Italy may soon have a wealth tax.

Reader comment on: Anna Getty Leaves U.S.

Submitted by Lyle (United States), Feb 2, 2012 09:56

Note that the IRS penalties occur only if you renounce citizenship, which I would hope would mean a permanent bar to re-entry to the us (medical care elsewhere is just as good). Anyway I suspect that taxes in Italy will be higher than the US, and rising. First of course you have the vat, at 21% cap gains is 12.5% and the regular income tax rises to 43% at $100k. Of course tax evasion is a national sport in Italy, but if one were to follow the law, it would not be a great tax haven. If you want a tax haven in Europe, try the Channel Islands.

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The Future of Capitalism replies:

Food in Channel Islands probably not as good. My understanding is that the US is only place that tries to tax people on their worldwide income, so if you are in Italy you're probably okay so long as you keep your fortune in Swiss bank or Cayman-based hedge funds or the like. But I could be wrong about that.

Other reader comments on this item

Title By Date
Isaac Brock Society [36 words]TimFeb 2, 2012 13:39
⇒ Italy may soon have a wealth tax.
[w/response] [108 words]		LyleFeb 2, 2012 09:56
↔ I believe it's by residence [71 words]LyleFeb 2, 2012 16:24

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