By using this site, you agree to our Privacy Policy and our Terms of Use. Close
Kasz216 on 20 September 2011
Edit Thread
Ail said:
Kasz216 said:
Ail said:
 


Once again the argument about leaving the country is a fallacy but not for the reasons most people have been using......

If you have over 100k of a revenue a year and give up your US citizenship for another one ( and you have to give it up, moving only doesn't do shit as US citizens are based on worldwide revenue) the IRS considers that you are trying to evade taxes and will still have you pay taxes for the next 10 years, even if you are no longer a US citizen .

Only on US earned income...

which, we're talking capital gains here.

Not US earned income.

The actual attempts at taxing world wide income by the government doesn't work that well.

Nope, on worldwide income, US isn't canada.

US citizens are taxed on worldwide income not US based income. And the US has agreements with most countries to help enforce this.

And the higher your revenue, the more the IRS monitors your tax declarations. Now you can always forget to declare income outside the US but if you get caught it's huge penalties and jail in some cases, really not worth it if you make that much money .

Then why did 14,700 millionaires and billionaires pay nothing last year due to taking money from overseas investments?

Why does Obama believe the tax code provides a benefit to people who create jobs overseas rather then here?  If those overseas have to pay dual taxation?

By the way, the 10 year US law your a fan of....?  Was passed by republican controlled congress in 2004.

HOWEVER it was changed in 2008... by a democrat controlled congress.

Now instead it is treated as if all your assets were liquidated when you left the country... and that's it.... no 10 year provision.... nothing.  You just pay the Capital Gains tax rate for all capital gains greater then 600,000.

So, basically, the rule preventing the rich to leave, was changed, so the rich can leave more eaisly.