It's not like anyone has the money in cash you know.
You should rephrase your statement to "nobody needs more than a billion dollar stake in one or more companies". That is more realistic, and maybe a better discussion can come out of that one.
The literal opposite is true. If he has to sell his stocks it means he does not have it in cash. If you are using your house as collataral, you do it precisely because you lack the money in cash.
The only way to reduce his networth bellow a billion is seizing stock in his companies grom him. Him paying money is the exact same thing, just with an additional (likely devastating, for him and the company) step.
The real question is whether you want the government seizing corporations from individuals.
It’s important to note that the USA is one of the only countries that expects overseas citizens to file tax reporting paperwork. Normally this is perfunctory stuff. But the key is that it’s law that living full time outside the USA doesn’t mean you have any loopholes for skipping the paperwork… The IRS is uniquely positioned under current law to enforce a global jurisdiction wealth tax on US Citizens … and since the USA already requires a payment for processing the renouncing of citizenship, you could just as easily place a punitive sized fee or fine for obviously renouncing citizenship to avoid paying billionaire taxes.
But once one country moves toward this sort of law I think others would follow. We have international law organisations that are used for tracking financial criminals and if more countries had similar laws these international organisations would gradually be more and more useful in ensuring billionaires can’t just stash money in overseas banks markets trusts and assets.
And I think that is the main point that needs to be discussed.
WE
DON'T
NEED
BILLIONAIRES