The companies but not the individuals.

Reader comment on: Amity Shlaes on Taxes

Submitted by Lyle (United States), Dec 29, 2011 09:14

A US citizen must pay taxes on world wide income. Further to expatriate ones self having over around $1 million in assets results in having to pay capital gains taxes on everything all at once. So companies may de-camp, but short of the drastic step of renouncing US citizenship, and paying the hefty exit tax, there is no way to avoid paying the us federal income tax. (Note the work to get all banks to report holding to the irs world wide starting with the swiss). Further It appears that due to further tightening of regulations a US citizen will likley not be able to open a foreign bank account except with a branch of a US bank, because if the foreign bank does not do some things, the bank may be locked out of doing business in the US.


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