Since the US already has an exit tax:Reader comment on: Britain's Disappearing Millionaires Submitted by Lyle (United States), Nov 29, 2012 16:51 The US has a system that taxes by citizenship/permanent residency as well as residence. Other countries tax only on residence. For example a UK person could move to the Channel Islands and escape UK income taxes. The US already has a Reichsfluchsteuer in place, to stop paying US income taxes you must renounce your citizenship/give back your green card. You get to pay capital gains taxes as if everything was sold that day. (Of course I always wonder if you never return, what the US could do if you picked say Brazil which lacks an extradition treaty, if you decline to pay the tax). So the situation is more complex than those countries where residence is the sole basis of taxes. In addition of course it one of the full employment acts for CPAs the way the US taxes are done. Note: Comments are moderated by the editor and are subject to editing. Comment on this item |
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