Comments by "Hari Sadu" (@harisadu8998) on "“Do I Have to Renounce My Citizenship?”" video.

@Juznik1389 There is no need to renounce Sweden, don't be stupid. It is a residence based passport. All you need to do is move somewhere you like. Why would you renounce. Renunciation is only really needed for Americans OR for citizens of countries which force you to keep their passport or renounce if you get another citizenship.
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@andrewhenley2161 That's not true... What you are saying is wrong. It is not a wealth tax. It is a capital gains tax... If you have accumulated your net worth as a pure result of ordinary income and your taxes are fully paid, you won't owe anything further because there is no capital gain. Suppose you have earned 5 million in ordinary income, you've already paid the income taxes on that. But let's say you have not invested anything at all except for your home. Let's say you bought a home for 500K and it is now worth 900K. Let's say your net worth is the 5 million you earned plus the value of the house at 900K, you don't pay the exit tax on 5.9 million. You will only pay the exit tax on an unrealized capital gain which will be 400K, which is the increase in the value of the property. So only 400K is taxed. Not 5.9 million. I'm really sorry but you've got it wrong. And you keep saying it is 40%. That's just not true. As of now, it is not 40%.
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The exit tax is not 40% presently. It only exists if your net worth is over $2m or if your annual tax is $180K/year for the last 5 years.
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@andrewhenley2161 The exit tax isn't 40%. It is the current capital gains rate and it will only apply if you have some unrealized capital gains. If you just have accumulated income but not gains, it doesn't really apply to that.
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@nomadnomad8571 If you have accumulated your net worth as a pure result of ordinary income and your taxes are fully paid, you won't owe anything further because there is no capital gain. Suppose you have earned 5 million in ordinary income, you've already paid the income taxes on that. But let's say you have not invested anything at all except for your home. Let's say you bought a home for 500K and it is now worth 900K. Let's say your net worth is the 5 million you earned plus the value of the house at 900K, you don't pay the exit tax on 5.9 million. You will only pay the exit tax on an unrealized capital gain which will be 400K, which is the increase in the value of the property. So only 400K is taxed. Not 5.9 million.
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