But not as portable if it belongs to an american.
Reader comment on: About that 50% tax rate...
Submitted by Lyle (United States), Oct 29, 2009 14:25
A US citizen or Permanent Resident is required to pay tax on worldwide income no matter where they live, there are no non-doms in the US. Yes a company can move offshore, but the big money is in individual tax which is harder to evade. Note the individual in question is a non-dom in the UK, which means that they are not a UK resident.. So it is easier to move away in that case.
But then does a country really want such hot money? This is what caused the asian meltdown in the late 1990s.
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