ezra78411

[ezra78411]

Although Howard Lutnick, the Minister of Commerce, claimed that 37 million people in the world could afford gold cards, and Trump believed that he could sell 1 million cards, only about 1.5 million non Americans had net assets of $5 million or more (excluding major residences). Many economists believe that persuading this group of people to immigrate to the United States will greatly benefit the country. But these high net worth individuals will not donate all their wealth to the United States just for the opportunity to reside there. If they achieve economic success in their current place of residence, they may not have much motivation to immigrate. In fact, Congress has provided a strong obstacle: the US tax law. Many people with high incomes overseas are unwilling to move to the United States because it means their overseas income needs to pay US taxes. Trump is well aware of this, so he proposes to only tax the income generated by gold card holders within the United States. But aside from the question of how someone might block the plan, the president cannot modify US tax laws without congressional approval.