Scenario 1 - raise taxes to squeeze as much out of the rich as possible, and implement punative policies to punish them if they try to avoid the squeeze.
Scenario 2 - lower taxes to reasonable levels and the “rich” pay the taxes and keep their money here.
And, maybe hire more people. Maybe put some people to work in US.
He didn’t actually renounce his citizenship for the taxes. He renounced because of the foreign investment rules. He’s born of Brazilian parents in the US, and now he lives in Singapore. Americans have a lot of paperwork they have to do when they invest in foreign companies, Brazilians don’t, Singapore doesn’t. So he renounced bureaucracy. And gets a nice tax break in the process.