not even net worth, over $2 million. This is a tiny fraction of the population, most of whom are contrarian or pursue an alternative lifestyle, given that they are living abroad.
I would hardly call someone with $2 million as having outsized influenced, they're barely upper middle class or be able to afford a house in San Francisco. If we assume this distribution obey a power-law, there are a small percentage of individuals here there who are ultra ultra wealthy to have that influence.
There are ideological reasons to renounce citizenship, and maybe having a small amount of wealth enables to pursue this option as it involves legal fees and also affordance of living off investment income. There are likely many poor people who would like to leave to, but don't have the financial means to. The data set will be biased towards those who can afford the process.
Furthermore, renouncement of citizenship involves exit taxes, on which people have already paid taxes.
> The best thing to do is forbid them re-entry into the country
On what legal grounds? They can't enter on a tourist visa? To visit a dying friend or family member one last time?
> nor to hold controlling interest in any company in the US.
Then we should stop all foreign investments and investors.