Can someone tell me - what's to stop me fro taking my assets and buying land/assets in a foreign country? Will the US claim jurisdiction over all countries? How will they audit this?
BI sucks but even they said as much for why Europe has scrapped most of their wealth taxes:
https://www.businessinsider.com/4-european-countries-wealth-...
The US is a country with a terribly funded IRS. They can barely audit those who obviously don't pay their taxes. If you are someone with 10 or 100M of assets it's easy and obvious to hide them in assets that can't be tracked.