I think even more important than the difference in taxation is the difference in freedom of movement. There are heavy restrictions on labor moving between countries, capital has no restrictions at all (except kinda in China) and can move instantly to wherever it is most useful, i.e. wherever has the most human rights violations and lowest wages. We need to eliminate this asymmetry: either get rid of all restrictions on freedom of personal movement and selling ones labor, or lock down the flow of capital with serious capital controls.

It'd be a very interesting thought experiment to completely redefine the economic and fiscal plan of the US.

It'd be interesting if we greatly reduced personal income taxes in the majority of cases. Removed corporate income tax (the idea being corporate income tax hurts all equity owners, whereas we specifically want to target the very wealthy), and then implemented a progressive wealth tax that kicks in starting at 7.5M or something (maybe something like 1.5% from 7.5M-15M, 2.0% from 15M-50M, and then 3% from 50M+, this could be done more smoothly if desired). We'd need to penalize capital flight with something (something like a 40% exit tax or something). The IRS would have to be greatly empowered to support this, net worth declarations would all be declared by the tax filer, and if audited and found to be incorrect, the IRS will purchase the asset at 70% of its declared value (or some other better mechanism can be thought of to ensure that NW is declared accurately). We'd also simplify the tax code in all other cases, removing all forms of credit/deductions/etc on income. This will free up IRS audit resources to focus on declared net worth fraud. Remove all forms of non-sin tariffs entirely.

Get rid of entitlements taxes and spend and replace it with a negative income tax that is calculated to provide a very base level of existence that never disincentives work.

Then remove government backed student loans, but make them treated the same as other loans (ie. students can declare bankruptcy). Kids should also get a 5k per annum payment that's held in trust by the government that's invested into the US total market that gets linearly released to them from the age of 18-30.

I also propose that we remove all consumption taxes that aren't a sin tax. Ie. keep taxes on alcohol, gas, etc. Implement a very high luxury goods tax.

Then completely change the medical system to be more similar to Singapore with mandatory copays of something like $20-50 (to prevent abuse), but also provide universal coverage with the government setting prices with pharma/providers.

Dissolve the ability of states to collect taxes and provide federal funding per head. Standardize/centralize all stuff like the DMV. Ie. have a single federal agency to de-duplicate work.

I don't think this stuff is viable at all (would require dramatic tweaks), but it'd be a very interesting thought experiment to see how something that tries to encourage business friendliness, the strength of the income earning population, and incentives capital effiency (over tax effiency) and investment does.

I really think that the fundamental market forces of capitalism are very powerful, we just need to change the incentives structure so that the benefits aren't captured strictly by the ultra wealthy.

>Removed corporate income tax (the idea being corporate income tax hurts all equity owners, whereas we specifically want to target the very wealthy),

I'd back this whole plan to a hilt but want to highlight this section.

I'm on board with eliminating corporate taxes under 1 condition: the company, its executives, and its board - are fully 100% banned from participating in politics in ANY way besides each individual citizen voting in normal elections.

Lobbying? Banned. PAC contributions? Banned. Campaign contributions? Banned. Hiring former government workers as "government liaisons" or "government relations" consultants? Banned.

If a corporation wishes to not pay taxes to the government, it has ZERO business involving itself with politics.